We are hosting our monthly “Breakfast at BASC” workshop on Wednesday, March 26 at 8:30AM. Paul Cox from the Law Office of Paul Cox will be teaching about the top ten common business mistakes that he has seen in his tenure that can lead to legal problems and best practices required to avoid them. The […]
BASC Expertise is Hosting a Small Business Legal Workshop on March 26th Read More »
We have already looked at ten of the most commonly overlooked tax deductions in Part I and Part II; here are five additional deductions you may qualify for: Tax Free Social Security Benefits: Believing that social security payments are taxable is a common mistake made by many elderly taxpayers. They can be subject to taxes,
15 Tax Deductions Many Consumers Overlook (Part III) Read More »
Continuing our look from Part I at some of the most overlooked tax deductions, we will discuss another five that may affect you or someone you know: State Income Taxes Paid: State taxes paid throughout the year can be included in your itemized federal deductions. Remember also to claim any state taxes you owed last
15 Tax Deductions Many Consumers Overlook (Part II) Read More »
The U.S. Federal Tax Code is one of the most complicated systems on the planet. With thousands of laws, rules, and regulations that apply to American taxpayers, it can be difficult to stay on top of everything. You may have heard that American consumers left roughly $1 billion on the table in unclaimed deductions and
15 Tax Deductions Many Consumers Overlook (Part I) Read More »
In navigating the endless maze of rules and regulations known as the Federal Tax Code, it is easy to miss some important ways to lower your tax burden. Tax credits are available for a myriad of activities and lifestyle choices. Because credits provide a dollar-for-dollar reduction in the taxes you owe, taking advantage of those
4 Major Tax Credits Consumers Should Know About Read More »
In an effort to lower the carbon footprints of homeowners, the federal government is offering tax credits for energy efficient items covering a number of categories. Unlike deductions, these dollar-for-dollar credits can significantly reduce your tax bill if you qualify. If you operate your small business out of your home, this could save you some
Important Energy Tax Credits Read More »
Preparation is crucial for all businesses. Preparation can help minimize stress and anxiety when dealing with your business taxes. Anyone who has ever been involved with the Boy Scouts knows that the motto of the organization is “be prepared.” Preparation, however, is more than just a good motto. It is also a virtue to live
When it comes to Tax Planning, Preparation is Critical Read More »
Although many may not be aware of it, taxes went up for all employees in 2013. Though on the income tax side, only the highest income earners saw their taxes increase. Congress and the President also allowed the payroll tax holiday to expire, resulting in a 2% increase to Social Security taxes. The payroll tax
The Employee Payroll Tax Holiday Ended in 2013 Read More »
In Part I, we looked at the two types of personal bankruptcy, Chapter 7 & 13, and the primary differences between each. Now we will discuss how a bankruptcy filing may impact your taxes. Here are some three common questions that often come up: Can Tax Debts be discharged through Bankruptcy? Under the current bankruptcy
How Personal Bankruptcy Affects your Taxes (Part II) Read More »
In recent years, bankruptcy filings have continued at a brisk pace. Many consumers are still feeling the effects of the housing market meltdown in the late 2000s and the financial crisis of 2008. The resulting foreclosures and job losses have prompted millions to seek some form of bankruptcy protection. What is Bankruptcy? Bankruptcy can come
How Personal Bankruptcy Affects your Taxes (Part I) Read More »
