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Proposed Republican Tax Plan: How it Affects You
Republicans Move Forward on Tax Reform The federal tax plan being proposed by the GOP is out now. There are some significant changes being proposed and they will affect all income levels differently. The biggest thing to note are the proposed tax breaks, through deductions and tax credits; these change how much a person owes […]
Tax Deductions You May Not Know About
What is a tax deduction exactly? Simply, tax deductions lower your taxable income; this plays to your favor as the lower your taxable income is, the more cash you get to keep in your pocket when you go to pay taxes. There are deductions for all sorts of things; here are 8 tax deductions you […]
IRS Doing its Part: Tax Relief to Hurricane Victims
In the wake of tragedy, our nation always manages to come together to help those in needs. Everyone from rock stars, sports stars, movie stars, politicians, have pledged relief to those affected. Now, the IRS is doing their part to provide relief to those affected by this tragedy. The IRS announced on Tuesday that victims […]
The Entrepreneur’s Guide to Taxes
Entrepreneurs: What You Need To Know About Taxes (Sports Edition) Being an entrepreneur is an inherently risky (high risk, high reward) and stressful professional path; the financial stakes are often very high and it can require longer than usual hours and effort to be successful. Add in a lack of familiarity with business taxes and […]
Dirty Dozen List of Tax Related Scams
Each year the IRS publishes a “Dirty Dozen” list of tax-related scams. Here’s the list for 2015. Update 2/20/2017: For recent tax-related scams view Someone’s claiming I owe money to the IRS. Is this legit? Phone scams: Con artists impersonating IRS employees may call you, demanding money or promising a refund if you “confirm” your social security number. Remember […]
How to Budget for a Small Business
How to Effectively Budget for Your Small Business Congratulations! You have either started or taken over a small business, not a simple task in its own right. Now what? You want to ensure the future success of your new endeavor, and one of the key components is a well thought out and complete budget. Why […]
Mayweather Claims He Can’t Pay 2015 Tax Liability Until Upcoming Fight vs. McGregor in IRS Petition
Boxer Floyd Mayweather Petitions IRS: Claims He Can’t Pay 2015 Tax Liability Floyd Mayweather is set to fight the UFC Irish bad-boy, Conor McGregor, on August 26th. The fight will no-doubt be one for the books. However, for Mayweather, this fight is about much more than just getting another win in the ring. The widely […]
What’s an IRS Final Notice of Intent to Levy?
Estimated Reading Time: 7 Minutes There it is. A certified letter from the IRS, and you have a gut feeling it probably does not contain the thousands in tax refunds you’ve always imagined. Instead it’s an IRS Final Notice of Intent to Levy. What does it mean? And why are you receiving it? IRS Letters […]
How to Find Out if You Owe Taxes
Estimated reading time: 6 Minutes So you filed your taxes last month, but for whatever reason, you feel like you might actually owe the IRS taxes, rather than being issued back a return. Or maybe your situation is different. Perhaps your employer doesn’t deduct taxes from your paychecks throughout the year and you know for […]