Everybody wants to pay as little in taxes as possible. Most people use software or hire an accountant to help them find all the deductions they can subtract from their taxable income and all the credits they can subtract from their final bill. But most tax breaks require you, the taxpayer, to plan ahead. Even […]
President Biden’s proposed infrastructure plan does not explicitly raise estate taxes. Instead, it ends the step-up in basis that wealthy taxpayers often use to minimize the tax on inherited wealth. The step-up in basis allows heirs to calculate their capital gains rate using the fair market value of assets at the time they are transferred […]
Payday is coming early this year for an estimated 39 million households. The IRS recently announced they will begin issuing payments in advance for child tax credit (CTC) starting July 15th. In general, taxpayers receive the child tax credit when they file a tax return. The amount received is based on the number of qualifying […]
Countries around the globe are trying to stem the so-called “rush to the bottom,” which has multinational companies moving their corporate headquarters so they can lower their tax bills. Countries like Bermuda, the Cayman Islands and Ireland are some popular destinations for corporations looking for tax havens. The result of this tax strategy is a […]
Monthly financial reporting helps owners, managers and potential lenders get a better understanding of a company’s current and future financial status. You can see financial trends when you examine daily, weekly and monthly financial reports. You’ll be able to manage long-term profitability by improving internal business performance while staying updated on significant progress or changes […]