The Taxpayers Bill of Rights (TABOR) is a set of laws limiting the amount of revenue the Internal Revenue Service can collect from its citizens and how that revenue can be spent. TABOR...
Posted by Pat Raskob on 03/08/2023
Income can be categorized into two main categories: taxable and non-taxable. Taxable income refers to the amount of money earned that is subject to income tax by the IRS. On the other...
Posted by KLSM CPA Firm PLLC on 03/08/2023
A tax credit for premium costs can lower your health insurance expenses monthly. However, it's only obtainable for those who buy insurance via a state or federal health insurance...
Posted by Dennis Jao on 03/08/2023
Cash value life insurance is a permanent policy combining a death benefit with an investment component. As a result, the policy accumulates a cash value over time, which the policyholder...
Posted by Tiffany Gaskin on 03/08/2023
Every taxpayer needs the means to lower their taxes. Both individuals and business owners look for ways to save each dollar in taxes. Although the government initiated the Tax Cuts...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 03/01/2023
Marijuana is legal in the United States for recreational or medical use except in four states. The country has awarded more than 35,329 licenses for adult or medical use, and the industry...
Posted by Dennis Jao on 03/01/2023
Think of tax deductions as small (and sometimes not so small) gifts from the IRS. First, its value is subtracted from taxable income, and then the tax bill is calculated based on what's...
Posted by KLSM CPA Firm PLLC on 02/22/2023
Charitable contribution deductions are a type of tax deduction that allows individuals and businesses to deduct the amount of money they donate to a qualified charitable organization....
Posted by Pat Raskob on 02/17/2023
Owing the IRS is not what an American citizen hopes for, but there comes a time it happens, and might be out of your hands. The consequences are flexible at first, but the tail is...
Posted by KLSM CPA Firm PLLC on 02/17/2023
