Avoiding taxation should not be the only goal, or even the main goal, of your investment strategy. Still, you always have to keep taxes in mind to make sure you're not unnecessarily sending too much of your money to the government. This post talks about...
An executor of a will carries out the last wishes of someone close who has died. The executor ensures that the rules that govern the administration of a probate estate are followed. This post shares three things you need to know about this important job....
The Taxpayer First Act of 2019 is redesigning how the IRS works with taxpayers, even though it may take a while for many of the provisions to take effect. The Act includes provisions including an independent appeals process, cyber-security and identity protection, and innocent spouse...
Selling a capital asset results in a gain or loss and impacts your income taxes. This post explains what capital gains and losses are, and gives some insights into the tax implications of capital gains and losses....
Financial statements are intended to give you current information on your business's financial standing so you can make more informed decisions. There are three levels of overview you can choose to take — compilation, review or audit — and what you select will have a lot...
To collect unpaid taxes, the IRS is turning to private companies. The growing backlog of debt has proved too much for the agency, which continues to use four debt collection companies to round up outstanding payments from taxpayers who've been contacted numerous times and still...
Knowing which medical and dental expenses you can deduct on your tax returns can get complicated For starters, your deductions must exceed 7.5 percent of your adjusted gross income. And they have to fall into an IRS-approved category. Here's a summary of which expenses...
Your financial reports can be far more useful than just a report on the state of your business. You can use these reports to manage your business, diagnosis what’s going right and wrong, and set goals for how to grow and add to your bottom...
When can you use bad debt to reduce business income? Even when you take the customer to court and you still don't get your money, there's a way to make lemonade from this lemon of a customer. This post explains what bad debt is, and...
Get started organizing paperwork now to make tax time less stressful.
Most of the papers you need to document the income, interest and withheld taxes you report arrive in your mailbox in January, with investment-related 1099s often coming in February. Get ready for their arrival by...
