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20% Qualified Business Income Tax Deduction

By | Blog

One of the most prominent tax deductions for this 2018 tax year is the 20% Qualified Business Income (QBI) tax deduction, also known as Sec 199A of the IRS tax code. Effective for tax years beginning after December 31, 2017 and before January 1, 2026 taxpayers that are not corporations…

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Tax Documents needed for Homeowners

By | Uncategorized

As a homeowner you will want to be sure maximize your tax deduction, here is a list of the documents you will need to prepare your tax return as a homeowner. 1. 1098-Mortgage Interest Statement 2. Real Estate Tax Receipts 3. DMV Registration Bill 4. Charitable contribution receipts. 5. W2s…

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How does an S-Corporation save tax?

By | Uncategorized

S-Corporation Save Tax First off for clarification, as most don’t know the difference, an S-Corporation is not always a corporation. An S-Corporation is strictly just a tax entity, whereas an LLC or Corporation are legal entities. However, in order to be taxed as an S-Corporation, you will need to first…

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Tax Tips: Uber and Lyft Drivers

By | Tax Tips

Driving for Uber or Lyft has the benefits of being self-employed, however it also comes along with the responsibilities of owning your own business. The IRS treats Uber and Lyft drivers as businesses which then has separate filing requirements when it comes to tax. Unlike employees and wage earners who…

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What is a Tax Resolution company?

By | Blog

A Tax Resolution company is a tax business that specializes in resolving back tax debts for individuals or businesses with the IRS and State. Unlike your normal tax offices like H&R Block or CPAs who only deal with current year tax returns, Tax Resolution companies file back tax returns and…

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What You Must Know About Cryptocurrencies And Taxes

By | Blog

Cryptocurrencies And Taxes taxLately, I have noticed a small but consistent increase of employers using Bitcoin and other cryptocurrencies to pay their employees instead of using physical currency. I started to research more about cryptocurrencies and if, these virtual currencies, are also subject to taxation just as much as physical…

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