Attorneys have a unique set of considerations when choosing their tax structure due to their high incomes and professional regulations. State law limits the types of business entities you can select from, but you still have a number of federal tax options you can use to lower your taxes.
As Benjamin Franklin once pointed out, there are only two certainties in this world, and they are death and taxes. That hasn’t changed, and today there are many different taxes to be aware of. Property tax is one of the most common, yet the most misunderstood of all the taxes. So to help new homeowners here is our beginner’s guide …
When the Tax Cuts and Job Act limited state and local tax deductions to $10,000, people with higher state and local taxes were understandably upset at losing their deductions. Some state governments listened to their voters and tried to give them a way around the cap — allowing them to donate to specified charitable funds rather than pay taxes. These …
Even though tax season comes at the same time every year, it seems like each April millions of Americans scramble to get their taxes filed. Many people put off tax planning until late in the season, making the entire process more stressful. Planning early, however, allows you to cruise through tax season fully prepared with a lot more financial confidence …
Disclosure: Some of the links below are affiliate links, meaning, at no additional cost to you, I will earn a commission if you click through and make a purchase. After tax reform, Roth IRAs look even better. Tax brackets are lower now, and there’s a chance they could go back up after 2025. Those are the two biggest reasons to …
There are less than three months left in the year. Think that means six months before you have to think about your taxes in March or April? Think again or be ready to pay the price. 1. Avoid Surprise Bills and Estimated Tax Penalties Tax reform was called the Tax Cuts and Jobs Act, but thanks to the end of …
If you wait until it’s time to file your tax return to try to find deductions, it might be too late. Your tax return only shows what you did during the tax year, so if you want to cut your tax bill, you need to plan ahead and get things done before the end of the year. Open a Small …
The ACA is still the law, and if you have 50 or more full-time employees (FTEs), you’re still required to provide health insurance. But with rising health care costs, managing these fringe benefits can easily get expensive. So, it’s crucial to manage these costs to stay compliant with the law. The great news is that managing your small business health …