After debating for months on how to fix the alternative minimum tax, Congress recently issued a tax reprieve which postpones the use of the alternative minimum tax for one year. As this tax is becoming more and more common among middle-income taxpayers, its important to understand the basics as it will likely be back in future years.
Most business will make equipment purchases each year. If your business appropriately plans for the purchases, you may be able deduct the full price of the equipment. This article discusses the deduction for equipment purchases and how to plan your purchases in order to decrease your tax bill.
This summer Congress increased the minimum wage. In order to offset the increase in expenses, Congress also allocated money for tax breaks for these businesses. This article lists 3 of the ways to take advantage of these tax breaks.
Do I have to pay quarterly tax payments? Many people don’t realize they need to pay quarterly payments until it is too late and you are stuck with a tax penalty.This article discusses who owes quarterly tax payments, how much and when must you pay.
If you’re considering purchasing or renovating a home, there are several ways to turn your expenses into tax deductions. In this article we discuss tips to decrease your tax bill when purchasing a home.
Getting married is a wonderful event. But after the celebrations are over, there are many decisions you will face as a married couple. This article lists a few of the tax decisions newlyweds will face in the beginning.
You never know when or if you will be audited. But the best way to be prepared is to know what to expect and to maintain your tax documentation. This article discusses the 3 types of audits and what to expect in each.
Tax Freedom day represents the number of days Americans on average have to work a year in order to afford their tax liability.
Since its the last day before the tax deadline, you may be wondering how in the world am I going to get this done. But one way to reduce the stress is to complete a tax return extension.
Does the IRS allow teeth whitening, breast reconstruction, and vision correction surgery as medical expense deductions? These are typically considered cosmetic or elective surgeries, but two of them are allowed as a medical expense.