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Tax Credits

People often talk about getting tax deductions, but that’s actually not what a tax credit is. Here’s the main distinction between the two terms: A tax deduction lowers the amount of your income that is taxable. For example, you might have $50,000 in income, but deductions reduce the taxable portion to $35,000. A tax credit [...]

By |2021-04-10T18:22:33+00:00April 10th, 2021|Blog|0 Comments

What is the IRS W-4 form and who needs to fill it?

According to the IRS, if you are employed you need to fill out the tax form W-4. Purpose of the W-4 Form Through the W-4 IRS form the employers get a clear idea about the amount of money they need to withhold from the employee’s paycheck. W-4 form serves as a proof that the company [...]

By |2018-12-11T12:49:31+00:00December 11th, 2018|Blog|0 Comments

3 Steps to follow; when you get a call for Audit

At the end of a tax season many businesses and individuals get an audit call. The auditors visit the tax payers and check their records. People usually panic when they receive such a call. Here are few audit steps that you should follow when you receive a tax audit call: Read and review the Audit [...]

By |2018-06-03T22:44:06+00:00June 3rd, 2018|Blog|0 Comments

07 Things to Remember While negotiating with IRS

The alarming situation is that when the companies did not pay the amount of tax fully that it owe, keeping in mind that the IRS has had all rights to a lien on the property and income. Many go for the tax settlement firms to get help. The process involves negotiation by the firms which [...]

By |2020-09-24T06:51:28+00:00May 14th, 2018|Blog|0 Comments

The Myth of Off Shore Companies

First of all, let’s understand the offshore companies; these are those entities that are set outside the jurisdiction of a particular country to enjoy tax exemptions. The term is normally used for a company whose head offices are a location in countries which are a known tax havens. Following are the major advantages of an [...]

By |2018-04-26T00:15:38+00:00April 26th, 2018|Blog|0 Comments

What You Don’t Know About Payroll Taxes That Could Put You Out of Business

Receiving a tax notice is not good in all ways. But, the payroll tax problems are enough to spin your head. As, they are different from the personal taxes. It is also a matter of fact that about 53% of the people are not paying payroll taxes. And, so it makes sense for IRS to [...]

By |2018-04-02T12:08:28+00:00April 2nd, 2018|Blog|0 Comments

The New Tax Law: A Price to Pay or a Windfall that Spreads to the Masses?

Federal tax cuts traditionally pay a price. Practically gratuitous over the last 18 years, tax cuts continue their dubious tradition with the final passage of a tax reform bill by the U.S. Congress in January—but only after two government shutdowns. Since such taxpayer relief started, the national debt and its incumbent reflex to raise the [...]

By |2018-03-22T17:56:17+00:00March 22nd, 2018|Blog|0 Comments

Can One Claim Gambling Losses When Filing Taxes?

So, a man across the casino just lost a bundle betting on black instead of red, but he thinks to himself, "No worries, I can just write it off on my taxes!" But, then once he leaves, he begins to think about doing this a little more seriously. Can he really write his gambling losses [...]

By |2018-03-22T17:49:04+00:00March 22nd, 2018|Blog|0 Comments

How to Calculate Withholding Following New Tax Law

On February 28, 2018, the IRS officially announced the release of a completely new IRS Form W-4 and along with it a new "withholding calculator designed to help individual taxpayers determine whether the 2018 withholdings are correct, or need be adjusted.” The new changes to IRS regulations include changes to the individual income tax rates [...]

By |2018-03-22T17:43:00+00:00March 22nd, 2018|Blog|0 Comments
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