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  • Published: March 15, 2018

When attempting to reduce one’s debt, the Internal Revenue Service (“IRS”) needs to be provided with an accurate picture of one’s finances. If you are seeking to et your tax debt reduced or permanently eliminated, your tax professional will need certain information from you that they will provide to the IRS. As we discussed last week, income has to be reported; but, income is not the only thing that needs to be reported – the IRS also has to be provided with information about the taxpayer’s expenses. In order to ensure accuracy, information should be based on the last three…Read More

Tax Debt
  • Published: March 9, 2018

The Tax Code has made some changes in terms of reducing tax debt with the IRS. Keep in mind, however, that if you had debt prior to the enactment of the Code, you still have this debt balance. Therefore, if you are seeking to get your tax debt reduced or eliminated, your tax professional (e.g., Enrolled Agent, Attorney) will need certain pieces of information from you. In order to expedite the process of reducing your tax debt, there is certain information you need to provide to your tax professional to report to the Internal Revenue Service (“IRS”). Specifically, the IRS…Read More

Things You Might Not Know, But Should: Select Provision Of The Tax Cuts And Jobs Act
  • Published: February 22, 2018

In previous weeks, we have discussed changes to the Tax Cuts and Jobs Act that many people are aware of, such as tax credits and small business taxes. However, there are a number of things you might not know, but should, with respect to the Act. These changes are some that the general public does not realize the importance of, but in a few years will be happy to know of. Repatriation Repatriation, generally, is the term used to describe money returning to its home country. As you can imagine, repatriation applies to U.S. companies that have overseas business. Normally,…Read More

Tax Cuts and Jobs Act: What Actions Reduce Your Tax Liability?
  • Published: February 15, 2018

One of the main changes to the Tax Cuts and Jobs Act is certain tax credits that reduce an individual taxpayers’ liability. While most of the tax credits have, roughly, stayed the same, it is important to understand what credits have changed so taxpayers can properly navigate how to take advantage of those changes. However, before discussing the new changes, it is important to discuss the difference between refundable and non-refundable credits as this aspect of tax credits has not changed and has a direct impact on how the new law may benefit taxpayers. Refundable v. Non-Refundable Tax Credits As…Read More

Three Things to Know: How the Tax Cuts and Jobs Acts Affects Business Profits
  • Published: February 8, 2018

On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (“TCJA”) into law. The TCJA presents a number of changes to previous tax law – some that affect businesses. Here are three things you need to know about the new act and how it affects business profits: Taxation for Pass-Through Entities A pass-through entity are entities such as S-Corporations or Partnerships (such as multi-member LLC’s). The TCJA allows a 20% deduction of the earnings of such entities. The remainder of the earnings is paid on the members’ personal income tax rate, and would be available to both…Read More

Deductions under the New Tax Cuts and Jobs Act. Which is better: Standard or Itemized?
  • Published: February 1, 2018

As most Americans are aware, the new tax law, or more formally known as the Tax Cuts and Jobs Act, was recently passed. Since the passing of the tax law, there have been many reports on how this law will affect United States citizens and permanent residents, including citizens living abroad. In these series of blogs, we hope to shed light on many of the important changes to the tax code and how they will impact your tax position. It should be important to note, these changes took effect for 2018. Therefore, when US taxpayers begin filing their tax returns…Read More

Hurricane Claims
  • Published: January 9, 2018

2017 – the year was active with hurricanes in the Caribbean. Hurricane Irma made landfall in Florida on Sunday, September 10, 2017 and since then many families in the area are still attempting to recover. Some have already filed hurricane claims with their homeowner’s insurance company, only to be let down by a complete denial, an underpayment of funds from the estimate submitted to the insurance company, or have simply yet to hear from their insurance company. If you are one of those families whose claim has been denied by their insurance company or simply received a response that was…Read More

Why You Should Go with a Franchise Business
  • Published: November 8, 2017

You have made the decision: you wish to begin your own business. You’ve sorted through the idea of starting your own business as a sole proprietorship, perhaps maybe even a partnership. Of course at some point you may think about other concerns such as how do I get the word out about my business or will the process I choose to run the business be feasible and functional? If these thoughts have crossed your mind, you may wish to consider the idea of aligning your business with a franchise. Why Choose to align with a Franchise as Opposed to Starting…Read More

Just Because You Cut Your Finger Are You Qualified to Perform Open Heart Surgery
  • Published: October 25, 2017

Picture This: you cut your finger chopping vegetables. Immediately, you run to your medicine cabinet and treat the cut on your finger: you wash the cut with saline solution in order to disinfect it, add a splash of hydrogen peroxide, rub some anti-biotic ointment, and cover the cut with a bandage. Now, are you ready and qualified to perform open-heart surgery on yourself? In the same vein, imagine you just finished writing a romance novel: ten chapters of long storylines, intricate dialogues between characters, and even a plot twist right in the middle. Because you know how to read and…Read More

Shopping for Legal Services is Not the Same as Shopping for Products
  • Published: October 18, 2017

Recently, I was in the market for protein bars. I visited several different markets in the search for the perfect protein bar, both price-wise and nutritional value. Not being happy with any of the products I ran into, I decided to take my search online. After some time searching, I ended up purchasing a protein bar I had seen in person, considering it was the exact same product and it was actually cheaper online! Shopping for physical products in-person and online is great for various reasons. Typically, the products you run into online are the same products you can find…Read More

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