Filing state or federal taxes might not be a top priority for college students, but understanding the tax filing process is crucial for securing your financial future. As a college student, you’re not exempt from income taxes, and knowing how to navigate the tax landscape can help you make the most of available benefits. In […]
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As the year progresses, taxes become a recurring topic in the minds of both employees and managers. Tax withholding, in particular, plays a crucial role in our financial lives, impacting our take-home pay and annual tax liabilities. However, many individuals, especially those with limited tax knowledge, may find the subject confusing and overwhelming. Whether you’re […]
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For retirees or soon-to-be retirees, understanding the tax benefits available to you is crucial for maximizing your retirement income and managing your expenses. One area that often raises questions is the deductibility of health insurance premiums. Are health insurance premiums tax deductible for retirees? The simple answer is yes, health insurance premiums can be tax […]
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Are you confused about retirement plans? There are so many different types, each with its own set of rules and regulations. In this article, we will take a deep dive into non-qualified retirement plans to help you understand how they work and what benefits they offer. What’s the Difference Between Qualified and Nonqualified Retirement Plans? […]
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Tax season is stressful for individuals that have to file business taxes. Sometimes you aren’t ready to file for your business – you might be too busy or waiting for an invoice as your tax year comes to an end. If you are a business owner and need more time to file your tax return, […]
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As tax season approaches, both businesses and individuals face numerous challenges with deciphering the complex terminology that comes into play when calculating their obligations. There are so many confusing terms that surface during this time, like property taxes, tax credits, federal income tax, taxable income and tax deductions. In essence, a tax deduction refers to […]
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It’s no secret that taxes can be complicated. Even if you’re relatively comfortable with numbers and have a straightforward financial situation, it’s easy to make mistakes when preparing your taxes. And those mistakes can be costly. The good news is that you don’t have to go it alone. Hiring a professional tax preparer can save […]
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The United States has a progressive tax system, meaning most taxpayers are required to pay taxes to each level of the government. Therefore, you are required by law to file a tax return for the federal, state and local governments you reside within. While federal and state income taxes have a pre-set tax level that […]
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When you’re running a business, employer payroll taxes can be one of the most frustrating parts of your job. They might seem like just a small part of your overall tax bill—but they can take up a big chunk of your profits, and they’re not something you can ignore. Luckily, we’re here to help. This […]
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A big income tax refund can be a bit like winning a small lottery. It’s an unexpected windfall that you can put towards paying off debts, buying a new car or getting a great holiday. Missing out on deductible expenses and other tax minimization strategies could be costing you a lot more than you realize. […]
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Taxes are a fact of life. If you work or have investments, you’ve probably heard the term tax liability. Your total tax liability is the money that you owe the U.S. government for income taxes, payable to the Internal Revenue Service (IRS). It’s different from sales tax in that it’s federal taxes on what you […]
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Planning for your retirement may include plenty of free time to pursue your favorite hobbies, travel the country, or spend lots of time with your grandchildren. People who have successfully invested for retirement, especially those who started early, maybe comfortable in retirement, but those who started retirement planning too late may end up scrimping through […]
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A looming tax deadline, especially if you’re not prepared, can be one of the most stressful events of the year. For most people, there’s little to like about tax season. To prepare your tax return, you have to track your tax documents, locate the right tax forms and get everything filed correctly before the deadline. […]
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Paying taxes may not be quite as inevitable as death, but they come close. When it comes to your taxable income, proper tax planning can help you avoid a whole litany of problems, while making sure that you minimize your tax liability and keep more money in your pocket. If you are wondering how to […]
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Proper financial planning reduces tax liability, making it less of a burden in achieving your short and long-term financial goals. Without it, you could face major tax implications. From maximizing your tax deductions to minimizing your tax liability, TPI can devise appropriate tax strategies for your current situation, as well as to help plan for […]
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High income earners are usually experts in their field, and have spent many years building their career to achieve success. They should be able to enjoy it without worrying about complex and ever-changing federal tax laws or limiting their future prosperity. If you are a high income earner, and you want to continue to grow […]
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Small businesses can file their business taxes at the same time as their personal income tax return. The deadline for filing is usually April 15th unless an extension has been granted in response to the COVID-19 crisis. If you’re a small business owner, you need to have your taxes in order so that the IRS […]
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Personal and business taxes can be too much for some people to understand. And if they don’t have a financial plan in place, they can experience many issues, including the ever-frightening letter from the IRS. That’s why it’s important for individuals and businesses to take some time and make a plan to effectively manage their […]
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The IRS has many tasks, from collecting taxes to ensuring taxpayers’ behavior in accordance with the tax laws. But the IRS can also cause major issues if taxpayers have tax debt. They can seize assets, enforce wage garnishment, as well as put companies out of business. And it is not always done on purpose – […]
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Whether your business uses hard copies or paperless methods for record keeping, it can be challenging finding a place for your business records. But the fact of the matter is that different business records—tax or otherwise—have to be kept for different amounts of time, according to the periods of limitations. So, what exactly is a […]
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