One of the most proven methods to bring down your tax return is to take advantage of tax deductions. It allows you to deduct expenses related to driving like fees and tolls taken by...
All income begins with gross income, which is the total of all money earned in a year. This includes wages, salaries, bonuses, capital gains, and interest income. As we know from our...
Finding out your business's shape can seem like a chore, as there are many types of businesses to start. A good option is a limited liability company (LLC), which has some of the...
What is an Accounting Method?An accounting method refers to the rules that a business follows when reporting income and expenses. The two main accounting methods are accrual accounting...
The TCJA that was passed in 2017 significantly reduced the corporate tax rate and introduced the Qualified Business Income Deduction (QBID).The QBI deduction makes it possible to reduce...
The US tax system is set up on both the federal and the state level. There are several taxes which citizens must file. These taxes include: income tax, capital gains and sales tax....
You have completed all necessary tax documents, including Schedule C and your tax return. Now you discovered a mistake, and an Amended form 1040X will come to your rescue.Form 1040X:...
On December 20, 2019, President Trump enacted the SECURE (Setting Every Community Up for Retirement Enhancement) Act. The main objective of the new law is to expand the possibilities...
Posted by Don Bell Law on 06/11/2020
The rise of online and discount brokerages is making people interested in trading and the stock market. However, taking advantage of the various strategies on asset protection and...