Certain income reductions—such as charitable contributions, medical expenses, personal casualty losses, and so on—are subject to tax deductions. These deductions lower a person’s tax liability via their taxable income, which will generally lower the amount of taxes...
Taxes have been complicated for most taxpayers, leaving them with fewer amounts to save. However, do you know that saving money from taxes is an excellent way of reducing taxable income? Taking advantage of any saving avenue is a sure path towards attaining your...
The holidays are over and the new year has begun. For many around the country, this means the beginning of a long and arduous fight with the winter elements. But for all Americans, this season represents an even scarier proposition: the need to complete taxes. But...
The COVID19 pandemic has stimulated the creativity of many Americans who were bored with the shelter-in-place restrictions. This has resulted in a boom of new businesses, primarily sole proprietorships, and the owners’ need to become familiar with accounting,...
An audit by the Internal Revenue Service is one of every taxpayer’s deepest fears. An audit takes place when the IRS decides to closely review your accounts to ensure that your small business is properly following tax laws. Although they aren’t extremely common, it’s...
