High Income Taxpayers Have Many More Tax Provisions to Consider As a taxpayer’s income increases, so does the complexity of their tax picture. There are numerous tax provisions that only affect high earners, and plenty of benefit phase-outs to be aware of. These provisions can interact with each other in a confusing manner, so the […]
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Just Married? Here Are Some Newlywed Tax Tips to Stay on Track If you’ve just tied the knot, you’ve also tied your financial life with your spouse. That comes with many tax-related implications, and it’s highly recommended that they be addressed right away. By doing so, newlyweds can avoid tax complications during filing season. Where
Many taxpayers develop a long-term relationship with their accountant – one that can stretch out for decades. In that time, the accountant may essentially take ownership of their client’s financial information. That’s a big responsibility with potentially big financial ramifications, so the natural question is – what do people do when their accountant suddenly retires
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Death of a Taxpayer: How Tax Information is Handled for the Deceased When a taxpayer dies, there are tax-related loose ends that must be tied up, especially if that taxpayer earned income during the final year of their life. The process here can be complicated and will involve several forms – all of which must
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Sole Proprietor or Partnership? Don’t Forget Self-Employment Taxes If you operate a business as a sole proprietor or in a partnership, you’ll need to set aside additional income (and time) to satisfy your self-employment (SE) tax obligations. SE taxes are added to your income tax, but there are deductions that only the self-employed can utilize,
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