Decreasing Tax Liability by Contributing to a Qualified Retirement Plan.
The tax filing deadline has arrived, May 17, 2021. Taxpayers are advised to request an extension to October 15, 2021 if they cannot file on time. Compound interest on tax due starts on May 18, 2021. There is still time to legally lower your tax liability. Many...
Are You Among Taxpayers who Left Unclaimed Money with the Treasury?
Every tax year million of taxpayers leave unclaimed money for the Treasury. Some taxpayers still file paper returns and do not request direct deposit. As a result, some errors are more likely to go undetected and some checks went uncashed. An estimated more than 2...
Do you Take Correct Deduction for your Home Office?
More taxpayers are using their home as office space or to run their business. The number of taxpayers working from home has increased because of the pandemic. Many business owners have cancelled their business lease contract. It is very likely that you have taken some...
Are you Filing the Correct Form for your Business and Keep Good Record?
Many small business owners are unknowingly filing the wrong tax return form for their business, do not properly keep records, and do not have a spreadsheet or do not use any software to track their profit and loss from their business venture. This is not standard...
What the Court Says when IRS Denies International Travel for Tax Debts over $50,000?
The Internal Revenue Code Section 7345 is Not Unconstitutional. In Craig Thomas Jones, plaintiff, v. Steven T. Mnuchin, in his official capacity as Secretary of the Treasury; Charles P. Rettig, in his official capacity as Commissioner of Internal Revenue;...
How Do You File Your Tax Return as a Surviving Spouse?
The Covid-19 pandemic or other circumstances of death 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 forms and wonder...
Are You Reducing Tax Liability with Contribution to a Qualified Retirement Plan?
The new tax filing deadline is May 17, 2021. There are several ways to legally lower your tax liability. Many individuals and businesses have used them over years to minimize their taxable income and thus lower their tax due. Besides the most commonly used tax...
A Look at Some Key Provisions of the American Rescue Plan Act.
Congress passed H.R. 1319, the American Rescue Plan Act (the Act) and President Biden signed it into law on March 11, 2021, to relieve the financial burdens facing many taxpayers and to accelerate the recovery of the economy. The Act is a $1.9 trillion relief package...
Do Innocent Spouses Get Relief in Recent Cases?
Recent court cases have shown how it is very difficult for taxpayers to prevail in courts when they seek innocent spouse relief. Marriage carries with it many tax consequences that could be minimized through careful tax planning strategies. Marriage planning should...