There are completely legal ways to reduce the amount of taxes you pay. Benjamin Franklin said, “In this world, nothing can be said to be certain, except death and taxes.” Taxes are unavoidable. There is little that can ruin your day as much as an unexpected tax bill. You can take specific and intentional steps […]
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As you consider how to file your taxes for the first time, you may want to consult with a tax professional who can make sure you get the best tax breaks, someone who knows tax laws and can help maximize your tax refund or reduce your tax bill. When you file your taxes for the
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The lottery and taxes go together like peanut butter & jelly, although it does not taste nearly as good. In 2018, when the lottery was up in the billions – that’s right, billions with a “B”, there was much discussion about the amount of tax that would be owed from the winner would owe. Sandra
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If you are wondering whether you need to make estimated tax payments, chances are you should, but this article will help you figure out if you need to – if you are unsure. We will cover who needs to pay estimated quarterly tax payments, how much you need to pay – if you need to
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Are you going to miss the July 15 deadline? Use IRS Form 4868 to apply for a six-month extension to file IRS Form 1040. This will give you an extension for filing your taxes only; it does not give you an extension on the payment you owe. You will need to file the extension by
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Worried about filing taxes late? We will walk you through each situation you may have and look at what options you may have. Don’t know what penalties you may owe the IRS? Here’s a quick look at the penalties you may incur: Failure to pay: 0.5% up to 25% Failure to file: 5% up to
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The recent Tax Cuts and Jobs Act saw the corporate income tax rate declining from 35% to 21%. Taxation of income has significant benefits on the American economy. However, it is essential to note that not all income is taxable. Income can be in the form of services, property, or money. The IRS has outlined
Taxable & Non-Taxable Income: What’s the Difference Read More »
When you think of a tax consultant, what do you envision? A service for the rich and wealthy, right? Something you don’t need to bother yourself with? This could not be further from the truth! For most people, filing taxes is one of the most daunting tasks they have to do. The fact that tax
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Look Out For These 5 Changes When Filing Taxes For Your Federal Refund The 2019 tax season marks the second year of the new tax code. In 2017, the United States government passed the Tax Cuts and Jobs Act (TCJA). Across all tax brackets, the average federal tax obligation decreased by $1,750. Many corporations and
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When you’re filling out your tax forms, it seems like the easiest questions appear at the top. You have your name, social security number, address, and tax filing status. The filing status seems simple, but the box you check can have big implications on your final tax bill. Tax deductions, tax credits, and your income
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