The United States Department of the Treasury expects taxpayers to “pay no more than the correct amount of tax.” It is plausible that the Internal Revenue Service (IRS) receive declarations such as easier said than done, I did not know I could not deduct that expense, my...
The 2020 tax season ended on July 15. However, the tax year is in full effect. Most taxpayers account for their self-assessment tax obligation within a calendar year (e.g., January - December). Below are a few suggestions (limited scope) on how to prepare for the...
The Internal Revenue Service (IRS) advocates for taxpayers to pay only the tax owed. In fact, one of the ten Taxpayer Bill of Rights involves the right to pay no more than the correct amount of tax. There are several reasons why taxpayers may overpay...
Most people do not look forward to the tax-filing season. Well and except, the thousands of professionals such as certified public accountants (CPAs) who enjoy providing you with tax solutions such as planning and preparation. Note the below reasons why filing your income tax return...
Who is in your tax household? Today, the makeup of households or people sharing a living space are more diverse them ever. A common feature of these units is that living expenses are incurred. The history of taxation is long and complex. A few things to note is...
Tax Day, April 17, has come and went. How did you do? With the signing of the Tax Cuts and Jobs Act, due diligence should be a forethought versus an afterthought. Below are best practices most taxpayers should consider: Implement processes to preserve your important documents. There is a...
What does your income tax return say about your finances? Many taxpayers may respond, “great question.” Then we may hear crickets (silence) sort of speak. Let this not be your response. With the enactment of the Tax Cuts and Jobs Act, we have a new...
Have you heard the phrase “it would take an act of Congress” to get something changed? Well, Congress acted in December 2017 and passed the Tax Cuts and Jobs Act. Most taxpayers such as individuals and businesses are affected by this legislation. Below are three tax law changes that...
Do you feel like “the hardest thing to understand in the world is the income tax (Albert Einstein)?” Yes, federal and state income tax laws are complex. Taxation in the United States of America (and internationally) is ever-changing. As you pursue meeting your tax obligations,...
The upcoming tax season is rapidly approaching. Despite the shifts in Washington D.C. (and possible updates to the Internal Revenue Code), managing your tax records throughout the year is a best practice. Consider the below action items as you deal effectively with your tax records: ...