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…

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2021 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…

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Organizing Tax Documents

Organize Taxes

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.…

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Tax 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…

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10 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…

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7 Steps To Protecting Your Assets

7 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…

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10 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…

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Day Trading Taxes & Planning

You are a day trader if you buy and sell security within a single day.  It can make for a profitable job if you are experienced and a skilled investor. Day trading on the stock market involves capitalizing on the rise and fall of stock prices. The objective for a day trader is to have…

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How Billionaires Avoid Taxes, Legally.

How the Rich Avoid Taxes

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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Tax Planning for Selling a Dental Practice

Are you considering selling your dental practice?  If you are, then maybe you are wondering what the tax implications might be for the upcoming sale. As you prepare to sell your dental practice, you want to make sure you maximize your dental practice value and minimize your tax obligations. You do not want to be…

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