Tax

Would you want to know How much does a tax write-off really save you? Most likely, you have heard someone say, “It’s a tax write-off,” just before making a costly purchase like a new desk, computer, or office supplies. Sadly, tax write-offs are more complicated than that. To make write-offs worthwhile, careful planning and accounting […]

Would you want to know How many kids I can claim on my taxes? In my experience, kids are wonderful. However, they can be onerous in numerous ways. In April, my parents always increased my allowance as a child. They would explain that it was to instruct me on money management. Without intending to disparage

Would you want to know how savings interest is taxed? One of the nicest aspects of savings accounts, in my opinion, is the possibility to earn interest.  You get rewarded merely for holding your money in an FDIC-insured account without completing any effort. Is the interest on savings accounts, however, taxable? Most of the time,

Would you want to know how LLC owners avoid taxes? Based on my extensive knowledge, I can unequivocally assert that pass-through is the fundamental concept pertaining to LLC taxes.  This demonstrates that the revenues of the LLC can be transferred directly to the owner or owners, bypassing the requirement of paying federal income taxes on

Would you want to know How to avoid owing taxes? Based on my experience, just like me years back, It’s not too late. Nearing the end of the year, you might be wondering whether you can reduce your tax bill. Make sensible decisions to lower your tax liability even if you’ve already earned a significant

Would you want to know how to get the largest tax return? As far as I am aware, the distinction between the amount paid in taxes throughout the year and the amount due upon filing the tax return constitutes a tax refund.  Here’s an illustration: If you withhold $10,250 from your paychecks in 2022 and

Would you want to know if you get a refund for tax write-offs? According to my experience, the legislation states that any excess tax paid by an employee should be repaid upon application, with the possibility of a set-off against future tax dues. If you are self-employed, you may be eligible for a refund if

Would you want to know if you claim gas on taxes? My own experience indicates that, before 2018, the gas tax deduction was a legitimate business expenditure.  Deducting employee business costs on an individual tax return is no longer possible. Driving to and from work has never been deductible as part of the commute. But

Would you want to know if you can write off your Internet bill while working from home? My observations indicate that US workers who work from home cannot write off internet expenses. However, if you must use the Internet for business purposes, you can claim your Internet bill as a work-related expense and deduct it