5 Tax Reduction Strategies That Can Help You Reduce Your Tax Burden

Taxes

smartphone, pencils and note on top of tax forms

5 Tax Reduction Strategies That Can Help You Reduce Your Tax Burden

Between federal income taxes, state and local taxes, your annual tax bill can add up in a hurry. Of course, everyone has a responsibility to pay taxes, however, there are ways to meet this responsibility without losing out on the lion’s share of your ordinary income.  If you are wondering how to go about your […]

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Tax Strategies for Real Estate Investors

Real estate investment can be as complex as it is lucrative, with tax strategies playing a pivotal role in shaping your financial landscape. This guide offers a deep dive into the crucial tax maneuvers that every savvy real estate investor should know to safeguard and grow their investments effectively. Taxes & Real Estate Investing: What […]

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Is Estate Planning Tax Deductible?

Estate planning often gets brushed off as something only the wealthy need to worry about, but that’s not the case. It’s more than just deciding who gets your collection of vintage stamps or the family home. It’s about protecting those you care for, and securing their financial future. And with the word “tax” floating around […]

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How to Get Tax Credits

Tax credits can seem complex, but they hold the key to potential savings for individuals across various income levels. Understanding these credits is not just beneficial–it’s a must in today’s tax landscape. In this article, we’ll unravel the complexities of how to get tax credits and how working with a tax consultant can facilitate this […]

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How Much to Set Aside for Taxes: A Quick Guide

If you are self-employed, or are a small business owner, your financial responsibilities extend beyond maximizing your revenue and decreasing your expenses during the course of your day-to-day operations. A key piece of your finances that cannot be overlooked is your taxes. Unlike traditional employees who have income taxes withheld from their paychecks, self-employed individuals […]

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What Does Double Taxation Mean?

Determining Filing Requirements Double taxation is a term that often sounds like a financial double whammy. But what does double taxation mean? Why should you care? It could make a big impact on your bottom line.  In this article, we’ll explore the concept of double taxation and its significant implications for individuals and businesses. By […]

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How to File Taxes as a College Student

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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coffee mug next to folder with tax withholding form and pen

How to Change Tax Withholding: What You Need to Know

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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Are Health Insurance Premiums Tax Deductible for Retirees?

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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What is a Non-Qualified Retirement Plan?

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 time paperwork getting ready to file an extension

How to File an Extension for Business Taxes

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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1040 forms with a note saying “tax time!”

How Does a Tax Deduction Work?

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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How to Calculate Average Tax Rate

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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Federal vs. State Tax Return

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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quote board with the word taxes on top of USD bills

What Are the Payroll Taxes?

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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How To Get the Most Out of Your Tax Return

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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What is Tax Liability?

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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What is the Advantage of Investing Early for Retirement?

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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What to Bring to Accountant for Tax Preparation

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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What is Tax Planning?

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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