Category: Taxes

This may be the most important time of year when it comes to managing your tax liability. Most financial decisions designed to reduce your tax bill next April have to occur by December 31. Here are six strategies to consider that might help you keep more of your money: 1. Avoid bracket creep If you… Continue reading Tax Strategies to Consider Before Year-End

An ITIN is a nine digit tax processing number issued by the Internal Revenue Service to help the immigrants comply with the US tax laws and provide a means to effectively process and account for the tax returns and payments of those who are not eligible for Social Security Number. Individuals use this number as… Continue reading The Facts About the ITIN Cards Used in the Tax Preparation Business

Republicans and Democrats agree that there must be a paradigm shift in the tax structure of Washington State. Revenue shortfalls, unfunded mandates and budget cuts again mark the end of the 2015 legislative session. There is a systemic flaw in the process of Washington state’s regressive tax revenue acquisition system. Half of all state tax… Continue reading Systemic Flaw in Washington State’s Regressive Tax Revenue Acquisition Process

An Individual Taxpayer Identification Number is a United States tax identifying number issued to the individuals who are supposed to pay the federal taxes but do not possess a Social Security Number. They use this number as a legal proof to open bank accounts, apply for loans and process all the other financial activities. It… Continue reading Imputing the Services of an Individual Taxpayer Identification Number to Build Tax Solutions

The process of doing 1031 exchanges is always evolving, and if in doubt you can just ask the representatives of KCC Contractor Inc and John Q. Hammons Industries. Both recently had to appear before the Missouri Administrative Hearing Commission. The result of that case was that even a transaction that qualifies for tax deferral under… Continue reading 1031 Exchanges, Deferrals, and State and Local Taxes

Here are some Self Employment Tax reduction tips that will ensure that you don’t need to pay a cent more in taxes, than regulated by law. Defer Income and Avoid High Tax Brackets: The #1 strategy for Self Employment Tax reduction is deferring self employment income by contributing to a SEP-IRA, SIMPLE IRA or a… Continue reading 5 Ways to Pay the Least Self Employment Tax While Being Legally Compliant

I have a friend who’s a tax attorney. He loves to chat. Whether by phone, email, Skype or smoke signals, he’s usually good for three to four calls a week. I haven’t heard from him since late November. I called his office in the first week of January to see how he was. His secretary… Continue reading Act Now on Tax Reform and Save Thousands

Step by step Guide: When do I need to pay the taxes? A tax payer will not be able to pay their returns until they clear out their tax due, all in full. A lot of times you will find some payable amount of tax during the time of return filing. You are required to… Continue reading Tax Payment Guide

Choosing the right auditor can be more important than you realize because having a good auditor would result in having a lot of positive impact on your business. At the same time, having an auditor that is ill-equipped to handle the work could result in you landing up in a disastrous position. Thus, it is… Continue reading How To Choose An Auditor

An ITIN is a nine digit number that is issued by the IRS to the resident aliens and other foreign nationals, who does not possess any Social Security Number, for carrying out the various tax processing activities in the United States. Apart from that the individuals use this number as a legal identity proof regardless… Continue reading Individuals Affected by the Changes in Tax Laws Need an ITIN Renewal