To deduct or not to deduct – what does the new tax reform say about deductions?

tax-planning-in-plano Every year US taxpayers go extra miles just to be able to save some money on their tax bill during tax season. However, the new tax reform backed by the President and the Republicans is all set to change the US tax structure. According to the new tax law, taxpayers can deduct only up to $10,000 on their 1040s form for state and local tax payments. [...]

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10 Tax Mistakes To Avoid In The Next Tax Season

When it comes to tax filing, you just cannot afford to make mistakes. Granted that with a tax code as long as the United States’ and so many different IRS tax forms, tax [...]

IRS issues new guidelines to deter scammers

  Now that the tax season is over, it’s time for IRS to make some calls to the US taxpayers. Even though the IRS usually contacts taxpayers for audit or [...]

Why Corporate Tax Savings Should Be Held To A Higher Proportion?

Following the "Tax Cuts and Jobs Act" (TCJA) passed on December 20, 2017, the corporate tax rate in the US stands flat at 21 percent, effective since January 1, 2018. The [...]

Free Tax Preparation: Are You Eligible for these IRS Programs?

In the hue and cry about tax season, many US tax filers tend to miss out on benefits made available to them by the IRS. For instance, did you know IRS-certified volunteers [...]

The Six IRS Responses To ACA Filing And What They Mean

Ever since the Employer Mandate has been passed, Applicable Large Employers (ALEs), that is, companies having at least fifty or more full-time employees or full-time [...]

5 Reasons To Hire A Virtual CFO

Businesses can only succeed with a dedicated management team that chalks out all the core strategic decisions relating to business operations. One of the most critical [...]

5 Reasons To Hire a Registered Professional Tax Agent Service

While it’s true that online e-tax platforms have made the process of filing taxes much more convenient now, it cannot be denied that the entire process is not only [...]

Anxious About Not Having Received Your Tax Refund Yet? These May Be The Reasons Why!

You’ve done it all right this tax season. You’ve filed your taxes early too, in hopes of getting your tax refund ASAP. However, it’s not that simple. The IRS maintains [...]

Brace Yourselves Because FATCA Is Here To Stay

On March 18, 2010, the Foreign Account Tax Compliance Act (FATCA) came into being with the sanction of the then US President, Barack Obama. FATCA rules that all foreign [...]

37 States That Don’t Tax Social Security Benefits

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Social Security is nothing short of a nest egg for the post-retirement life for over one-third of Americans. The fact that Social Security benefits include financial [...]