In 2020, the IRS collected $17.6 billion in estate and gift taxes. It’s important to pay appropriate taxes if you want to avoid fees and penalties from the IRS. Yet, how do you know whether something you’ve gifted requires a gift tax payment? Keep reading to learn more about gift taxes and how they work. What…
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How to Save Money on Taxes for Families in 2022
Have you been dreading the thought of taxes, knowing you’re going to owe a lot of money? You aren’t alone, but you don’t have to have a massive tax bill. Taxes for families can be more complex than for single adults with no kids. But before you put off doing your taxes, consider a few…
Puerto Rico Tax Haven (Your Best & Most Complete Guide)
Did you know that the United States has one of the strictest tax policies in the entire world? The vast majority of nations require people to pay taxes based on residency. The United States, however, joins Eritrea as one of two nations on the globe that taxes its citizens based on citizenship. In other words, US citizens…
Tax Deferred Retirement Plans Ultimate Guide
Like many people, you’ve most likely considered your retirement. Part of any good retirement plan should include tax planning. Often, people turn to a tax-deferred retirement account to minimize their tax bill for this purpose. Keep reading to learn everything you need to know about tax-deferred retirement plans. Understanding Tax-Deferred Retirement Plans Most people hope to retire around the…
Bankruptcy and Taxes: All you Need to Know
Filing for bankruptcy and dealing with Taxes problems are the two most painful things you can do and both are quite challenging. There are several federal, states, and local policies that you need to understand before filing for bankruptcy. Most importantly, you have to think about whether you will fall in chapter 7 or chapter…
Tax Free Retirement Account (TFRA): What Is It and How Does It Work?
Did you know that there are a lot of American workers who don’t take part or have no access to retirement plans? Only half of Hispanic employees have an employer who provides a retirement plan for them. On the other hand, only 34% of Hispanic and 44% of Black families participate in a retirement plan. One reason why…
How Can Small Businesses Prepare for Tax Deadlines?
According to the United States Small Business Administration, there are currently 31.7 million small businesses across the country. A small business is defined by the Office of Advocacy as any independent business that has less than 500 employees. Whether you just started your business or you’ve been around for years, tax season can be a stressful time….
Do You Need a Tax Attorney or CPA?
Do you need a tax attorney or CPA depends upon your business or personal tax or financial needs. Tax Attorneys and CPA’s both are expert in their own fields. While there might be some overlap in their expertise and skills both have different skillset that can help you in different ways. While both of them…
12 Helpful Tax Strategies for Beginners
Let’s face it, filing your taxes each year can be a daunting task that almost no one wants to deal with. If you are just starting your career or your business and you need help figuring out the best tax strategies to get the most out of your tax return this year, then there are…
Tax Planning for Retirement
When you retire, tax planning is likely at the bottom of the list of things you want to be spending your time on. We believe, starting tax planning for Retirement as early as possible is a great way to keeping taxes low or zero during retirement years. This means thinking about where and when to…