You may have heard that the uber-wealthy pay little in taxes. In some cases, it’s true. But how? The better question might be, how can you also reduce your tax bill? Unlike how the rest of us contribute to taxes, through our paychecks, the wealthy may not have any income on their tax return….
Taxes can be a huge expense—for everyone. The following tax tips are geared toward millionaires, but that doesn’t mean you cannot use them too. After all, by taking control of your federal tax bill you are leaving more money in your pocket rather than Uncle Sam’s. 5 Tax Tips Here are five tax tips…
Year-end is just around the corner. Now’s the time to consider your taxes and what you can do to minimize them and keep as much wealth as you can. Here are several tax traps you want to avoid now and in the coming year, including business, inheritance, and personal expense tax traps. Business Tax…
In September, Business Insider published a story about Patagonia’s founder, Yvon Chouinard, who saved more than a billion dollars in taxes by giving away his company’s wealth to fight climate change. That’s a billion dollars … with a capital-B! How did he do it? Rather than pocketing the money for the sale of his business,…
Avoid the IRS from breathing down your neck. Did you know if you miss employment tax deposits the IRS deploys a Failure to Deposit Penalty? The amount you pay is a percentage of what you did not pay on time. It can range from 2% – 15% and is based on the number of…
The Inflation Reduction Act (IRA) contains funding for energy programs, including a $7,500 tax credit for electric vehicles (EVs). The law will also provide tax credits for commercial trucks and home charging installations in rural areas. Plus, some used electric vehicles are also eligible for an incentive. How Much is the EV tax credit? Until…
How much time do you spend on payroll each month? In some cases, it may feel like too much. Handling payroll can be challenging, and the tax laws surrounding payroll can make the process even more complicated. Avoid Payroll Mishaps Here are five payroll tips for small business owners looking to increase efficiency, improve…
When your just getting started, doing payroll manually might make sense. But, when you start adding subcontractors or employees, things get a pick trickier. To avoid tax penalties and the increased amount of time you spend on payroll for your startup, here are five tricks. Register for an employer identification number (EIN) before putting…
The Inflation Reduction Act is extending the homeowner efficiency tax credit with its new Energy Efficient Home Improvement Credit, previously called the Nonbusiness Energy Property credit. This revised credit is retroactive through December 31, 2022. How much is the credit? Previously, the credit was worth 10% of the costs of installing insulation, windows, doors, roofing,…
As a small business owner, you have to make sure that your books are in order and that you can follow the laws governing your business. In order to do so, you need to have a good overview of your revenue and expenses. Proper bookkeeping will save you time, nerves, and money. Tips to Keep…