Understanding tax strategies and managing your tax bill should be part of any sound financial approach. With careful and consistent preparation, you may be able to manage the impact of taxes on your financial efforts. Provided below are helpful tax documents to take into consideration. Should any questions arise as you are reading through the content, please contact us and we will be happy to assist.
When you own a business, you get to deduct business expenses from your business income. This general rule applies, subject to certain limitations, whether you are a sole proprietor with employees or a self-employed freelancer working in the gig economy. The Internal Revenue Service (IRS) allows you to claim tax deductions for expenses that are necessary and ordinary for your business. While many of these tax deductions are obvious, others are more obscure. Here are five commonly overlooked tax deductions.
Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Typically, suggestions are grouped into several different categories, such as "Filing Status" or "Employee Matters," for ease of reading. When year-end approaches, it might be wise to review each suggestion under the categories that may apply to you.
Regardless of whether you prepare your taxes yourself or use a professional's services, it's a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we've listed some key information you need when preparing this year's taxes.