Self-employed professionals juggle numerous responsibilities, and while taxes are often a top concern, devising a strategic plan typically gets pushed down the priority list. This can lead to overpaying taxes. Read on for some tax strategies to help self-employed...
itemized deductions
Tax Season 2021: These Tax Breaks for Individuals Were Extended Under a Recent Tax Law
On December 27, 2020, Congress passed a second Covid-19 relief bill called the Consolidated Appropriations Act, 2021 (the Act). Included in the Act is the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which includes several extensions relevant to individual...
Tax Credits and Tax Deductions: What’s the Difference?
If you want to end up owing less money to the IRS after filing your taxes (and who doesn’t?), claiming tax credits and deductions can greatly help to shrink that number. However, because they work in different ways, understanding the difference between a tax credit...
7 Tax Moves to Evaluate Before Year End
New tax legislation has been a looming possibly for the majority of 2017, with some new plans even coming to a vote in the latter part of the year. Nevertheless, taxpayers should focus their year-end tax planning around current legislation, since the proposals may undergo major changes before anything is passed. Below are seven key […]
President Trump’s Tax Plan vs. the GOP’s Plan & What That May Mean For You
Inauguration Day has come and gone, and the 45th President of the United States, Donald Trump, has officially taken office. Throughout his campaign, he made many claims about what he would do if elected; one notable claim being his plan to lower taxes. Now that his plan has taken full shape, it seems that President […]