Taxes can be stressful for a business owner. You wear many hats, juggle many balls, and the last thing you want to do is give any more of your hard-earned revenue to the IRS than you need to. Thankfully, there are many tax savings strategies to reduce your taxable liability. Here are 7 Ways For Business Owners to Reduce Their Taxable Income.
Tax Moves to Make Before Year-End - Are you looking to try and reduce your taxable income? Here are some tax-saving moves. However, they must be completed by December 31.
Why do I need a tax strategy session? A year-end tax planning meeting with your Enrolled Agent (EA) is a must for many taxpayers, especially individuals who own a business. For the business owner, the purpose of the meeting is to clean up your books (if necessary). However, the underlying reason for the session is to project your tax liability for the current year. Your EA can make recommendations to reduce the amount of taxes that you will owe. Bottom...
Most income received from your employer generally ends up on a W-2 tax form at year's end. However, some income is employee tax-free income. Here are eight common employee benefits that often avoid the impact of federal taxes. There are many more benefits to consider. Your tax professional can speak to this at your annual tax meeting.
Tax-loss harvesting, what the heck is that? Simply put, it is when you sell some investments at a loss to offset gains you've realized by selling other stocks at a profit. The result is that you only pay taxes on your net profit or the amount you've gained minus the amount you lost, thereby reducing your tax bill. Even with a strong market, you may not obtain the result you expect. However, a poor-performing investment does have an upside. You may be able...
Do you know the 9 ways realtors can reduce their income tax bill? Is the IRS a dreaded agency that is working against the taxpayer?
If you are a taxpayer receiving certain types of income payments, the IRS requires the payer of these payments to report them on an information return. The person or business paying you does not generally withhold taxes from these types of payments, as it is assumed you will report and pay taxes on this income when you file your federal income tax return.
The 2021 Child Tax Credit Update - Important changes to the Child Tax Credit (CTC) will help many families get advance payments of the Child Tax Credit starting in the summer of 2021. Half the total credit amount will be paid in advance monthly, and you will claim the other half when you file your 2021 income tax return. The IRS will issue the first advance payment on July 15, 2021. The new “Child Tax Credit Update Portal” allows parents to view...
Are you adopting? You just might benefit from this special credit. Here is some information you should know. What exactly is the adoption tax credit? The adoption tax credit is a nonrefundable tax credit meant to provide relief for the qualified costs you pay when adopting a child. The adoption process can be very costly. Fortunately, the adoption tax credit can help to offset some of those expenses. Here are some facts to help you understand the credit: • The maximum adoption credit taxpayers...
