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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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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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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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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What Happens to Your Tax Liability With Proper Financial Planning?
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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How to Reduce Taxable Income for High Earners
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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How to File Small Business Taxes
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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What is a Tax Planning Strategy?
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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What are Tax Resolution Services?
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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Taxes 101: How Long to Keep Business Tax Records?
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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How to File a Business Tax Extension for 2020
2020 has been a chaotic year, and many business owners may need some extra time to get their affairs in order before submitting their upcoming tax returns. While the IRS has extended the date from April 15 to July 15, businesses can still apply for a tax extension if they wish to. TPI Group’s tax […]
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When are Virginia State Taxes Due?
In Virginia, as with any other state, the last day for tax filing usually brings about a huge, last-minute rush for tax preparation services. But the events of 2020 have been far from usual, and the state of Virginia has taken steps to reduce the stress associated with income tax filing in these uncertain times […]
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Top 3 Tax Questions to Ask Your Advisor
Companies and freelancers have their plate full during tax season. Whether you’re self-employed as of last year or it’s business as usual for you, the advisors of TPI Group have often been asked the same questions by our clients. Here is a list of some frequently asked questions. Most of our questions and answers will […]
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