“Invest in A Good Bookkeeping and Accounting System.” Angela Sticca Snyder (06:07-06:10) Are you prepared for the fiscal year-end? It’s critical to review your business financials as this information will be used to prepare your tax returns. How else are you supposed to analyze the performance of your business? In…
Sadly, there has been little NOT affected by the new and unseen crisis in our world today. COVID-19 has affected not only the health of thousands of Americans, but more importantly the economy altogether. Taxes are no exception! In the last few weeks we have been seeing, global changes…
How Do Taxes Work? “You should diversify your tax income streams because having multiple means you could control it.” – Eric Elam (11:39-11:48) How do taxes work in America? Let’s break it down simply. Taxes might not seem likean exciting subject, but most people don’t know how taxes work. Financial…
You have heard the famous sayings: Love is in the air, love at first sight, and the ever true – all is fair in love and war! Well, these sayings may be true in some sense, but the day of love- Valentine’s Day can make you feel that the only…
“No receipt, no deduction with the IRS.” Angela Sticca Snyder (01:17-01:20) Many people may wonder what all those crazy numbers on top of their tax forms mean. Well, wonder no longer, there is actually a quite simple definition of what they all mean. Two of the most familiar form numbers…
“You want to be at the highest tax bracket you can possibly be at.” Angela Sticca Snyder (01:01-01:04) The IRS revealed the 2020 tax brackets, and it’s never too early to start planning to reduce money owed for taxes. You can start thinking ahead about how to handle your 2020…
Every year October marks the start of the holiday season, and we all know what that means! Money, money, everywhere! We all know that Christmas, but is it really that bad starting all the time, but is it really that bad starting all the way back here in October? Well,…
No one wants to get that unexpected call. No one walks to hear those words. No one wants to be the victim of tax identity theft. It is sad that tax identity theft is even a worry on people’s mind, but the truth is, it happens more than any other…
“You’re Taxed Where You Do the Work” Angela Sticca Snyder (01:24-01:27) Finances play an essential part of any business. Every business must file tax returns and make payments on income at the state and federal level. It is necessary to document the cash flow for business analytics. In this episode,…
Sell Your Rental Now and Harvest Your Losses One drawback of owning rental property is “suspended unused passive losses.” For many owners, the rentals are considered a passive activity and not their main job. If for example, your income is over $150K and you are married filing joint, you cannot…
S-Corporation It is called an S-corp because it is derived from Chapter S of the Internal Revenue Code. This is a favorite strategy among business owners. It is a hybrid type of business entity that eliminates the double taxation inside a C-corp and also includes features of a partnership. Partnership owners usually pay 15.3%…
Capital Gains Rates There are two main kinds of income taxes. Ordinary Income 0% to 37%—-this is for wages, interest, most business income, pension income, etc. The second kind of income is “capital gains” income. This is preferred as the highest tax rate is 20% and the lowest is 0%….
Electric Vehicle Credit- Plug in There are some great incentives for buying an electric vehicle, besides the gas savings and “winning at the pump.” There may be tax credits of $1,875 to $7,500. First rule—it must be new. Must NOT be leased. 2nd rule—the credit phases out (decreases), and is not…
The real estate prices have been rising. Interest rates are still very low. Perhaps now may be a great time to sell your main home… If you sell your primary home, you may be in luck. The IRS allows you to exclude $500K of capital gains if you sell your…
401 K Retirement plan at your job? You should take maximum advantage of this if it is an option for you. A 401k plan allows you to defer some of your income to retirement time. It will be taxable when you take it out, but you will likely be in a…
