Tax is the primary revenue source of the government. Businesses are expected to remit payroll and corporate taxes for compliance. Most for-profit businesses are subject to taxes, regardless of the industry in which they operate. As such, firms must ensure they have a comprehensive tax compliance set in place to mitigate potential legal implications. One strategy entails contracting business consulting services concerning tax compliance. Business consulting agencies have certified personnel to guide companies on their tax obligations and compliance. Read More»
Paying the taxes you owe is imperative. Paying your taxes is a legal imperative as well as a civic responsibility. Fortunately, it’s never too late to pay the IRS what you owe. If you owe back taxes, you may need the assistance of a tax firm that can help you with your tax resolution. Here are four steps a tax specialist may suggest that you take to resolve your tax status: Read More»
Retirement planning is one of the most important financial moves Americans can make as they get older. But many people who can put away money focus on the size of their contributions and total amount saved rather than the tax implications of what they set aside. However, how your retirement income is taxed has an impact on your money both now and in the future. Here’s what you need to know about the three main tax options. Read More»
Expats face many challenges when moving and working abroad. One of these is their income tax reporting. Many expats find out during their research that the possibility of double taxation is very real. What is double taxation for foreign income, and what are the two ways to avoid it? Here’s what you need to know.
Why Might Income Be Taxed Double?
No one likes paying income taxes, so the idea of paying them twice on the same income is alarming. Read More»
Tax-related issues can be too complicated for most people to handle. For this reason, it is vital to hire a tax professional to help you with tax preparation. It may seem cost-effective to do it yourself, but it is not. If you try to do it on your own, you might realize that it is more challenging than you had thought, and it is better to hire a professional tax service provider to avoid making costly mistakes. Read More»
In 2018, sports betting became legal in many states. In addition to becoming legal, sports betting is easier than ever thanks to new sports betting apps that allow you to make sports bets in real-time. Not only is this a fun hobby for many, but it can also be quite lucrative in some cases. What some sports betting enthusiasts don’t realize is that you are required to report any income from gambling and pay taxes. Read More»
Writers who act as sole proprietors can have tax situations that are more complicated than many other professionals. Hiring a tax planner for help is always recommended. Check out a few of the common mistakes writers make on their self-filed taxes.
Mistake: Not taking advantage of business-related losses after an investment.
Did you spend a lot of time and money to create a book and you had no sales? You may be able to claim a business loss on your taxes. Read More»
