If you are a tax professional or business, you are vulnerable to identity thieves who may target your client’s sensitive information. According to the IRS, this is an ongoing concern, and every year, they compile an updated list noting 12 tax scams. The importance of proceeding cautiously cannot be overstated, and the IRS refers to this list as the "Dirty... read more »
When it comes to residential homes and real estate, investing in these purchases has been increasingly popular as they offer a reliable source of income. As they are also taxable, investors of residential real estate like these offset the tax burden by increasing their real estate deductions. Deductions for capital assets, or depreciation, let you write off the price of... read more »
February is here and we are talking taxes! There are good reasons to file your business taxes early by filing in February. That's because there are some benefits for doing so. You'll be a head of the game as the IRS anticipates processing more than 150 million tax returns! Get Money Back Filing your business taxes in February ensures that... read more »
The new year has finally made its debut and we are excited to help you begin the year ready to work on your tax filings! This month we're going to help you navigate those R&D tax credits, your meal and entertainment deductions and what to know about filing information returns. 1-Business Tax Credits for Research & Development Even though it's... read more »
Are you ready to close out the year by implementing sound tax planning strategies with tax and legal advisors to optimize your tax planning? These decisions affect the amount of taxes you'll be paying in April of 2023. Check out these adjustments you can make before reaching year-end. -Check Your Withholding: It's important to have enough money withheld from your... read more »
When it comes to "cryptoassets," or cryptocurrencies, you are probably familiar with the most popular ones out there, such as Bitcoin, Ripple, Litecoin and Ethereum. These are essentially a kind of electronic cash, exemplifying the secure technology that not only records who owns what but also makes the payments being passed between users. Unlike physical cash you can carry in... read more »
When you invest, you are accumulating assets that will hopefully increase in value and give you returns from income payments or capital gains, including securities, real estate, cash, bonds, etc. When inflation is high, investing can sometimes be difficult to navigate. Inflation Rates In the U.S., we are facing inflation that could impact the country's stock market for a while.... read more »
With the coronavirus (COVID-19) pandemic going on for the past couple of years, businesses have seen workers leaving the office to work from home or other remote places. For those who have made this a permanent situation, this might involve potential state income tax issues resulting from this exodus. Residency-Domicile: Residency refers to where you normally reside, while domicile refers... read more »
When it comes to the connection between income tax rates and the gross domestic product (GDP), it can come across as a negative relationship. In an open economy, higher skilled workers earn higher incomes and can move around freely and easily. But this also works against progressive state and local tax systems whose goal is to achieve the redistribution of... read more »
In 2017, the federal government increased estate tax exclusions in the Tax Cuts and Jobs Act, from $5.49 million to $11.2 million per person. It will expire by December 31, 2025. Meanwhile, if you happen to be living in one of 17 states (or the District of Columbia), it is possible that your estate, inheritance (or both) may be federally... read more »
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