Archive for October 2020
Paying Tax on Insurance Premiums and Benefits
Being aware of your tax situation and where you can avoid paying it could bring considerable savings to both individuals and businesses. Insurance is a necessity because it protects you from uncertainty. Without this safety net in place, you could end up with out-of-pocket expenses that take you a lifetime to repay. With apologies to…
Read MoreWhy Keeping Accurate Tax Records Is Vital for Business Owners & Professionals
Spending a little time creating tax records and holding onto documentation could save you a lot of hassle in the future. Business owners and individuals must, of course, retain relevant tax information to file accurately. But you’ll also want to hold onto all of your documentation in case the IRS wants to see it later. …
Read MoreCOVID-19 Tax Deductions That You May Qualify For
The COVID-19 pandemic has activated provisions in the Internal Revenue Code (IRC) that could make you eligible for tax benefits for certain relief payments. Learn more about IRC Section 139 and other applicable tax credits. Section 139 of the Internal Revenue Code (IRC) outlines rules and guidelines for disaster-relief payments. As COVID-19 continues to impact…
Read MoreHow Physicians Can Protect Themselves Against Tax Fraud
Tax fraud is rampant, and doctors are a targeted group. Here are steps physicians can take to lower the risks Tax fraud is an ongoing battle for both U.S. citizens and the IRS. Victims often unknowingly share too much personal information that leads to the filing of fraudulent returns—or they provide false data on their…
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