As the saying goes, there’s nothing certain in life except for death and taxes. But when it comes to selling your home, proactive tax planning can help you reduce your federal income tax bill.
Many businesses need to have some inventory available. But having too much inventory is expensive, not just to purchase but also to store, safeguard and insure. So, keeping your inventory as lean as possible is critical.
If you’ve gathered your tax documents and are ready to tackle your tax return, there’s one more step you should take: becoming familiar with what’s new on the 2021 Form 1040. While the format of Form 1040 and its schedules remain similar to 2020, there are several changes. Many of these changes can be attributed to the American Rescue Plan Act of 2021 (ARP).
Monday, January 24, 2022, was the official start to this year’s tax season. By now, everyone should have received most of the information they need to make sure they file a complete and accurate return.
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies that could reduce your tax bill for 2021.
The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with without calling or visiting an IRS office. Here’s what you need to know about IRS notices and letters.
Understanding marginal and effective tax rates is important for tax planning purposes; however, many taxpayers don’t fully understand the differences.
Click on the links below to jump to each section in this article: Extension Deadline Looming for 2020 Tax Returns Reminder: Protect Yourself From Scammers Gross Receipts Safe Harbor for Employers Claiming ERC How To Get an Identity Protection Pin Tax Planning: Facts About Credits and Deductions Extension Deadline Looming for 2020 Tax Returns Time is running short for taxpayers who requested an extra six months to file their 2020 tax return. As a reminder, Friday, October 15, 2021, is the...
Divorce is a painful reality for many people, both emotionally and financially. Quite often, the last thing on anyone’s mind is the effect a divorce or separation will have on their tax situation. To make matters worse, most court decisions do not consider the effects divorce or separation has on your tax situation, which is why it’s always a good idea to speak to an accounting professional before anything is finalized.
Recovery efforts after natural disasters can be costly. With floods, tornadoes, hurricanes, earthquakes, and other natural disasters affecting so many people throughout the U.S. this year, many have been left wondering how they’re going to pay for the cleanup or when their businesses will be able to reopen. The good news is that there is relief for taxpayers – but only if you meet certain conditions.
