Do you owe outstanding taxes, have failed to file any taxes, or need to dispute any tax bills? Resolving these issues should take priority even over other creditor issues you may face. Why? Here are five ways that tax debts can be more dangerous than civil debts. 1. Tax Liens Are Hard to Remove A tax lien is a notice attached to an asset that prevents the taxpayer from selling the item without satisfying the debt first. Read More»
Many companies, both start-ups and long-standing, prefer to outsource certain tasks to professionals. By outsourcing some essential services, these companies can get the time and resources to focus on what they do best. One such commonly outsourced service is tax preparation. You are probably reading this because you have a keen interest in outsourcing tax preparation services. Is it the right move for your company? The following are some reasons more businesses prefer outsourcing their tax preparation tasks to the experts. Read More»
This year, there are some essential things you need to know when it comes to filing your taxes. The current pandemic, as well as the legislation around it, has resulted in some significant tax changes that you should know about. Tip #1: Small Charitable Deductions Don’t Require Itemization Charitable deductions have seen a few different changes over the last decade. This year, you can reduce your taxable income up to $300 if you donated up to that amount to charity. Read More»
Do you intend to boost capital for your new business through crowdfunding? This modern source of investors and contributors can be a lifesaver for many small businesses and new ventures. But it also may complicate your tax situation. How does crowdfunding affect taxation? Here are a few things you need to know about the three main incentive structures you may use. 1. Equity Crowdfunding May Not Be Taxable When many new businesses need to raise capital, they seek outside investors. Read More»
There are some significant tax benefits to be aware of when it comes to selling and acquiring a property through a rental property 1031 tax exchange. However, there are also certain requirements you’ll need to meet to qualify a real estate transaction as such. The following are five things to know about the “like-kind property” specifications regarding 1031 tax exchanges. The IRS requires that the property must be of “the same nature or character” Read More»
Tax debts can be among the biggest sources of financial stress and strain for individuals. While this is a common type of debt for people to encounter, it is a reality that individuals may not always know what their options will be for finding relief from these debts. Can You Discharge Tax Debts In Bankruptcy? When individuals find themselves in serious financial trouble, it can be a common option for them to pursue a bankruptcy filing. Read More»
Now that you’ve saved up what you need for a comfortable retirement, the tax strategy you choose will play a big role in maintaining it. What should your tax strategy look like? While it varies for each individual investor, the most common way to minimize taxes follows a few basic strategies. Here’s what you need to know about them. 1. Take RMDs First Required Minimum Distributions are the mandatory withdrawals from certain retirement accounts at certain times. Read More»
Dealing with the Internal Revenue Service (IRS) isn’t for the faint of heart. In reality, even the most confident, courageous person may think twice about trying to handle the IRS on their own. With the IRS, there are many rules, laws, and regulations to follow, and this can be very difficult for a person who isn’t a tax expert to do. If you’re in one or more of the three scenarios below, hiring professional IRS representation services to help you is a wise move. Read More»
Taxes are part of life. But at times, a tax burden can become more than just a civic responsibility and instead become an insurmountable debt with which you need help. Has your tax debt reached this point? If you’re not sure, here are five good indicators that it may be time for a better solution. 1. You May Tap the Wrong Money Sources Some taxpayers turn to the wrong sources to pay back taxes they can’t afford. Read More»
As you take on employees, your responsibilities as an employer are about to multiply. With so much oversight and regulations around the hiring of employees, their work and payment, and their termination, it’s more important than ever that you understand how to keep the best books and fulfill all your legal requirements. To help you with this sometimes daunting task, here are a few key accounting tips for new employers. Read More»