Tax Smart Accounting

Deductions help workers lower their taxable income, yet only 30% of households take advantage of this. You can take deductions for charitable contributions, property taxes, and medical expenses that exceed 10% of your adjusted gross income.

"Taxes are how we pool our money for public health and safety, infrastructure, research, and services--from the development of vaccines and the Internet to public schools and universities, transportation, courts, police, parks, and safe drinking water." - Holly Sklar

Do you need to pay taxes on Bitcoin profits? Yes! If you sell Bitcoins and earn a profit, this will be considered a part of your gross income and will be subject to income tax.

All sources of income for U.S. residents are taxable under the existing federal laws. Any income which a non-resident earns from outside the U.S. is not considered a taxable income.

Did you know the first income tax in the U.S. was imposed in July 1861 to help pay for the Civil War? The current income tax system was enacted into law in 1913 before the beginning of World War I.

A notice of deficiency is an official written claim by the IRS that a taxpayer owes additional income tax and often interest and additional penalties. This notice gives you the chance to pay back your IRS debt.

Do you often find it difficult to pay for your taxes quarterly? If yes, make it a monthly installment instead. This way, you’ll be able to save for your tax payments just like any other monthly expense.

Before World War II, few individuals owed income taxes. About 1.1% of working-age people filed a return, and about 17% of those filers did not have to pay income taxes due to a high personal exemption.

Joyce Marcel once said, "For patriots like me, paying taxes gives a feeling of responsibility, of being part of the fabric of our country, of contributing to the common good."

The reports have revealed that about 17% of workers violate the tax code when filing their returns. Seeking professional assistance for filing taxes is important if you don’t want to run into any problems with the IRS.

Do you know that as of 2020, seven states in the U.S. levy no personal income tax? These states are Florida, Alaska, Nevada, Texas, South Dakota, Washington, and Wyoming.

Your tax preparer values your input. You can expect regular meetings and discussions with your tax planning expert. These meetings will help you have the right mindset when making short- and long-term plans both for your personal and business goals.

Working with a tax preparation and planning expert gives you peace of mind knowing that your taxes are handled by a professional. Not only that, but it also minimizes the risk of making mistakes which can be costly to correct.