Six Tax Tips for New Business Owners Starting a business is a big step in your career. In addition to developing, marketing and selling your product /service an important step is to understand the tax compliances which are critical for your business’s success. Below are few quick tips that you may find useful as aRead more about Six Tax Tips for New Business Owners[…]
Part I –What is a 401 (k) plan and how you can save taxes by contributing to a 401 (k) plan? If your employer offers 401 (k) plan but if you have never contributed to a 401 (k) plan, think again. This article outlines few basic key points that may be helpful & will provideRead more about What is a 401k plan and how you can save taxes by contributing to a 401k plan?[…]
How to claim a parent as a dependent on your tax returns? The Tax Cuts and Jobs Act made major changes to the tax law for dependent exemptions. The following are few important key points for claiming dependents on your tax returns. 2018 Tax law changes Under the 2017 tax law, youRead more about How to claim a parent as a dependent on your tax returns?[…]
Where is my tax refund? You can get information about your refund within 72 hours after an acknowledgment has been sent by the IRS to you. Most refunds are processed within 21 days. Filing online & electronically is the fastest way to receive status on your tax refunds. You will require the following informationRead more about Where is my tax refund?[…]
Happy and excited to receive a big tax refund check, think again… That’s because receiving a big tax refund is actually a bad thing… A big tax refund indicates you are paying too much in taxes…. The # 1 mistake which most taxpayers make is overpaying taxes. A big tax refund signals unplannedRead more about Happy to receive a big tax refund, think again…[…]
Five tax credits for a bigger 2017 refund Tax credits help reduce the amount of tax you owe. A refundable tax credit allows you to reduce your overall tax liability and it can also result in a refund. Child Tax credit: You are eligible to receive up to $1,000 on your tax return. YouRead more about Five tax credits for a bigger 2017 refund[…]
10 Business tax deductions not to miss this tax season 1)Business Startup expenses – Startup expenses that are up to $5,000 can qualify for a valid business deduction. This can be taken as a business deduction the same year. This covers legal and company formation fees paid in connection with creating/ acquiring another business. If costs exceed $5,000,Read more about 10 Business tax deductions not to miss this tax season (2017 tax year)[…]
Who can you claim as a dependent on your tax return? This is the most important question on every taxpayer’s mind at the time of tax filing. So, below are few basic rules for adding dependents on your tax returns : There are 2 types of dependents who may be claimed on your taxRead more about Who can you claim as a dependent on your tax return?[…]
Ten questions to ask when choosing a tax preparer It’s the time of the year when many of you are searching for a tax professional to help file your taxes. It is extremely important to choose your tax professional wisely. As a taxpayer, you are responsible for all the information on the taxRead more about Ten questions to ask when choosing a tax preparer[…]
