Hiring your Children to Reduce Tax Liability

by | May 24, 2023 | Tax Tip

Business Owners Can Hire their Children to Lower their Tax Liabilities Summer is coming! If you have not taken advantage of the tax benefit of hiring your kids because you want them to focus on their school activities, why not change your focus to get a huge tax...

Did you File your Tax Returns?

by | Apr 6, 2022 | Tax Tip

Every tax year million of taxpayers leave unclaimed money for the Treasury. Almost $1.5 billion unclaimed tax refunds may be waiting for an estimated 1.5 million taxpayers who did not file a 2018 tax return, according to the Internal Revenue Service. The unclaimed...

Do You Use the Correct Tax Filing Status?

by | Feb 9, 2022 | Tax Tip

Taxpayers tax filing status is extremely important. They are 1) Single, 2) Married Filing Jointly, 3) Married Filing Separately, 4) Head of Household, and 5) Qualifying Widow/er with dependent child. Your filing status determines your filing requirements, your tax...

Getting Ready to File Your Tax Return

by | Jan 4, 2022 | Tax Tip

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 2

by | 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...
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