Another tax season has passed us by once again. If you filed your return(s) on time this year and did not need to obtain a 6-month extension from the IRS, you are probably done with your biggest tax responsibilities of the year. But don’t run for the beach or hop on a cruise ship too […]
We all know that April 18, 2017 is Tax Day this year – the day by which personal income tax returns must be postmarked and mailed or electronically filed with the IRS. However, many taxpayers forget that this longstanding personal filing deadline also represents an estimated tax payment deadline. What Are Estimated Taxes? The concept […]
S Corporations are considered to be the most prevalent type of corporation with entrepreneurs and the most popular in the United States, with tax year 2003 reporting that 61.9% of all corporations filing Form 1120S were shown to apply for S Corp status. What is it about this entity that makes it so popular with […]
Each and every year, the Internal Revenue Service releases a list of the “dirty dozen” tax scams the agency recommends taxpayers be on the lookout for throughout the year. That’s because scammers seem to come up with innovative tactics to bilk money out of innocent taxpayers all the time. The list also includes tax moves […]
“Lawyers are seldom loved but often needed,” according to Robert B. McCay, who was a former dean at NYU Law School. In the course of your business, you’re likely to incur legal expenses, some of which may be modest, but some may be substantial. If you thought that all legal fees paid by your business or by […]
If you’re like everyone else, you dream of a long and enjoyable retirement, spending time on the beach with a sweet drink in your hand and the soft sand between your toes. But it’s not all rosy if you don’t save up for your life after work. Fortunately, the IRS offers some tax breaks for […]
Education is essential to enjoy a successful career in any industry. Obtaining a degree from a college, university, or technical school can also come with a large price tag, especially for out-of-state tuition. In Part 4 of our #TaxCreditCollection Series, we dive into the American Opportunity Tax Credit, how much it can help reduce your […]
The process of adopting a child and bringing it into a new home is incredibly special. It can also take a bite out of any parents’ budget as well. On the bright side, there are some nice IRS tax breaks available to adoptive parents that can ease the financial burden. One such tax break is […]
The tax-filing deadlines for small business owners have traditionally remained the same for many years. More specifically, March 15 has been a longstanding date on the calendar for entrepreneurs who operate formal business entities across all fields. However, if you haven’t heard, the IRS has changed a few key due dates for certain business income […]
If you missed Part 1 of our #TaxCreditCollection Series outlining the Child Tax Credit, click here. Now, in Part 2, let’s take a closer look at the Earned Income Tax Credit, how much it is worth, and who is eligible for it. What Is The Earned Income Tax Credit? The Earned Income Tax Credit (EITC) […]