Posts by Ed Gabriel
Tax Planning for 1099
You are probably an independent contractor if you are self-employed or a freelance worker. The IRS considers someone who performs work for someone else, and controlling the way that the work is done, as an independent contractor. Tax planning for an independent contractor could look a little different. In short, as an independent contractor, someone…
Read More2021 Tax Updates
The year 2021 saw quite a few significant tax updates expected to prove quite beneficial to taxpayers. Among the changes that were implemented were increases to tax brackets and the standard deduction, in addition to extensions and expansions to some 2020 tax provisions, such as the expanded child tax credit. If you have yet to…
Read MoreHow To Protect Your Dental Practice If A Partner Become Disabled
Disability is a reality for many people in the United States. According to the Social Security Administration, one in four people will become disabled at some point before they reach retirement age. For dental practices, this can be a difficult issue to navigate. What happens if one of your partners becomes disabled? How do you…
Read MoreOrganizing Tax Documents
Here is an obvious statement: The U.S. tax code is complicated. Many people don’t mind paying their share of taxes, but the complexity of our tax system causes a multitude of problems. Federal estimates put the collective time spent on taxes at 6.08 billion hours in 2020. That is a lot of time to do taxes.…
Read MoreHow To Protect Your Income As A Dentist
There is nothing better than the feeling of peace and tranquility that comes with knowing you’re taken care of by someone who cares for your best interests. Unfortunately, dentists often forget their own needs when it comes time to protect themselves from financial loss in case something happens tomorrow or down the line. Start thinking…
Read MoreTax Planning/Strategies for Medical Practices
If you are a doctor, you probably make a good income. And because that is the case, you might assume you will owe more taxes to the government. Although your tax obligations are typically quite high, medical practices like yours have many legal tax strategies available to them. You might be surprised how much potential…
Read More10 Things You Didn’t Know Were Tax Deductions
Now that we are in tax season, you want to make sure you do everything in your power to keep as much of your own money as possible. One way to accomplish this endeavor is by searching for any and all tax deductions. You may be surprised to learn how many ways you can deduct…
Read More7 Steps To Protecting Your Assets
Asset protection should be a priority for anyone with – assets. With seven key steps, you can retire with confidence and leave a financial legacy for your loved ones. It is not just the super-rich who need to worry about this either; you or I could easily find ourselves in an uncomfortable situation if our…
Read More10 Tell-Tale Signs You Need to Get a New Tax Preparer
More than half of all U.S. taxpayers, or many tens of millions of people, will use a tax preparer during tax season. Even if you have retained the services of a professional tax preparer, it doesn’t necessarily mean your taxes will be done right. Just like selecting a doctor or a plumber, you need to…
Read MoreHow Billionaires Avoid Taxes, Legally.
Recently tax return data on many of the nation’s wealthiest people became public. Regardless of the breach of privacy, tax avoidance is a hot topic. What are the real reasons why some people seem to avoid paying their fair share of taxes? Some say it’s because rich individuals use sophisticated legal techniques or offshore bank…
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