by Pierre Philantrope | Dec 8, 2021 | Tax Tip
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...
by Pierre Philantrope | Dec 1, 2021 | Tax Tip
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...
by Pierre Philantrope | Nov 24, 2021 | Tax Tip
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...
by Pierre Philantrope | Sep 1, 2021 | Tax Tip
Planning the type and sources of your income could save a lot money in taxes. The source of your income determines your tax rates and tax liability. Taxpayers benefit from the lowest rates available when they have diverse sources of income, like real estate, stocks,...
by Pierre Philantrope | Aug 11, 2021 | Tax Tip
Taxpayers should use the correct tax filing status to avoid audit issue. Taxpayers must openly discuss their specific situation with their tax preparers and provide adequate documentation to prove their tax filing status. Many taxpayers have been audited by the...
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