Paying taxes is a burden everyone has to bear but the Internal Revenue Service provides taxpayers some relief in the form of its deductions and credits. Most often, people are...
Want to reduce your tax burden? Learn what the term ‘dependents’ mean as defined by the IRS. You will be happy to know that you can save up to $4,000 income tax for...
Posted by Financial Balance LLC on 01/04/2016
If it is that time of the year again, where you sit and ponder over your tax forms for hours on end to ensure you leave nothing out, it might be time to consider another aspect. If...
As tax season approaches, you may race to hire a tax preparer in order to file your tax returns in time. But in your haste, make sure you don’t choose a tax preparer who is ready...
One of the simplest methods to reduce your corporate taxes is to hire independent contractors. A business does not have to withhold any amounts from payments made to independent contractors...
For most taxpayers, a tax refund is a windfall, a huge amount of money that could be used for many important purposes, but is paid in taxes only to be returned a few months later....
The following items are included in income of taxpayer for a taxation year: Alimony or maintenance payments (s. 56(1)(b) and s. 56(1)(e)) Allowances for personal, living, or any...
Back taxes are pesky little things that can do more damage to your life than any other kind of debt that you could imagine. Unlike other debt that can be dealt with over time or even...