World War II led to the formation of the Bureau of Internal Revenue, which later became the Internal Revenue Service (IRS). Do you know the IRS is the world’s largest accounting and tax-collection organization?
Do you know that since 2001 there have been more than 4,500 changes to the U.S. tax code? Now you know why hiring a professional to prepare your taxes is important.
"Taxes are how we pool our money for public health and safety, infrastructure, research, and services--from the development of vaccines and the Internet to public schools and universities, transportation, courts, police, parks, and safe drinking water." - Holly Sklar
It would be impossible for a business to attain its goals without a tax plan. You can always work with a tax planning and preparation expert to keep up with the demands of all tax-related matters in your business.
Planning for your future is easier with the help of a tax planner and preparer. You can trust an expert to help you strategize in light of the financial changes you’re anticipating in the years to come.
Business owners always look at the bigger picture. That entails carefully analyzing one’s tax options while still being aware of more encompassing business strategies. Your tax preparer and planner will help you have the right perspective.
As reported by the Tax Foundation, Americans collectively paid $5.2 trillion in federal, state, and local taxes in 2019. That is more than the combined cost of food, clothing, and housing.
Deductions help workers lower their taxable income, yet only 30% of households take advantage of this. You can take deductions for charitable contributions, property taxes, and medical expenses that exceed 10% of your adjusted gross income.
Federal tax returns were not always due April 15. In 1913, March 1 was the final date; in 1918 it was March 15; and finally, in 1954 the current Tax Day was enacted.
Do you often find it difficult to pay for your taxes quarterly? If yes, make it a monthly installment instead. This way, you’ll be able to save for your tax payments just like any other monthly expense.
Do you know that filing a fraudulent tax return is a felony and a form of fraud in the eyes of the IRS? It carries up to $100k in fines and up to 3 years in prison.
Alfred E. Neuman has rightly said, "Today it takes more brains and effort to make out the income-tax form than it does to make the income."
Do you need to pay taxes on Bitcoin profits? Yes! If you sell Bitcoins and earn a profit, this will be considered a part of your gross income and will be subject to income tax.
Do you know that the U.S. tax code is over 74,000 pages long? It is so long that it would take even a super-fast reader more than 1,200 hours to get through it all.
Do you know that if you report a person or business for tax evasion in the United States, you'll receive up to 30% of the additional tax, penalty, and other amounts collected by the IRS?
According to the statistics, Americans must work 114 days into the year to afford their tax bills. It also means that workers may be neglecting a number of key deductions that could lower their overall tax burden.
Many workers who don't owe taxes neglect to file returns without realizing that there are some tax credits that offer refunds. For example, the Earned Income Tax Credit offers up to a $6,318 refund for those who don't owe taxes.
What is a “sin tax”? Legally called excise taxes, these “sin taxes” are imposed on alcohol, tobacco, and gambling. Rhode Island, Nevada, West Virginia, New Hampshire and Delaware account for the largest share of sin tax revenues.
If you or a member of your family was ill, some or all of the medical expenses may be eligible for deductions. Just how much you can deduct, though, depends on several factors, and an experienced tax prep service can help you understand what you are allowed to deduct.
If you are a contractor and you experience considerable spikes and drops in your income, you may be able to use income averaging. The laws on this are quite specific, and our tax professionals can help you determine if this is in your best interests.
Our understanding of the laws regarding fix asset capitalization, depreciation, and disposal can result in a lowering of your taxes. Your real estate is supposed to be an investment, not a capital drain.
Have you purchased a hybrid, electric or a clean-fuel vehicle for yourself or for your business? If so, you may be able to deduct some of the cost from your tax bill. Environmentally-friendly may also mean tax-friendly.
If you have made upgrades to your home or other structures that have improved their energy efficiency, you may be eligible to take deductions on what was done. In addition, if you have invested in certain energy efficient appliances, deductions may apply for them also.
We have the expertise to advise entrepreneurs regarding their business and its tax planning needs. Talk to one of our professionals about the form your business should take before setting up shop.