Should I Itemize or Take the Standard Deduction?
One of the biggest questions taxpayers have when preparing their filing is: “should I itemize or take the standard deduction?” While everyone’s financial situation is different, the best choice depends upon which method would result in a lower tax bill. Although...
What is a Backdoor Roth and How Does It Work?
If you would like to contribute to a Roth IRA but exceed the income limitations, a backdoor Roth can be a useful strategy to access the benefits these retirement accounts can offer. This method is not to be confused with a traditional Roth conversion, which allows for...
Understanding the Tax Consequences of Divorce: Changes to Your Filing Status
Divorce can affect every aspect of your life, including your tax situation. Specifically, your filing status, the deductions for which you may be eligible, and your tax liability can all be impacted when you legally part ways with your spouse. Understanding what...
Employee Compensation and Benefits: Navigating Tax Challenges and Opportunities
If you’re an employer, it’s crucial to manage your tax liabilities effectively. While you may be aware of the business expense deductions you can take, it’s important not to overlook the tax opportunities available in connection with employee compensation and...
Post-Divorce Financial Planning: Steps to Rebuild and Thrive
Ending a marriage isn’t only an emotional transition — it’s also an economic one. Not only will you have to divide your property during the divorce process, but you may also have to rebuild your credit, reassess your retirement savings, create a new budget, and...
Navigating the Complex Tax Code: When You Need Professional Tax Services
The U.S. tax code is complex — and making any mistakes related to your tax situation can be costly. While some taxpayers have wage income and straightforward tax returns, many others have intricate financial situations that require the knowledge and skill of a tax...
How to Prepare for a Potential IRS Audit
Receiving an audit letter from the Internal Revenue Service (IRS) can be nerve-wracking and stressful. It’s important to understand what to expect during an audit — and how to prepare for one. Knowing how to respond to an audit letter can help ensure there are no...
What is the Best Way to Structure the Sale of My Business?
If you are planning to sell a business, it’s crucial to consider the tax implications. Without strategic planning, a higher portion of your proceeds might need to be paid to the Internal Revenue Service (IRS) if you don’t plan accordingly. While an experienced tax...
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