As we approach the final stretch of 2023, individuals eager to optimize their tax savings are exploring strategic financial avenues. One particularly promising option gaining traction is making last-minute vehicle purchases. Acquiring a vehicle before the year concludes can yield substantial benefits, provided one navigates the process with a keen eye on tax implications and… Read More
Filing taxes can be a daunting task for many individuals, but it is a necessary part of managing your personal finances. In this article, we will cover everything you need to know about filing taxes for 2022. Know Your Filing Status Your filing status is an important consideration when filing taxes. There are… Read More
When you owe back taxes and can’t afford to make any payments, then it may be time for a special tax status known as currently not collectible. This means that your debt is still considered valid even though there’s no chance of recovery right now. When you’re approved for currently not collectible status, the IRS… Read More
When it comes to your money, there’s only one person that truly has your best interests at heart – and that person is looking back at you in the mirror. Handling your own finances and making your own decisions can give you peace of mind and help you avoid a costly mistake. There is… Read More
If you are running a small business, you have one unwanted partner that will dig into your pocket every year, it’s the IRS. The IRS wants to know what you are doing, how much you are earning and most importantly how much you are paying in taxes, and the tax agency is becoming increasingly aggressive… Read More
If you hire an employee for your Schedule C business, you can qualify for several valuable tax credits. Each credit is different, and certain limitations apply to all or most employer tax credits. Remember, tax credits are the best. They beat deductions. Note the difference below (using the 32 percent bracket): A $1,000 deduction for… Read More