Taxes
Do I Need to Pay Estimated Tax to the IRS?
If you are a small business owner or independent contractor, you probably need to pay estimated tax each quarter. Here is a guide to this obligation.
Read MoreWhat Are the Tax Implications of Working Remotely?
Many Americans have now shifted to a remote work environment. What does the change mean for your taxes?
Read MoreWhat Is the IRS Taxpayer Relief Initiative?
Millions of Americans still owe billions to the IRS in back taxes, interest, and penalties, but the Taxpayer Relief Initiative offers some assistance.
Read MoreWhat Tax Provisions Expired in 2020?
Many tax provisions introduced in the CARES Act were set to expire at the end of 2020. Which lapsed and which were extended?
Read MoreWhat the Special $300 Charitable Deduction Means for 2020 Taxes
The CARES Act includes a special provision that allows taxpayers to deduct up to $300 in charitable contributions. Learn more about who and what qualifies.
Read MoreDrive Down Your Taxes with These Vehicle Deductions
Car and truck expenses can be confusing on your tax return. What are considered eligible expenses? And what are the current limits and mileage rates? Key takeaways: An individual who owns a business or is self-employed can deduct vehicle expenses Automobile costs based on mileage or actual expenses are eligible Mileage rates have changed between…
Read MoreBeware the “Dirty Dozen:” Common Tax Scams to Avoid
In 2020, the IRS released a “Dirty Dozen” of prevalent tax scams. Here’s what to watch out for! The IRS regularly compiles a list of the “Dirty Dozen,” or the 12 most common scams that target taxpayers. This list is always changing and evolving, and some risks have been heightened because of the COVID-19 pandemic.…
Read MoreIs There a “Right” Tax-Advantaged Retirement Plan?
There’s no one perfect way to approach retirement that is the best for everyone. Choosing the right plan for you starts with understanding your options and the tax implications of each one. There are several different approaches you can take to your retirement savings strategy. Each avenue has its own set of tax implications and…
Read MoreHow to Make the Most of Medical Benefits on Taxes
It’s always wise to optimize the tax efficiency of medical benefits. But it’s even more crucial during a pandemic. Here’s how to keep your returns as healthy as possible. The year 2020 may mean that more people have high medical expenses, with millions of Americans having tested positive for the coronavirus. On top of those…
Read MoreSwitch Your Structure, Transform Your Taxes
Are you forming a business? Thinking of switching your structure? There are pros and cons to each option, so understand which will help you meet your goals and pay less tax. The structure of a business can make a big difference come tax time. How can you best shape your enterprise for optimum tax efficiency?…
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