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»