Are You Ready to File Your Tax Return?
Taxpayers should only prepare their tax return when they have all their required tax documents. The return cannot be file with the IRS before the official start date of the tax season. Taxpayers who receive early payments for their return get a high interest loan...
Filing a Deceased Taxpayer Last Tax Return
The pandemic or other circumstances of death happened in the past year have caused this tax season 2020 to be the last tax return for taxpayers who did not survive to see this new year. The deceased representative, the executor, might have to file the last tax form or...
Last Month to Plan a Tax Savings Strategy.
We are at the end of a year that has proven to be a year of lot of changes in many aspects. This year, we have seen tremendous changes in our way of living that will carry over to years to come. However, the changes that the pandemic has brought to the tax laws mainly...
Part 5 of 5. Do You Have a Year-End Tax Planning Strategy?
The following are some of the areas you could explore as tax saving strategies to help you minimize your tax liability as part of your year-end tax planning strategy. December 31 is the last day to plan or revise your existing plan. Qualified Business Income...
Part 4 of 5. Do You Have a Year-End Tax Savings Strategy?
The following are some of the areas you could explore as tax breaks to help you minimize your taxable income as part of your year-end tax planning strategy. Reduction in Business Interest Limitation. The CARES Act reduced the limitation on the deductibility of...
Part 3 of 5. Do You Have a Year-End Tax Savings Strategy?
The following are some of the areas you could explore as tax breaks to help you minimize your taxable income as part of your year-end tax planning strategy. Child and Dependent Tax Credit. For 2020, you may claim as much as a $2,000 credit for each child under age...
Part 2 of 5. Do You Have a Year End Tax Savings Strategy?
The following are some of the areas you could explore to gain tax breaks to help you minimize your tax liability as part of your year-end tax planning strategy. Prepay Expenses Using the IRS Safe Harbor. IRS regulations contain a safe-harbor rule that allows...
Part 1 of 5. Do You Have a Year-End Tax Savings Strategy?
Tax legislation enacted at the end of 2019, as well as new tax laws enacted in 2020 in response to the coronavirus pandemic (COVID-19), will affect your 2020 income tax return. These legislations contain many new provisions which are likely to minimize your 2020 tax...
Setting Up Your Business
Starting a business could be very exciting. Regardless of the type and size of your future business, you must conduct your research and get professional advice before you start your business. You could learn a lot from a successful business owner. Many professionals...
Do You Legally Claim Your Business Travel Deduction?
There is what is called the “unpardonable sin" in an IRS audit. As self employed or business owner when you received a letter from the IRS telling you that you are the subject of an IRS audit, there is one record that receives special attention. This record can create...