What are Some the New Tax Laws for 2022?
Many temporary tax laws that were enacted to alleviate taxpayers’ burden during the pandemic have expired. Some of the temporary tax laws were expected to continue through the Build Back Better Act. However, the Build Back Better Act hit an impasse in Congress. There...
Are Self-Directed IRAs Good for You?
Tax-advantaged retirement accounts such as IRAs are a great way to save for retirement. However, when you establish a traditional IRA with a bank, a brokerage, or a trust company, you are ordinarily limited to a narrow range of investment options, such as CDs,...
Getting Ready to File Your Tax Return
Taxpayers should only prepare their tax return when they have all their required tax documents. However, the return cannot be sent to the IRS before the official start date of the tax season. Taxpayers who receive early payments for their tax refund get a high...
Do You Plan to Reduce Your Tax Liability? Part 5 of 5
In this final part of consideration to lower taxpayers' tax liabilities, we highlight some other savings items. The list is not exhaustive. Taxpayers are encouraged to consult with their tax professionals to discuss their specific tax situation. Major tax savings...
Do You Plan to Reduce Your Tax Liability? Part 4
As you could see from the previous tips, due to the enactment of legislation to offset the economic burden brought by COVID-19, there is a lot to consider when reviewing your year-end tax planning options. Pandemic-related tax breaks include an expanded dependent care...
Do you Plan to Reduce your Tax Liability? Part 3
Careful tax planning strategies could help taxpayers save in taxes. As business owners, there are six powerful business tax deduction strategies that business owners could understand and implement before the end of tax year 2021. 1. Prepay Expenses Using the IRS Safe...
Do You Plan to Reduce Your tax Liability? Part 2
Taxpayers could get 2 for 1: The reward of giving and a deduction in tax liability. A law passed at the end of 2020 modified the charitable contribution rules for 2021 tax returns. As a result, eligible individuals can claim an above-the-line deduction of up to $300...
Do you Plan to Reduce your Tax Liability? Part 1.
We are close to the end of the tax year. Taxpayers have until December 31 to take steps to fund or establish their retirement plan to save in taxes. There are four things to consider. 1. Establish Your 2021 Retirement Plan Do you or your company have a retirement plan...
Understanding the Internal Revenue Service Audit Process
Taxpayers, in general, are in a partnership with the Internal Revenue Service. However, unlike the case of traditional partnerships in which two or more taxpayers mutually agree on the terms of the partnership, in this partnership, the IRS sets the rules to share the...