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...
A small business needs to get its tax right to avoid unnecessary headache with the IRS. The idea is simple – a plain and accurate disclosure of losses, revenues and deductions...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/07/2021
When it comes to financial management, debt management is an excellent skill. Whatever the type of debt – car finance, student loan, home mortgage, here are debt reduction skills...
When dealing with taxes, one needs to be proactive as things do not always move in a single direction. One might receive an income now with the mandate to repay some or everything...
A tax amnesty is a program by the US government designed for tax defaulters to pay a part of some of their debt without the interest and penalties. This happens in the US, in which...
The IRS permits the use of per diem rates (which means "for each day" or "daily rate" in Latin) to facilitate reimbursement for employers and employees. Per-diem...
Depreciation is negative. It is like something losing value. In the tax world, however, depreciation can translate to considerable tax savings. Depreciation means deducting the...
What Are Tax Brackets? Tax brackets are specific income ranges used to determine the tax rate you pay on your taxable income. The United States, for example, uses a progressive...
Posted by True Tax Service on 10/25/2023