Tax Trap #2 -- Double Taxation: Isnt Once Enough?

Have you been thinking about incorporating your small business or self-employment activity? The advantages are many!

For starters, you'll be protecting yourself and your family from the possible of a business ending lawsuit. Forming a corporation is Step One on the path known as "Asset Protection" -- you are moving from the world of unlimited liability to the world of limited liability.

(NOTE: For further insight into the legal advantages of incorporating, check out the article: "It Can Happen To You: Why Any Sole Proprietorship Is A Risky Business" at http://www.YouSaveOnTaxes.com/happen-to-you.html)

From a tax standpoint, there are both advantages and disadvantages to incorporating. Yes, forming a corporation can either reduce your taxes or increase your taxes, depending on what type of corporation you create.

There are two main types of corporations: "C" Corporations and "S" Corporations -- and which type you choose can make all the difference in the world of taxes.

NOTE: The question of "C" Corp vs. "S" Corp has no effect on the asset protection provided by your corporation. This is a tax issue, not a legal issue.

A "C" Corporation can lead you into a Tax Trap known as "double taxation". Yes, income from a "C" Corporation can actually be taxed twice -- once when it's earned on the corporate level and again when it's paid to you, the shareholder, in dividends.

There are several ways to avoid double taxation. Often the easiest way is to tell the IRS that you choose to be an "S" Corp instead of a "C" Corp. The profits of an "S" Corp are not taxable to the corporation; instead, those profits are reported directly on the shareholder's personal income tax return and are therefore only taxed once.

And once is enough, don't you think!

Of course, any article on Choice of Entity must contain the old disclaimer, "Consult your tax professional" -- I am not prescribing a one-size-fits-all approach to this issue. But for many small biz owners and self-employed folks, the "S" Corporation is a good fit because it provides protection from personal liability and avoids the nasty tax trap of double taxation -- two great benefits worth checking into.

Should you incoporate your sole proprietorship and then decide that the "S" Corporation is the right fit, you must inform the IRS that your corporation is choosing "S" Corporation status by filing Form 2553, which is, in effect, an application to become an "S" Corporation.

IMPORTANT: If you incorporate and do not file Form 2553, you are automatically considered to be a "C" Corporation by the IRS. In other words, to be a "C" Corporation, you just incorporate; there is nothing you have to do to inform the IRS you want to be a "C" Corporation.

There are critical rules regarding how and when to file Form 2553, so be sure to read the instructions carefully, or check with your tax pro.

Failure to file Form 2553 on time or filing Form 2553 incorrectly results in a rejection of your corporation's "S" Corp application, and the corporation is then by default treated as a "C" Corp, subject to double taxation, the very trap you were trying to avoid.

To download a copy of Form 2553, go to: http://www.irs.gov/pub/irs-pdf/f2553.pdf

The instructions for filing Form 2553 are found here: http://www.irs.gov/pub/irs-pdf/i2553.pdf

Wayne M. Davies is author of 3 tax-slashing eBooks for the self-employed, available separately or as a 3-volume set, "The Ultimate Small Business Tax Reduction Guide". http://www.YouSaveOnTaxes.com/ultimate-guide

To get your free copy of Wayne's 25-page report, "How To Instantly Double Your Deductions" visit: http://www.YouSaveOnTaxes.com

In The News:

Is your tax money well spent?  MoneycontrolA major concern that citizens have is how taxpayers' money is spent. It seems like the money collected goes into a black box with no clarity on how it is being ...
Reaching the zero income tax level of ₹5 lakh  LivemintMUMBAI: Did you know you could pay zero taxes even if you earn more than ₹5 lakh? According to the current tax laws, there are three tax slabs depending on ...
Low taxes will boost luxury car sales: Suri  The HinduIndia's luxury car market will grow fourfold if the government is willing to rework the existing tax regime to make it feasible and reasonable, said Jaguar Land ...
Before filing your tax returns this year, calculate and pay self-assessed tax  LivemintBefore filing your income tax return (ITR) this year, ensure there is no pending tax payable on your part through self-assessment. For this, you need to take into ...
The Problem with France's Plan to Tax Digital Companies  Harvard Business ReviewFrance recently approved a 3% tax on revenues generated by large digital companies in its territory, a move that is now being investigated as a potentially unfair ...
Would you pay less tax if you lived abroad?  BBC NewsThe country you live in plays a big part in how much tax is deducted from your wages.
India faces `silent fiscal crisis' on tax gap, Modi adviser says  Economic TimesIndia is facing a silent fiscal crisis owing to a shortfall in tax revenues, as per PM-EAC member Rathin Roy.
State and Local Taxes Are Worsening Inequality  The New York TimesEconomic inequality is on the rise in Illinois, and the state government is part of the problem. Illinois taxes low-income families at much higher rates than ...
Opinion | Why 15% should be the target rate for all taxes in the country  LivemintIndia's long-term vision for taxation should be 'one nation, one tax rate' for both income and GST.
Westchester Is Getting More Expensive With Sales-Tax Increase  BloombergJust when it seemed like taxes in Westchester County couldn't get higher, they're about to go up again.
Tax no more |India Today Insight  India TodayThe government's challenge is to pump up falling tax revenues, fulfil its promise of lowering corporate tax rates and spur spending in a slowing down economy.
Who can claim credit for state and local taxes paid in a foreign country  LivemintA taxpayer can choose to be governed either by provisions of the tax treaty or by the domestic tax law to the extent more beneficial to him.Under the tax credit ...
Higher taxes on the rich, but low returns for the Union government  LivemintThe govt expects the additional revenue from the increased surcharge on individuals at just ₹2724 crore.On Friday, finance minister Nirmala Sitharaman ...
Why new tax surcharge has stunned foreign portfolio investors  Economic TimesThe business entities known as Association of Persons have been stunned by new surcharge.
This is how much income tax you're paying to your state  CNBCHello, New York! The Empire State is home to some of the highest income taxes in the country. It collected $2249 per capita in individual income taxes in 2017, ...
Special privileges, recognition for top tax payers, suggests Economic Survey  LivemintEconomic Survey said that research across countries has highlighted that tax evasion is driven significantly by tax morale.Expedited boarding privileges at ...
What the tax surcharge means for FPIs  Economic TimesThe government in the recent budget proposed an increase in the tax surcharge for foreign entities which are registered as non-corporates. The move spooked ...
ITR filing: Over 1.46 crore income tax returns filed already; here's how you can choose correct form  Business TodayFiling ITRs is mandatory for all Indians, including NRIs, with a total income of over Rs 2.5 lakh. The threshold for senior citizens (above 60 years) is Rs 3 lakh ...
ITR Filing: All About e-Filing Income Tax Return in India  MoneycontrolEfiling: Here is everything you need to know about income tax india efiling including how to file ITR Online to importance & types of efiling income tax at ...
People angry over rising inflation, heavy taxes in PoK  India TodayPeople in Pakistan occupied Kashmir (PoK) are facing immense difficulties due to the consistent increase in inflation rates and heavy pay taxes implemented by ...
Christian family fined after arguing taxes 'against God's will'  BBC NewsA Christian family who refused to pay income tax because it went "against God's will" have been ordered to pay more than A$2m (£1.1m $1.4m) to Australia's tax ...
After U.S. Tax Overhaul, Corporate Rates Fall but Unevenly  The Wall Street JournalThe U.S. tax overhaul has lowered tax rates for many companies, and many others that were already toward the bottom of the scale have been able to stay there ...
Budget 2019: Surcharge rate on income tax increased for super-rich  LivemintCurrent highest rate of applicable income tax rate is 35.88%.Surcharge which is charged over and above the tax amount has been increased for those earning ...
Verify pre-filled data carefully before filing tax  LivemintPre-filled information is only available for those filing their tax on ITR-1 or ITR-4 completely online using the income tax department's e-filing website.The form ...
Government targets to add 1.3 crore income tax filers this fiscal  Economic TimesThere were 8.44 crore taxpayers in Assessment Year 2018-19.
Budget 2019: Are you paying more or less tax than 5 years ago?  Economic TimesEY, a consulting firm, evaluated income and expenditure levels of five hypothetical families to estimate who gained or lost how much in the sweeping changes in ...
Opinion | How we could improve tax compliance behaviourally  LivemintIn the 2019 Union budget, finance minister Nirmala Sitharaman increased tax rates for the super-rich. She is hoping that increasing tax rates would ...
FM Nirmala Sitharaman shrugs off pleas by FPIs on super-rich tax  LivemintFinance Bill amendments propose further tax relief for startups, NBFCs.Finance minister added more safeguards against tax evasion in the amendments to ...
Changed jobs? Report all salaries and pay taxes  MoneycontrolTax return filing may be relatively complex in case you have changed your job and have worked with more than one employer during a particular financial year ...
Stressed India Inc’s corporate tax outflows grow faster than profits  The Financial ExpressSeveral factors have been behind the government raking in higher taxes from a stressed Corporate India.
Death and Taxes Top Duterte’s Policy Agenda Midway Through Term  BloombergPhilippine President Rodrigo Duterte vowed to reimpose the death penalty to double-down on his war on drugs as he enters the midpoint of his six-year term.
Govt widens scope of direct tax code to make compliance easier for taxpayers  LivemintNEW DELHI: The government on Wednesday widened the scope of a new direct tax code that is on the drawing board to make compliance easier for taxpayers, ...
Buyback tax: A loophole fixed or an anomaly made worse?  LivemintIn the past three fiscals, Indian firms bought back shares at an average rate of ₹47800 crore.
This Dem Slow-Walked Getting Trump's Taxes—Now He's Getting Primaried  The Daily BeastThe powerful 70-year-old House Democrat from Massachusetts will face off against Alex Morse, the 30-year-old mayor of Holyoke.
Budget 2019: Is it feasible to reintroduce inheritance tax in India?  India TodayNoted economists feel that it would be a good idea to reintroduce such a measure in the wake of lower tax collections and need for higher spending in the social ...
Cowboys Training Camp Costs Players Hundreds Of Thousands In Taxes  ForbesThe Dallas Cowboys hold training camp in California, sticking some of their players with six figure tax bills.
France tech tax: What's being done to make internet giants pay more?  BBC NewsFrance is to become the first country in Europe to introduce a tax on tech giants like Facebook, Amazon and Google. The move has upset the US. So how does it ...
No More Deals: San Francisco Considers Raising Taxes on Tech  WIREDAt a recent postmortem for the so-called Twitter tax break, the divisive San Francisco policy that drew tech companies to a beleaguered stretch of downtown, the ...
Tax saving options under section 80C: Features explained  Economic TimesYou can save tax if you understand how these tax saving options work.
America needs to see Amazon’s tax returns  The VergeTax law keeps us from knowing what Amazon's tax bill really is — even as politicians like Joe Biden, Elizabeth Warren and even Donald Trump call out the ...
One-Time Amnesty Scheme in Making for Old Income Tax Cases Worth at Least Rs 8 Lakh Crore  News18A one-time amnesty grant for legacy income-tax disputes worth at least Rs 8 lakh crore may be in the works, according to sources. They speculate that a ...
At 48.3% in 2018, corporate taxes in India among highest in the world  Business StandardCorporate income tax in India is among the highest in the world, with the tax rate growing steadily in recent years. Of the 94 jurisdictions covered by the ...
NHAI plans land appreciation taxes to finance projects  Economic TimesNHAI is working on a mechanism to share gains in land value on account of upgradation of highways.
FY19 gross tax to GDP ratio dips to 10.9% on shortfall in indirect tax revenue  LivemintNew Delhi: The gross tax to GDP ratio declined to 10.9 per cent in 2018-19 as indirect tax revenues fell short of budget estimates by about 16 per cent, due to ...
How NDA has failed to end tax terrorism, legacy problems  The Financial ExpressThe NDA thanks the tax payers in the budget—never the case with the UPA—but the rest of the treatment remains almost the same.
Beware. Other Nations Will Follow France With Their Own Digital Tax.  The New York TimesLast Thursday, the French Senate passed a digital services tax, which would impose an entirely new tax on large multinationals that provide digital services to ...
No change in dividend distribution tax  Economic TimesFinance Secretary Subhash Chandra Garg on Friday ruled out any change in the dividend distribution tax, but expressed flexibility that grandfathering tax on ...
Explainer: Will taxing the super rich affect foreign investment inflows?  India TodayIndustry experts say that new tax regime for the rich could make India uncompetitive and expensive for foreign investors.
Companies Could See Higher Taxes Under Cloud Computing Rules  Bloomberg TaxProposed IRS rules on how tech companies should characterize their cloud computing transactions could subject them to wildly different tax rates—from as high ...
PF withdrawal is tax-exempt once you complete 5 years of continuous service  LivemintThere should not be any gap in contribution to PF to avail of the continuous *service* clause.If an employee finds another job and the total PF balance is ...
Foreign-Owned Banks’ Results Could Sweeten Further Under Tax Law  The New York TimesWASHINGTON — President Trump's tax cuts have been very good to big banks. For foreign-owned banks, they could get even better. The cuts allowed ...
Foreign investors' lobby group asks India to reconsider high taxes  MoneycontrolForeign investors are urging India to reconsider its decision to increase taxes on certain groups of wealthy portfolio investors, arguing the move will hit the ...
Will America go from hunter to hunted in cross-border tax evasion?  The EconomistAMERICA HAS launched brutal assaults over the past decade on countries, such as Switzerland and Liechtenstein, where banks have helped American citizens ...
Have NDA’s tax reforms been counterproductive?  LivemintWith tax revenue collections falling short of budget estimates, there is a need for the govt to reconsider its ambitious targets and reform the tax system.
PPRP tax plan sparks fear  Bangkok PostThe Palang Pracharath Party's (PPRP) proposed lowering of personal income tax has raised concerns over a reduction in state revenues.
Keep your date with filing income tax returns  MoneycontrolWith the Income-tax Return (ITR) filing deadline fast approaching on July 31, 2019 [for individuals not subject to tax audit provisions under the Income-tax Act, ...
Back-to-School Sales Tax ‘Holidays’ Lure Shoppers Despite Slim Savings  The New York TimesPeople who won't walk across the street to save $5 on a pair of pants will take a day off from work to take advantage of a sales-tax holiday,” a tax expert said.
If you miss to file return by due date, you will be penalised, even get jailed  LivemintGiven that the deadline to issue Form 16 was extended till 10 July, the last date for filing income tax return (ITR) for FY18-19 may get extended well beyond 31 ...
No relief from super-rich tax for FPIs structured as trusts: Sitharaman  Business StandardForeign portfolio investors (FPI) functioning as trusts in India will have to pay the tax surcharge proposed in Budget, said Finance Minister Nirmala Sitharaman ...
Will your health plan dodge 40% tax hike?  Federal News NetworkThousands of feds in some of FEHBP's best and most expensive health plans may be spared from a pending 40% tax on their favorite plans.
As Nations Look to Tax Tech Firms, U.S. Scrambles to Broker a Deal  The New York TimesThe proposed levies on firms like Facebook and Google are pitting traditional allies against one another and threatening to set off a cascade of tax increases ...
Budget 2019 | Wealth tax buzz is back. Is it high time to tax the super rich?  Moneycontrol.comThere is a lot of talk swirling around the need to reintroduce wealth tax. Since there is an absence of a universal social security cover, taxing wealth additionally ...
GST Council to meet on July 25 to decide on tax cut on EVs  YourStoryThe GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on July 25 and decide on lowering tax rates for electric vehicles, officials said.
Is it viable to reintroduce estate tax in the upcoming budget?  LivemintAhead of the Budget 2019, there is speculation that the govt may reintroduce estate taxes in order to enhance tax revenue.Ashwini Kumar Sharma asked 4 ...
Sensex plunges further as super-rich tax on foreign trusts stays  LivemintIndian markets on Monday fell another 1% after to hit a *fresh* two-month low as investors were disappointed after the government refused any respite to foreign ...
3 tax-planning lessons from Joe Biden's tax returns  CNBCFormer Vice President Joe Biden takes the stage for the second night of the first Democratic presidential debate on June 27, 2019 in Miami, Florida.
Paying rent or letting out your place? Know the tax treatment on house property  MoneycontrolThe annual value of a house property is the amount of rent which it is reasonably expected to earn.
Govt’s new buyback tax set to hit MF investors, shareholders alike  LivemintThe new buyback tax coupled with dividend tax may lower the return from various equity investments.Investors should keep a close eye on how companies and ...
'Inadvertent Omission' Denying Delhi Rs 6,500 Crore in Central Taxes: Kejriwal  The WireIn letter to Union ministers, the Delhi CM urges a return to pre-2000 mechanism of computation of UT shares and seeks Central grants for Delhi's local bodies.
ZIP code breakdown shows where the money is in Gov. J.B. Pritzker’s graduated income tax plan  Chicago TribuneDemocratic Gov. J.B. Pritzker has pitched his graduated-rate income tax plan by emphasizing that only a tiny sliver of Illinois residents would pay more if voters ...
Owed millions in back taxes, New Castle County goes after 'smaller,' blighted properties  The News JournalNew Castle County has been cracking down on tax-delinquent properties for much of the past year. But many parcels that owe the most in back taxes have not ...
What are CPSE ETFs? You can soon save taxes by investing in them  LivemintMumbai: You can soon save taxes by investing in Central Public Sector Enterprises (CPSE) exchange traded funds (ETF) as the government is set to introduce ...
Income tax return filing: Here's your step by step guide  Economic TimesJuly 31 is the last date to file your income tax return (ITR) for FY 2018-19. By filing your ITR on time, along with certain benefits such as carry forward of losses, ...
Budget 2019 analysis: What income tax changes mean for you  Economic TimesHere is a look at the tax proposals announced in both the budgets and their tax impact on your pocket.
LTCG tax relief in Union Budget? D-Street is hoping against hope  Economic TimesMUMBAI: Market participants hope for some relief on long-term capital gains (LTCG) tax on securities in the full Union Budget that Finance Minister Nirmala ...
What the IRS doesn’t tell you about self-employment taxes  MarketWatchMany taxpayers get confused about whether they owe the 15.3% self-employment tax.
Corporate Tax Rates: How Low Can You Go  International Monetary FundBy IMFBlog. In life, two things are certain: death and taxes, the saying goes. Unless you are a large multinational corporation, in which case, maybe not. Over the ...
Wealthy New Yorkers are ditching city's high taxes for Miami  New York Post Affluent New Yorkers, distressed by recent changes to the nation's tax laws, are bucking the New York's high costs and heading to Florida's Miami-Dade County ...
Google, Facebook made Rs 10,000 crore; paid Rs 200 crore as tax in India  Business StandardWith many nations across the world planning to tax digital companies that derive significant revenues from their citizens but pay taxes elsewhere, the Modi ...
Best Ways To Appeal Your Property Taxes  CBS ChicagoWhen it comes to easing the pain of property taxes, residents have three options. CBS 2 Morning Insider Lauren Victory covers them all Tuesday morning, 4:30 ...
View: If it moves, tax it. That's desperate, India  Economic TimesBy Andy Mukherjee Desperation is creeping into India's economic policy-making. Having lost the fiscal plot, bureaucrats are trying to marshal resources by ...
Government to revamp procedure for tax assessment  Economic TimesIndia has set the ball rolling for what could completely reset the taxpayer-income tax department relationship. The government has handed out the task of firming ...
Selling inherited gold? Income tax rules you should know  LivemintIn India, no income tax is levied on inheritance of gold but subsequent sale of the inherited gold is taxable.Taxpayers should maintain the documentation on ...
Tax On Super-Rich Decoded: Here's Your Complete Guide To Understanding New Rules  NDTV NewsIncome tax slab: "In view of rising income levels, those in the highest income brackets, need to contribute more to the nation's development," Finance Minister ...
Things You Should Know Before Filing Your Income Tax Returns (ITR)  NDTV NewsITR filing: Non-filing of return of income may result in penalty and prosecution, according to the Income Tax department.
Douglas Rooks: On taxes, good intentions are not enough  Times RecordWhen Gov. Janet Mills took office in January, one of the pacts she made with legislative leaders was not to “raise taxes” in her first biennial budget. Not all the ...
22 States Considered Eliminating the ‘Tampon Tax’ This Year. Here’s What Happened.  The New York TimesMenstrual products are subject to sales taxes in 35 states, and lawmakers' efforts to exempt them have foundered. Now supporters of 'menstrual equity' are ...
The one Democrat who can get Trump's state tax returns doesn't want to. That's infuriated the left.  NBC NewsNew York Gov. Andrew Cuomo recently signed into law legislation designed to make it easier for Congress to obtain President Donald Trump's state tax returns.
What is the last date to file income tax return? - It's not same for all  Economic TimesThe last date to file income tax return (ITR) varies for different categories of taxpayers. For individuals, Hindu Undivided Families (HUF) and those taxpayers ...
What Is The Best Time To Appeal A Cook County Property Tax Bill?  CBS ChicagoCHICAGO (CBS) — Every year, concern grows among homeowners throughout Cook County as property tax bills come in. The high bills could have to do with ...
Young, mega-rich - and demanding to pay more tax  BBC NewsLiesel Pritzker Simmons is fabulously wealthy. But this member of one of America's richest families is also uneasy about it. "It's time for us who are blessed with ...
Budget 2019: Sitharaman urged to bring cigarette taxation to pre-GST level  Business StandardThe Federation of All India Farmer Associations (FAIFA) has urged Finance Minister Nirmala Sitharaman to correct an error in cigarette taxation under the new ...
The one Democrat who can get President Trump's state taxes doesn't want to  AOLNew York Gov. Andrew Cuomo recently signed into law legislation designed to make it easier for Congress to obtain President Donald Trump's state tax returns.
Morgan Stanley's rich clients withdrew a surprising amount from accounts to pay their taxes  CNBCWealthy clients liquidate some investments every year to cover their tax bill, so presumably this was higher than what Morgan Stanley has seen previously.
No Input Tax Credit for GST paid on expenses incurred on promotional schemes, rules AAR  BusinessLineInput Tax Credit (ITC) will not be available on the Goods and Services Tax (GST) paid on expenses incurred towards promotional schemes, an order by the ...
Budget 2019: Income tax collection target too steep, say experts  Business StandardThe income tax collection target was still far from realistic despite the number being revised downwards in the full Budget from the interim Budget projection, ...
How a Tax Loophole Is Helping Silicon Valley Workers Save Millions  The New York TimesA little-known tax break allows some start-up employees who own company stock to avoid paying taxes on up to $10 million when they sell their shares.
ITR Filing: Good News! Income tax return filing process simplified; Big relief in LTCG from CBDT  The Financial ExpressHow to file income tax return: Reporting LTCG details while filing the income tax return (ITR) for the assessment year 2019-20 has now been simplified.
Facebook answers how Libra taxes & anti-fraud will work  TechCrunchFacebook provided TechCrunch with new information on how its cryptocurrency will stay legal amidst allegations from President Trump that Libra could facilitate ...

1031 Exchange Rules and Requirements

Following is a reproduction of the IRS's rules and requirements... Read More

About Income Taxes; Tidbits

1812The first attempt to impose an income tax on America... Read More

How to Maximize Your Home Business Tax Deductions for 2005

Someone once said, 'the best way to calculate your taxes... Read More

Correspondence From The IRS ? Yikes!

It's a moment every person dreads. You pick up the... Read More

Military Reservists, Enlistees May Get Deferral of Back Taxes

Reservists called to active duty and enlistees in the armed... Read More

Corporations Failing To Claim AMT Exemption Overpay Taxes By $11,000

Does your incorporated business pay alternative minimum tax ["AMT]? If... Read More

IRS Certifies 2006 Toyota Hybrid for Clean Fuel Deduction

The Internal Revenue Service has certified the 2006 Toyota Highlander... Read More

Access to E-records by Taxing Authorities: A Case for Pakistan (Part II)

All tax authorities to e-commerce transactions should investigate the record... Read More

A Taxing Investment

April 15 - The most dreaded day of the year... Read More

Requirements To Produce Tax Information (Whats Up With That?)

"What we've got here is a failure to communicate." ... Read More

Save Money on Taxes - Let Uncle Sam Pay for Your Fun!

"Deducting Meals and Entertainment"O.K. You've been working really hard on... Read More

Understanding Marketing Tax Deductions

Marketing is a necessary expense in running practically any business... Read More

Tax Trap #3 -- IRS Penalties, Interest and Love Letters

As a small business owner or self-employed person, one of... Read More

Understanding Basic Tax Terms

If your like many, you don't always understand what people... Read More

Tax Audits: What Signs Make You More Likely to be Audited by the IRS?

It's a major fear for most Americans: A notice from... Read More

Another Tax Loophole

Just image, you are a small manufacturing company, business has... Read More

Tax Secrets - How Drew Miles Helped Me

How about a Tax Tip?As we all know Taxes are... Read More

Are You An Innocent Victim of These Popular Myths?

Misconceptions, misinterpretations and just plain "untruths" are floating about income... Read More

Early Distributions From Retirement Plans

An early distribution from an Individual Retirement Arrangement (IRA) or... Read More

Save Money on Taxes - Double Your Income Now With Tax Saving Tips on Deductions

Adding Your First Additional Stream of IncomeMost new wealth builders... Read More

Tax Reduction Tips

In the rush to get tax returns prepared and filed... Read More

Your IRS Tax Appeal Rights

Are you in the middle of a disagreement with the... Read More

Taxation of Forgiven Debt: The 1099C & You

Often people fall on hard times and stop paying on... Read More

Tax Records - What You Should Keep And For How Long

Many taxpayers are confused about how long they should keep... Read More

How to Check the Status of Your Tax Refund Online

So, you were pleasantly surprised to learn that you are... Read More