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Taxes and death are inevitability, but that doesn’t mean you can’t prepare for both! Taxes effect you almost every day in the form of sales tax, every year in the form of income tax and even at death with the estate tax.

10 Smart Ways to Spend Your Tax Refund

Over 40 million people received a tax refund this year, with the average refund totaling over $3,000. It’s all too easy to let that check burn a hole in your pocket and blow it on unnecessary purchases. And car dealerships, electronics stores and retailers take advantage of this time of year and offer special sales to tempt you into their doors. But remember, this money isn’t a bonus.  How you spend your tax refund could have significant impacts on your financial future if you make a good habit out of it. It’s money you earned throughout the year; getting a refund just [...]

By | 2016-05-11T18:19:19+00:00 May 11th, 2016|Taxes|0 Comments

Business Deductions: Hire an Expert to Save you Money

Most entrepreneurs don’t get into business in order to give away money, yet each year there are thousands of business owners that do. How you ask? By taking on the challenge of managing their own finances and paying their own taxes. Though many entrepreneurs think it’s seemingly the best way to save money (not hiring an accountant), it can actually result in you flushing money down the drain each year. Uncle Sam certainly isn’t going to reach out to you and let you know, “Hey, I think this money belongs to you.” Therefore, you need to learn how to maximize your earnings [...]

By | 2016-04-27T12:27:46+00:00 April 23rd, 2016|Taxes|1 Comment

Preparing to Meet My Accountant

For the past 7 or 8 years I have used an accountant to prepare my taxes.  The reason I switched over from turbo tax or some other do it yourself method was because when I got married The Wife's taxes were a little bit more complicated.  Before I got married all I had was a small W-2 income and my student loan deductions...ah the easy days! Then I went ahead and got married, The Wife, was and still is, an independent sales representative (1099 income).  I figured for the cost of using a certified public accountant I would get the money back [...]

By | 2016-02-08T21:52:08+00:00 February 4th, 2016|Taxes|1 Comment

Received My New York State Family Tax Relief Credit Check

Nothing makes my heart drop like a piece of mail from either the IRS or New York State Department of Taxation and Finance.  While my income is not large by most people's standards I do own a couple of businesses so any type of notice from a taxing authority makes my head hurt even before I open it.  So while I was cursing under my breath I opened up the envelope to find not a bill but rather a check for $350!  Along the top of the notice it indicated that this check was for the "Family Tax Relief Credit." What is [...]

By | 2014-09-26T09:51:24+00:00 September 26th, 2014|Taxes|5 Comments

I am Not Sure How I Feel About the Recent Tax Inversion Activity

If you follow business news at all you'd see an increase in tax inversion stories.  To put it simply tax inversion is when a United States company buys a foreign company and adopts the purchased company's address to reduce taxes owed to Washington.  A screenshot from google's search insights shows the increase interest in the topic: What is Tax Inversion? Unsurprisingly, Forbes provides a more thorough definition tax inversion, The basic idea of a tax inversion is really rather simple. If the US corporate taxation system is becoming a burden on a company then obviously, the thing to do is to move [...]

By | 2016-03-07T23:27:03+00:00 June 26th, 2014|Taxes|6 Comments