The IRS is a large and complex bureaucracy that wields an enormous amount of power over the lives of everyday Americans, most of whom have little understanding of how the IRS works or what it expects of them. This is why receiving a letter or notice from the IRS causes a great deal of fear and anxiety in many taxpayers.
Have you been ignoring your future retirement needs? This tends to happen when people are young; because retirement is far in the future, they believe that they have plenty of time to save for it.
For most people, personal finance is a deeply private matter and the idea of revealing their personal financial information to anyone, especially total strangers, can often cause fear and anxiety.
If the sale of business or investment property results in a gain, the gain is normally subject to tax in the year of the sale. However, there are opportunities to report a gain over several years, to postpone it by investing the proceeds into another property, or by simply investing the gain in a recently enacted investment vehicle.
No one wants to find out that they owe money to the IRS when Tax Day arrives. However, owing money to the IRS is even worse when the amount includes additional penalties that you could have avoided through more prudent tax planning.
It’s been more than one year since tax reform was passed and taxpayers and their tax advisors have been waiting for guidance as to whether rental property will be classified as a trade or business for purposes of qualifying for the IRC Sec 199A 20% pass-through deduction (referred to as the 199A deduction).
The start of a new year is a great time to start fresh with your finances, especially when it comes to financial decisions that could have serious tax consequences. As 2019 begins, here are seven tax tips from a Boca Raton CPA that could save you money in the new year.
Taxpayers are required to pre-pay their taxes through payroll withholding, estimated tax payments or a combination of the two. Employees generally accomplish this through withholding, while owners of pass-through entities, self-employed individuals and those with investment income by paying quarterly estimated payments.
For taxpayers who find themselves unable to pay their tax liability in one lump sum, the IRS offers installment agreements as a solution that is beneficial to both the taxpayer and to the IRS.