Are you self-employed and tired of paying high taxes? Imagine the joy of retaining a more significant portion of your hard-earned income. Well-executed tax planning can help you reduce your tax liability. Mastering this crucial element of financial planning can make a world of difference at tax time. It offers practical and legal strategies to […]
As a business owner, it’s essential to understand the role and how to obtain an EIN or employer identification number. This 9-digit number is used to file tax returns and is required for business formations. However, if you operate as a sole proprietor, you may be able to use your social security number instead. While […]
From receiving notices to having tax problems, taxpayers often find themselves in difficult situations when dealing with the IRS. If a taxpayer in any tax situation requires assistance, he or she might contact the Taxpayer Advocate Service (TAS). Taxpayers may seek relief from IRS sanctions and interest charges through this independent branch of the Internal […]
As the April 15th tax season deadline quickly approaches, it’s imperative to be proactive and ensure that you have all the necessary documentation and paperwork to file your income tax return on time. But what if you’re not ready to file by the deadline? That’s where an IRS tax extension can be beneficial. When securing […]
Tax season can be stressful for business owners, and completing the necessary paperwork can be intimidating. Form 941 is the IRS’s quarterly employment tax return and is used to report wages, salaries, and taxes withheld from employees. Here, we’ll discuss all you need to know about Form 941, including the information to provide, when to […]
The Caribbean is known for its sun, sand, and sea. But it’s also a hot spot for those looking to keep their finances safe and secure. From the Bahamas to the Cayman Islands, the Caribbean is home to some of the world’s most desirable offshore tax havens. In this blog, we’ll explore the top 10 […]
Tax day may be quickly approaching, but there is no need to panic! With some preparation, you can take control of your tax situation and reduce stress come April 15th. Following these tax preparation tips can set you up for success come tax season. So take a deep breath and prepare to tackle those taxes […]
The Earned Income Tax Credit or EITC is a refundable work credit that may give money back or lower federal tax liability for those who qualify. IRS Publication 596 gives details about eligibility requirements. The main requirement is that taxpayers have earned income.The credit can help eliminate any federal tax liability or even result in […]
Are GoFundMe donations tax deductible? GoFundMe began to help individuals fund their financial needs. It became an easier way to ask others for help without asking them to their face. Plus, it is easy for anyone to share a GoFundMe campaign on social media with hundreds or thousands of people in seconds.Unlike most donations, though […]