While options to accelerate deductions and defer income become more limited after Dec. 31, you can still take advantage of a few to help lower the previous year’s taxes. You can still save more money and avoid some penalties with these tax tips. Start getting documents ready in January if you do not plan on […]
Before you turn your taxes over to tax attorneys, know what your filing status is. You could claim several ways, depending on your situation. The choices you have are single, head of household, married, or married filing separately. The method you choose affects the deductions you might claim and the alternative minimum tax. For 2021, […]
Whether you are doing great or recovering from losses, tax planning for the end of the year can save you a lot of money on your taxes, regardless of your financial position. Your business tax attorney or personal tax attorney cannot help you take advantage of these savings unless you take these actions before the […]
The Limited liability company is one of the more favored business organizations because it’s easy to set up, gives business owners some of the same protections as C corporations, and has tax benefits. You not only have less paperwork at the inception of the business, but you also have less paperwork and requirements to meet […]
One of the first things you do when starting a new business is choosing a business structure. Each entity type has different methods of taxation. When choosing, you should take into account how many employees you have, how much growth you expect in the first few years of business, and whether you need corporate protection. […]
Creating an estate plan, including a will, can help save your family a lot of heartaches should something happen to you. However, when you retain an estate planning attorney to help you create your estate plan, you can significantly minimize these errors. However, an attorney can only go by the information you tell her. If […]
When you give a friend or family member property, you could be making a taxable gift. The Internal Revenue Service (IRS) requires taxes on “gifts” of property, including cash, real estate, and other assets. Even if you do not intend for the asset to be a gift, the tax still applies. It can apply even […]
Often, people wait until the last minute to file taxes. In some cases, they might not file taxes for a year or two. However, the Internal Revenue Service wants its money and charges two penalties for unfiled taxes: one for not filing on time and the other for not paying on time. Instead of getting […]
Most people who draw a paycheck either get a refund or break even. Self-employed people and those who own businesses usually have to pay in at refund time unless they break even. If you manage to break even, that means you paid the right amount of taxes – and that is the best situation. Those […]
With the many types of trusts available to help you manage your assets while you are living and after you pass, it can get confusing to know which trust best fits your circumstances. Many people have heard of living trusts. A revocable trust is another name for a living trust. In short, you can revoke […]
