Proper financial planning reduces tax liability, making it less of a burden in achieving your short and long-term financial goals. Without it, you could face major tax implications. From maximizing your tax deductions to minimizing your tax liability, TPI can devise appropriate tax strategies for your current situation, as well as to help plan for …
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High income earners are usually experts in their field, and have spent many years building their career to achieve success. They should be able to enjoy it without worrying about complex and ever-changing federal tax laws or limiting their future prosperity. If you are a high income earner, and you want to continue to grow …
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Small businesses can file their business taxes at the same time as their personal income tax return. The deadline for filing is usually April 15th unless an extension has been granted in response to the COVID-19 crisis. If you’re a small business owner, you need to have your taxes in order so that the IRS …
Personal and business taxes can be too much for some people to understand. And if they don’t have a financial plan in place, they can experience many issues, including the ever-frightening letter from the IRS. That’s why it’s important for individuals and businesses to take some time and make a plan to effectively manage their …
The IRS has many tasks, from collecting taxes to ensuring taxpayers’ behavior in accordance with the tax laws. But the IRS can also cause major issues if taxpayers have tax debt. They can seize assets, enforce wage garnishment, as well as put companies out of business. And it is not always done on purpose – …
Whether your business uses hard copies or paperless methods for record keeping, it can be challenging finding a place for your business records. But the fact of the matter is that different business records—tax or otherwise—have to be kept for different amounts of time, according to the periods of limitations. So, what exactly is a …
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2020 has been a chaotic year, and many business owners may need some extra time to get their affairs in order before submitting their upcoming tax returns. While the IRS has extended the date from April 15 to July 15, businesses can still apply for a tax extension if they wish to. TPI Group’s tax …
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In Virginia, as with any other state, the last day for tax filing usually brings about a huge, last-minute rush for tax preparation services. But the events of 2020 have been far from usual, and the state of Virginia has taken steps to reduce the stress associated with income tax filing in these uncertain times …
Companies and freelancers have their plate full during tax season. Whether you’re self-employed as of last year or it’s business as usual for you, the advisors of TPI Group have often been asked the same questions by our clients. Here is a list of some frequently asked questions. Most of our questions and answers will …
As the end of January approaches, professionals across the country are starting to prepare for the upcoming tax deadline. Tax season can be a stressful time, and this is especially true for small business owners, IT professionals, doctors, dentists, government contractors, and self-employed individuals. Given that independent professionals generally have a more complicated tax situation …
A tax audit is the IRS or state tax authority double-checking your numbers to make sure there are no discrepancies in your return. Why would the IRS audit people? When there is a difference between what the IRS is owed and what the IRS actually receives. The IRS often audits taxpayers based on their suspicious …
Tax Planning is finding out how much tax you will be paying before you file. The purpose of planning taxes is to minimize your tax liabilities or the amount you owe the IRS. There are several approaches to tax planning, some of which can be done through the use of allowances, exclusions, exemptions, and deductions. …
Nobody wants to be audited by the IRS. Although very few individual taxpayers are audited, for those who are selected it is costly, stressful, and extremely time-consuming. A tax audit can lead to additional bills that average $21,918. Dealing with an audit is difficult. It is far easier to do your best to avoid one …
It seems surprising, at times, that many people confuse the terms “tax evasion” and “tax planning.” There is a world of difference between them. One is an illegal activity with potentially serious penalties (tax evasion) and the other an activity government itself, and tax authorities, take for granted (tax planning). One source of confusion might …
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April 15th—the deadline for filing your 2018 taxes—is quickly approaching. Whether you’re still compiling paperwork or you’re breathing a sigh a relief, TPI Group has prepared some tips to use in your tax preparation strategies either this year or next year. Start Shopping for the Business The end of the year is a great time …
Preparing to file your taxes is never fun, but if you follow these five simple tips, you will enjoy a stress-free tax season. Routinely Update Your Books It’s in your best interest to set aside at least one afternoon a month and dedicate that time to updating your books. Not only will this provide you …
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As the 2018 tax deadline looms, many independent contractors and small businesses are working to get their taxes filed on time. One item that small business owners encounter is deciding when employer-provided meals are taxable. The meal and entertainment deduction rules for taxes can be hard to figure out. Understanding the guidelines is crucial for …
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During the 2018 tax filing season, the IRS issued approximately $148 billion in refunds. With changes to tax laws, the amount of tax refunds for businesses and individuals is expected to increase for the 2019 tax filing season. While many are rejoicing at this news, receiving a large refund is not necessarily as great as it …
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There was a lot of hoopla about the new Tax Cuts and Jobs Act for 2018. When anything changes, people are wary and when money is involved, people become anxious. It’s understandable, but people are adaptable and will come to work with the new bill’s changes. It’s important to remember in the coming year to …
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A tax reform bill called the Tax Cuts and Jobs Act (TCJA) proposed changes by the IRS that were passed at the end of 2017. These changes included the increase of the standard deduction for married couples and singles, as well as the elimination of personal exemptions, which has altered how the public is to …
Continue reading “2017-2018 Taxes: The Personal Exemption and Its Removal”
