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Avoid Surprise Tax Hits when Using a Corporation for Your Business
Many taxpayers use S corporations or C corporations to legally reduce income taxes, payroll taxes, and self-employment taxes for their businesses. However, without careful planning, a taxpayer may have a surprise tax bill from using a corporation for federal tax...
Can You Write Off Your Vacation on Your Taxes?
The thing that you must address when looking at an expense is if it was ordinary and necessary. Yes, it must be both. So, letโs look at some specific items when it comes to travel and meals for your taxes. ๐ธ What is a Legitimate Travel Expense? According to the IRS,...
Tax Extension: What It Is and How to File One
Filing a tax extension on or before April 15 moves your deadline to October, but remember that an extension doesn't give you more time to pay your taxes. If you're not sure youโll have it together by tax day and think you may need to file a tax extension, you're not...
Buying Tax Credits: Inflation Reduction Act
๐ The intention of the Inflation Reduction Act (IRA), as the name suggests, is to reduce the rate of inflation. How the IRA does this is unique: In the past, energy credits existed, think tax equity. The IRA has taken a smaller market and potentially added as much as...
4 Important LLC Tax Benefits In 2024
๐ Many entrepreneurs opt to structure their small business as a limited liability company, or LLC. An LLC protects ownersโ personal assets from lawsuits and some creditors. It also provides an easy-to-use business structure. In addition to these benefits, LLCs also...
Income Verification Express Services (IVES) Policy Update
๐ The IRS IVES program lets taxpayers authorize third parties (IVES participants) to request their tax return or wage transcripts to obtain a residential or commercial mortgage on real property (real estate). IVES participants can include banks, credit unions,...
7 Smart Ways to Invest Your Tax Refund
๐ You can maximize your tax refund in several ways, from paying off high-interest debt to investing in a business or saving for retirement. A tax refund is a great opportunity to set yourself up for the future. If you're expecting a windfall from the IRS this year,...
20 Popular Tax Deductions and Tax Breaks for 2023-2024
๐ Tax benefits are generally broken into two major categories: tax deductions and tax credits. As you examine programs that could potentially apply to you, it's a good idea to know the differences in how tax savings can work. In short, a credit gives you a...
Essential IRS Federal Tax Deadlines for the 2023
The 2024 tax season, covering the 2023 tax year brings its own set of deadlines and requirements for taxpayers. This detailed guide will explore key dates for tax returns, extensions, and IRS interactions, providing valuable insights for both individual and business...