President Donald Trump signed the recently passed tax reform bill into law earlier today. The bill makes a number of changes to tax law. Two of the main changes include a reduction in the top individual tax rate. This rate is currently set at 39.6 percent and is...
Finding Real Life Solutions To Your Tax Problem
Month: December 2017
Finish the year strong: 3 tax tips to use before the New Year
The New Year is less than a month away. There are some important tax steps to take before that first bit of confetti falls. Three of the more general examples include:Donations. Charitable giving is often deductible. Donations made with a credit card are deductible...
Levies and the IRS: Definition, process and remedies
The Internal Revenue Service (IRS) has a number of tools to gain payment. A taxpayer that is accused of failing to meet his or her tax obligations could become the victim of one of these tools. Examples include a levy, garnishment, lien, seizure or other collection...
Tis the season for charitable donations…and tax breaks?
Ringing bells and shiny red buckets are just one of the many opportunities that may result in an increase in charitable donations over the holidays. Monetary contributions to charities can lead to more than just a warm heart, if done wisely they can also lead to a tax...
I got a letter from the IRS. What now?
There are pieces of mail that bring joy and others that bring a bit of fear. Likely one of the most common examples of a letter that would result in concern to the recipient is a letter from the Internal Revenue Service (IRS).Why would the IRS send a letter? There are...
Should you use self-directed IRAs for your business?
As a business owner, you already understand the importance of building wealth. While many are building wealth through traditional means (i.e. Roth IRAs, 401k plans), most are unfamiliar with the concept of self-directed IRAs. Moreover, they don't know how a...