10 Simple Ways to Lower Your Tax Bill
Tax season is rapidly approaching. Last minute tax tips are on everyone’s mind before April 15th. Some quick tax moves and saving on returns can make all the difference. See if you are eligible for these credits and deductions that will lower your tax bill. 10 ways to...
5 Holiday Tax Saving Tips
The holiday season is always a great time of year to be charitable, but you don’t need to send yourself to the poor house in the process. There are many ways to make the most of what you already have, and turn what you don’t need into a charitable donation. For many,...
Business Travel Expense Deductions: What Qualifies
Previously we discussed what didn't qualify as a deduction for business travel – but now we will discuss what you can use for business travel expense deductions. I bet a few will surprise you. So whether you are trying to make the most of a business trip or looking...
Business Travel Expense Deductions: What Does Not Qualify
Having travel expenses happens when you leave your general area for business. Many people end up paying at the end of this travel because they do not have a clear understanding of what is considered a business travel expense deduction. If your duties require you from...
Is Passive Investing Right for You?
We started talking about passive investing last week, when we introduced an example of a woman investing in an index fund that tracked the S&P 500. This type of passive investing, in which you invest in a fund that tracks the indexes of bonds, small company...
Active Investing Vs. Passive Investing: Which to Choose?
Investors can employ two different strategies when choosing how to invest their money: passive or active. Despite the fact that active investing has historically been most popular, there’s recently been a shift that’s put passive investing way above active in measures...
How S Corporation Payroll Tax Works
With regard to S Corporation payroll tax, there’s a bit of flexibility when it comes to filing taxes and giving yourself a salary. However, it’s a slippery slope, because S Corporation owners need to be careful in making sure their salary is deemed “reasonable...
What is Reasonable Compensation for S Corp Owners?
Reasonable compensation is a term with which the owners of S corporations become incredibly familiar. That’s because it creates a fine, fine line on which these business owners must delicately tread to avoid costly penalties and interest payments. As their own bosses,...
How to Achieve Wealth Sustainability
It’s no surprise that wealthy people have an interest in sustaining their wealth through future generations. However, what is surprising is how few of them are confident in their ability to do so. In a recent study published by Merrill Lynch’s Private Banking and...
5 Ways to Invest a Tax Return for Your Future
Don’t allow your tax refund check to burn a hole in your pocket. Instead, let your money grow. If you receive money back from the government this year, try one or more of our five ways to invest a tax return for your future. Proven ways to invest a tax return for your...
Why a High Tax Refund Doesn’t Payoff
Why put off to tomorrow what you can have today? A high tax refund at year’s end can be a poor choice for many, because inflation devalues a government refund of your own money. Aside from the threat of scams, there are four main reasons to beware of high tax refunds....
Unfounded IRS Audit Myths
Like old wives tales, IRS audit myths, often with little basis in reality, have been handed down through generations of American taxpayers. IRS Audit Myths Debunked Since IRS audits are very rare, most honest taxpayers are already in the clear without knowing it. Only...
IRS Audit Triggers and How to Avoid Detection
Everyone dreams of paying no taxes (or claiming a significant sum of cash in the form of deductions), but filing taxes is rarely as enjoyable as Christmas. That becomes especially true when an IRS agent comes knocking at your door and accuses you of tax evasion....
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