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How to Settle Your Tax Debt
Having tax debt is incredibly stressful— it’s something no one wants to deal with. But if you’re struggling to pay your back taxes, know that there are a number of ways you can settle your tax debt with the IRS. To help you understand your options, in this post we’re...
Health Care Taxes: Congress Set to Repeal 3 Major Health Taxes?
Congress appears to be ready to pass a large spending bill that is set to repeal 3 major health taxes that were put in place by the Affordable Care Act. This bill would fully repeal the Cadillac tax, a 2.3 percent tax on medical devices, and a health insurance fee,...
How to Form a Single Member LLC
If you’re the sole owner of a business, you may have considered forming a single-member LLC. A single-member Limited Liability Corporation (SMLLC) is a business classification that can help protect you from potential liability and help you maximize your tax benefits....
Business Taxes: LLC vs. Corp Taxes
They way you structure your business can greatly affect your tax liability. In the eyes of the IRS, there are two main types of business entities: limited liability companies (LLCs) and corporations. If you’re thinking of setting up a business or are thinking of...
Elizabeth Warren’s Wealth Tax: Will It Work?
Several Democratic candidates have proposed a wealth tax. For example, Elizabeth Warren has proposed a wealth tax that would raise an estimated $3.5 trillion over 10 years. Senator Warren has said that this wealth tax would pay for her proposed programs, such as free...
How Much Will You Be Paying in Taxes This Year? 2019-2020 Tax Rates
The Tax Cuts and Jobs Act made some of the largest changes to the tax code we’ve seen in recent history. While the majority of these changes went into effect for the 2018 tax year (so you would have noticed them when you did your taxes in 2019), the tax code does...
Climate Change & Your Taxes: The Carbon Tax
Climate change and emission taxes already affect the taxes of many corporations across the world. But a new proposed carbon tax may affect your bottom line as well. The idea of a carbon tax, a tax on burning fossil fuels, is gaining buzz after a recent International...
Own Stock in Foreign Corps? There Might Be Tax Relief For You
Do you own stock in foreign corps? There’s a new IRS revenue procedure you should know about. It's called the IRS Revenue Procedure 2019-40. This procedure provides tax relief to certain US citizens who own stock in certain foreign corporations. In essence, IRS...
A Look at 2020 Tax Rates
The Tax Cuts and Jobs Act dramatically changed the American tax code. One of the features of the new tax code included tax rates that shift from year to year in the first years of the new code. Additionally, tax brackets have long been tied to inflation, which means...