There is another tax scam going on nowadays targeting people especially taxpayers with foreign names. The people conducting the tax scam have been threatening people with deportation, arrest, and/or prosecution of lawsuit if a payment is not made. The scammers…
As a small business owner, you want to ensure you are getting the most out of your money and not leaving anything behind. We like to explain clients in the following manner, if your tax bracket is at 20%, for…
For all those individuals wondering that if you can still make a contribution to a retirement plan, don’t worry if you haven’t set up a retirement account by December 31st, 2015. There is still time to contribute to a retirement…
Because the general rule is that income is taxed where it is earned. For example: Tracy Mcgrady (one of the greatest basketball players of all time - a possible future of Hall of Famer). Think about all the times he…
Generally three main items get deducted from your check: - Social Security at 6.2% - Medicare at 1.45% - Federal withholding depending on your tax bracket. So let’s just say someone’s hourly salary is at $10 working 40 hours a…
March 15th, 2015 is the typical deadline for filing Corporate tax returns (1120 and 1120S) and April 15th, 2015 Partnership Returns (1065) assuming you are on a calendar year. If the deadline falls on a Saturday, Sunday or a legal…
So these few questions I get quite often when a couple decides to move into a new house or few investors want to buy rental properties. They want to know what should be done with the rental property. To put…
One of the biggest advantages of setting up an S Corporation and if you talk to many small business owners why they set up S-corps, they’ll tell due to savings you can receive from Self-employment taxes. When you set up…
For Partnership Basis: Of course everything is great and peachy if you're partnership is growing and making money, you're basis increases and there is little to worry about, but what if you're partnership takes a hit for the year and…
