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.
Before World War II, few individuals owed income taxes. About 1.1% of working-age people filed a return, and about 17% of those filers did not have to pay income taxes due to a high personal exemption.
Joyce Marcel once said, "For patriots like me, paying taxes gives a feeling of responsibility, of being part of the fabric of our country, of contributing to the common good."
The reports have revealed that about 17% of workers violate the tax code when filing their returns. Seeking professional assistance for filing taxes is important if you don’t want to run into any problems with the IRS.
Do you know that as of 2020, seven states in the U.S. levy no personal income tax? These states are Florida, Alaska, Nevada, Texas, South Dakota, Washington, and Wyoming.
Your tax preparer values your input. You can expect regular meetings and discussions with your tax planning expert. These meetings will help you have the right mindset when making short- and long-term plans both for your personal and business goals.
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.
All sources of income for U.S. residents are taxable under the existing federal laws. Any income which a non-resident earns from outside the U.S. is not considered a taxable income.
Did you know the first income tax in the U.S. was imposed in July 1861 to help pay for the Civil War? The current income tax system was enacted into law in 1913 before the beginning of World War I.
A notice of deficiency is an official written claim by the IRS that a taxpayer owes additional income tax and often interest and additional penalties. This notice gives you the chance to pay back your IRS debt.
According to the IRS, the error rate for electronically filed returns is less than 1%, while paper filers are 21X more likely to commit errors. Errors can cause tax returns to get audited or rejected. Contact our experts for tax preparation.
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.
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.
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?
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.
As your taxes become more complicated, the risk of doing them incorrectly increases and you can put yourself in an unintentionally tenuous legal position. Working with a tax prep and planning service ensures that your tax forms meet all legal requirements.
While you get a copy of your tax records, we keep copies of them and your financial records to provide us with a complete picture of your business or personal financial portfolio so we can offer the best advice on your tax responsibilities.
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.
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.
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.
If your building carries an historic designation, or you have applied for one, the Historic Rehabilitation Tax Credit program may be able to help you with capital expenditures regarding its restoration and renovation.
