Projected Income Tax Brackets And Rates For 2017

The proportion of your personal income that goes to the government will be determined by the income tax rates and your income tax bracket. As a small business owner, you can use projections to assist you as you plan and budget for your taxes. How your business structure affects your income tax When it comes to taxation, the majority of businesses are flow-through entities. For sole proprietorships, LLCs [...]

By | 2017-12-13T14:00:48+00:00 December 6th, 2017|Business Services, CPA-Blog, IRS Representation, Tax Deductions, Tax Returns, Tax Services, Tax Tips|Comments Off on Projected Income Tax Brackets And Rates For 2017

What is The Difference Between Standard and Itemized Tax Deductions?

Taxpayers have the option of claiming the standard tax deduction or itemizing their deductions (listing them separately) by whichever reduces their tax liability the most.  Here is a breakdown of the two. Standard Deduction A standard deduction refers to a set dollar amount that can reduce your income tax bill. The deduction depends on your tax filing status. For the 2017 tax year, the applicable standard deduction is [...]

By | 2018-01-31T13:59:22+00:00 November 27th, 2017|Business Services, CPA-Blog, IRS Representation, Tax Deductions, Tax Services, Tax Tips|Comments Off on What is The Difference Between Standard and Itemized Tax Deductions?

Private IRS Debt Collectors

You may have heard the adage “The IRS will never call you”, commonly shared among taxpayers to help distance friends and loved-ones from telephone scammers. While it is always wise to be extra careful with anyone claiming to be contacting you on behalf of the IRS, the line has recently become a little more blurred. The Internal Revenue Service has begun a new private collection program of certain overdue federal tax [...]

By | 2017-11-21T13:22:39+00:00 June 1st, 2017|IRS Representation, Tax Services|Comments Off on Private IRS Debt Collectors

Important Facts about Filing Late and Paying Penalties

April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If taxpayers are due a refund, there is no penalty if they file a late tax return. Taxpayers who owe tax, and failed to file and pay on time, will most likely owe interest and penalties on the tax they pay late. To keep interest and penalties [...]

By | 2017-11-21T13:12:29+00:00 June 1st, 2017|Tax Returns, Tax Services|Comments Off on Important Facts about Filing Late and Paying Penalties