There are many ways to reduce your tax liability and the way to minimize your tax burden is by reducing your taxable income. There are a number of ways to accomplish this, from deferring income to maximizing your IRA/401K contributions. However, one of the best ways to improve your tax situation going into the filing […]
End of Year Tax Deduction Before the Clock Strikes 12 Read More »
Each year we deal with the hustle and bustle of the holiday season and we often fail to realize that there are tax-planning moves we can (and should) be making to minimize our tax burden for the year. While it is true that your taxes are not due until April, the amount you will pay
4 Year End Tax Moves for Individuals Read More »
IRS commissioner John Koskinen warns that 2015 is shaping up to be a “miserable” filing season for taxpayers. The commissioner noted that nearly half of those trying to get through to the IRS by phone will be unsuccessful during the upcoming year. In 2014, the phone contact success rate was just 72%, which would already
IRS Warning of “Miserable” Tax Season for Consumers Read More »
The economy in recent years has led to many Americans accumulating high amounts of debts. Inevitably, when someone is underwater with credit cards or home mortgages, they often get behind on taxes as well. This is especially prevalent with small businesses; owners often miss quarterly tax payments or fail to meet payroll. What many fail
How to Resolve IRS Tax Debts Read More »
The 2014 mid-term elections are now in the history books, and one thing analysts from all ends of the political spectrum agree on; the Republican Party had a good night. The GOP not only took control of the U.S. Senate (their primary goal for this election cycle), they also expanded their majority in the House
How the Recent Elections will Impact Future Tax Policy Read More »
The IRS announced that it will close a loophole that previously allowed employers to offer lower cost health plans that exclude coverage for physician services, inpatient hospitalization (or both). These plans are classified as “substandard” under the Affordable Care Act of 2010. Such plans currently qualify as “minimum value” plans, which employers are allowed to
IRS Closing “Substandard” Plan Loophole for Obamacare Read More »
As Americans, we should all celebrate veterans and take time to say “thanks” to all who bravely serve our country and put their lives on the line to protect our freedoms. It is entirely fitting that we celebrate veterans during the same month as the Thanksgiving holiday, because the brave men and women that have
How to Receive Tax Breaks for Hiring Veterans Read More »
When we think about the federal income tax, we often look at the negative aspects of it; the IRS and its ability to audit any individual taxpayer any time, our requirement to file returns every April 15, etc. However, there are actually some very nice tax breaks built into the current tax code that we
Tax Breaks to Be Thankful For Read More »
The Jumpstart Our Business Startups (JOBS) Act is a bipartisan piece of legislation that was signed into law in April of 2012. The law, which had several co-sponsors from both political parties, was intended to encourage funding of emerging growth companies by easing certain securities regulations and making it easier for these companies to receive
Study Shows Most Companies not Taking Full Advantage of the JOBS Act Read More »
When you incorporate a business, the federal corporate tax rate tops out at 35% (depending on the company’s taxable income). State and local corporate taxes can bring that number up close to 50% depending on which state you decide to incorporate in. If you are looking to keep your business tax burden to a minimum,
Minimizing your Tax Burden: The Top 5 Most Tax Friendly States to Locate a Corporation Read More »
