How Are C Corps Taxed? Here’s Everything You Need To Know!

best-tax-palnning-in-plano When it comes to taxation C corps, the first thing that you need to know is that they are subject to double taxation - while the profits earned by C corps are taxed at the corporate level, the profits distributed as dividends are taxed at the individual level. This is one of the major differences between C corps and other business entities such as S corps, [...]

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The IRS bewares the offshore account holders!

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Hear, Hear, Offshore Account Holders! The IRS Is Coming For You! If you hold an offshore account, you must be aware of the strict watch that the IRS keeps on you. And [...]

IRS Changes Backup Withholding Tax Rate to 24%

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Good News For Small Businesses! The IRS Has Announced A Reduction In The Backup Withholding Rate To 24%! Yes, you heard that right! In keeping with the federal tax [...]

How to know if your charitable contributions are going to the right place?

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Do You Know Where Is Your Donation Going? Here’s What You Can Do About It! Donating to charities for a good cause feels great, right? But are you sure that all your [...]

Call from IRS: How often do they call?

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Have You Been Receiving A Lot Of Calls From The IRS Lately? Chances Are That You Are Being Scammed! While it’s a usual occurrence for the IRS to call taxpayers during [...]

Insurance and Your Taxes — What Business Owners Need to Know

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Business Owners, Did You Know That Insurance Premiums Are Tax Deductible? If you didn’t know it already, let’s break the good news - insurance premiums are [...]

Avoid Charitable Scams After Natural Disasters

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If Donating To Disaster Relief Funds And Charities Is Your Thing, You Better Be Aware Of Charitable Scams After Disasters! For an empathetic human being, natural [...]

Here’s All You Need To Know About Form 1099-MISC and Form 1099-K!

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Self-employment is awesome. Being your own boss, setting your own work pace and time, and best of all, claiming business expense deductions!   But what about [...]

How New Tax Provisions Are Affecting Individuals

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The Tax Cuts and Jobs Act Not Only Impacts Business But Also Individual Taxpayers. Here’s A List Of The Tax Provisions That Affect Individual Taxpayers.     As [...]

Here’s All You Need To Know About Capital Gains And Capital Losses!

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  We’re guessing most of you have heard the terms Capital Gain, Capital Loss, and Capital Gains Tax. But do you know what these terms mean? Probably not. [...]

Are You A Homeowner? Make Sure You Claim These 5 Money-Saving Tax Deductions!

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  Being a homeowner comes with a lot of responsibilities, both personally and financially. You have to take care of numerous little things such as mortgage [...]