When it comes to filing your taxes, there are a couple of different ways you go about it. You can file a paper return by mail, or you can e-file. In this day and age, e-filing is the most common way to file your returns. It is quick, efficient, and secure. With that being said, […]
The New Qualifying Relative Rules for 2021
The IRS typically affords tax breaks to taxpayers with qualifying dependents to compensate for their additional costs. The most prevalent type of dependent is children, but qualifying relatives often include adults and other individuals in your household. However, your claimed dependents must pass the qualifying relative test to count. This guide covers the latest IRS […]
Investing in Art and NFTs for Tax Deductions
For high net worth individuals, tax strategies and investing go hand-in-hand. If you’re not diligent about the tax consequences of your investments, you may owe the IRS far more than anticipated. As such, these wealthy individuals often ask our team about the potential tax savings of different investments. Recently, we’ve fielded questions about investing in […]
Estimated Tax Payments for 1099 Independent Contractors
Find everything you need to know to correctly estimate and pay your quarterly taxes in this complete guide. […]
Can an Offshore Trust Save You Money on Taxes?
There’s been a lot of talk in the news recently about Congress raising taxes on the wealthy. Regardless of what the final legislation looks like, high earners can expect some increase in taxes. If you fall into this category, you should take steps now to start implementing some tax-saving strategies. In this vein, our clients […]
The October Corporate Tax Deadline: What You Need to Know
Filing taxes can be a headache for any small business. But, corporations, in particular, face a unique set of challenges. Sole proprietors file a Schedule C with their personal tax returns. Businesses organized as a corporation must file a completely separate, corporate tax return – a far more complicated task. We want to make sure […]
Tax Brackets for Self-Employed Individuals in 2020
Tax season is approaching fast, so you should get focused on your taxes. Your taxable income will determine your final year-end tax bill. To determine taxable income, subtract your allowed deductions from your total income. Your adjusted gross income will include income from all sources including from your job, self-employed income, side hustles, and any […]
IRS Schedule C Instructions For Independent Contractors
For independent contractors, filing taxes is a little more complicated. Contractors don’t have an employer, so they’re responsible for paying taxes and reporting their income. 1099 contractors must use IRS Form 1040 to report income. However, Form 1040 includes additional requirements for 1099 contractors. Specifically, you must report your business income and related expenses on […]
The 5 Most Common Audit Triggers and How to Avoid Them
Filing your taxes can create a ton of stress. The US tax code is thousands of pages long – and extremely complicated. Despite this complexity, the IRS expects you to comply with all of these detailed rules. If you don’t, you may face an audit, which can lead to owing more taxes and, potentially, penalties. […]
Updated Tax Brackets for 2021 for Single and Joint Filers
If you have an income, you’re responsible for taxes. The government taxes everyone, but Uncle Sam taxes wealthier taxpayers at a higher rate. Your tax bracket depends on how much you earn, whether you’re filing jointly, and a few other factors. We’re going to cover everything you need to know about 2021 tax brackets and […]