by admin | Oct 6, 2021 | Individual
The United States has a progressive tax system. That means people with higher taxable incomes are subject to higher tax rates, while people with lower taxable incomes are subject to lower tax rates. There are seven federal income taxbrackets: 10%, 12%, 22%, 24%, 32%,...
by admin | Oct 6, 2021 | Individual
The IRS recommends that you keep all tax-related records for 3 years in case of an audit. However, old tax documents (such as last year’s W-2’s) can come in handy when you are filling out your current year’s tax return. An example of some of the tax...
by admin | Oct 6, 2021 | Individual
Tax planning is the process of acquiring the latest tax knowledge and taking the necessary steps toreduce your income tax burden. If you want to either reduce your taxes or increase your refund for your next return, then tax planning throughout the year is critical....
by admin | Sep 16, 2021 | Individual
Tax Deductions vs. Tax Credits Tax deductions and tax credits may be the best part of preparing your tax return. Both reduce your tax bill, but in very different ways. Knowing the difference can create some very effective tax strategies thatreduce your tax bill. Tax...
by admin | Sep 15, 2021 | Individual
Standard vs. Itemized Deductions: Prior to the passage of TCJA, millions of taxpayers were able to claim a larger deduction on their tax returns by itemizing their deductions. Thanks to the higher standard deductions, this may no longer be necessary. Between the 2018...
