No one loves the idea of giving Uncle Sam the hard-earned money. However, it is horrible to leave a tax deduction that could bring down your tax bill due to ignorance. As a result,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/30/2021
Uncle Sam issued tens of millions of tax refunds every year, and every taxpayer gets an average of $2,500 tax payment. If you know how to play it well, there could be bigger tax...
Understanding Itemized Deductions We define itemized deductions as a series of expenses with which one can reduce taxable income on a tax return. It includes medical bills, interest...
Getting a new car is an interesting process. New seats, new windows, the smell of a clean car - what's not to like about it? Buying a new car usually means getting rid of an existing...
The COVID 19 relief package passed in March 2020 includes provisions valued at $2.3 million to cushion the pandemic's effect. It is called CARES Act and comes with a package for...
In 2017, the wealth tax cap was $5.49 million. In 2018, the limit doubled to $11.18 million and now stands at $11.7 million. Currently, this growth will expire in 2025, but with the...
Tax season is a time that most of us both anticipate and dread. On one hand, there's the excitement of a potential tax refund, but on the other, there's the looming confusion...
Posted by True Tax Service on 10/21/2023
Restricted expenditures are common among non-profit organizations. The money donated is to solve a specific program or was contributed to be used after a particular time or event like...
Posted by CORE PERFORMANCE on 07/12/2022
If you've taken a break from the Required Minimum Distributions (RMDs) in 2020 due to the CARES Act, we hope you had a great vacation and are ready to come back and update your...
Posted by CORE PERFORMANCE on 12/10/2021