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Consider a Charitable IRA Gift

Written by admin on November 20, 2019. Posted in Tax Preparation.

Wondering what to do with your annual IRA Required Minimum Distribution? If you can live without the income (and taxes) that a large Required Minimum Distribution (RMD) generates, think about taking a Qualified Charitable Distribution (QCD) from your traditional Individual Retirement Account (IRA)...

Five Strategies for Tax-Efficient Investing

Written by admin on April 10, 2019. Posted in Tax Preparation. 1 Comment

As just about every investor knows, it’s not what your investments earn, but what they earn after taxes that counts. After factoring in federal income and capital gains taxes, the alternative minimum tax, and any applicable state and local taxes, your investments’ returns in any given...

Lower Your Tax Bill With Year-End Planning

Written by admin on April 1, 2019. Posted in Tax Preparation.

As the end of the year draws near, the last thing anyone wants to think about is taxes. But if you are looking for ways to minimize your tax bill, there’s no better time for tax planning than before year-end. That’s because there are a number of tax-smart strategies you can implement now...

A Shopper's Guide to Tax Consultants

Written by admin on December 14, 2018. Posted in Tax Preparation. 33 Comments

Without a doubt, income tax laws are complex. Yet, many individuals do their own income tax returns. Sure, the advent of personal income tax software has somewhat eased this burden. Tax preparation software is reasonably inexpensive. However, you still have to gather all the information. But, on...

The Best Tax Tips before Year End

Written by admin on December 1, 2018. Posted in Tax Preparation.

Tax planning is more advantageous when done during the year and well in advance of year’s end. Opportunities exist for you to minimize tax liability, which will leave more income for you and/or your family. Generally, people put off tax planning because paying income taxes is an obligation. So, this...

A Buy-Sell Estate Tax Checklist

Written by admin on October 1, 2018. Posted in Estate Planning, Tax Preparation.

The Internal Revenue Service (IRS) requirements for the valuation of a business through a buy-sell agreement for estate tax purposes are as follows: 1. The buy-sell agreement must be a bona fide arm’s length transaction. 2. The agreement must obligate the estate of the deceased shareholder to sell...

Justifying Late Tax Return Filings

Written by admin on April 16, 2018. Posted in Tax Preparation. 1 Comment

The Internal Revenue Service (IRS) accepts the following reasons for failure to file tax returns on time: 1. Late receipt of the return, although it was mailed in time to reach the IRS by the deadline (as evidenced by the postmark). 2. Filing to the wrong IRS District Office. 3. Death or disability...

Income Tax Filing | What You Should Know

Written by admin on April 2, 2018. Posted in Tax Preparation.

The April 15th tax deadline always seems just around the corner. Preparing in advance to file your federal income tax return might help make a sometimes overwhelming process easier to tackle. Fortunately, the Internal Revenue Service (IRS) has established several convenient methods to help each taxpayer...

A Small Business Owner’s Guide to Payroll Taxes | A Legal Leg To Stand On

Written by admin on December 20, 2017. Posted in Business Planning, Tax Preparation. 1 Comment

One of the more onerous tax issues facing business owners is determining what type of employee compensation is taxable. This may be especially true for small business owners who often wear many administrative hats and may not have the luxury of an in-house accountant to answer complex tax reporting...

Taxing Issues for Divorcing Couples

Written by admin on December 20, 2017. Posted in Tax Preparation.

Caught up in the emotional turmoil that usually accompanies divorce, it is easy to for estranged couples to overlook the serious financial issues that arise as they seek to divide up their assets and establish independent lives. But even in the midst of fraught divorce proceedings, it is important...