Tax Deductions and Tax Credits: How They are Different

The simple answer is no. A deduction is based upon your filing status and a credit is an incentive.  What they do have in common is that they are both great for your final tax return. Let us take a…

March 26, 2021

Quarterly Estimated Tax: What Happens if I Miss A Payment?

Estimated tax payments are due 4 times a year, averaging between every two to four months. Sometimes, that can get confusing. You’ll need to pay on April 15, then two months later on June 15, three months later on September…

March 19, 2021

Self-Employment Taxes: Common Traps to Avoid So You Don’t Owe Back Taxes

People often dream of quitting their jobs and going into business for themselves so that they can pursue a passion and work without a boss. Self-employment can be a rewarding career decision, but it can lead to higher taxes and…

March 15, 2021

From Prison to Paying a Fine for Tax Fraud

Lionel Andres Messi has won six Ballon d’Or awards, 33 trophies, named the FIFA world player for five years. Is an endorser of multi-billion companies such as Adidas, Pepsi-Cola, Procter & Gamble, the Kuwait Food Company, and food giant Danone…

March 12, 2021

How Do I Determine My Tax Bracket and Tax Rate?

Taxes are used for the overall well-being of society and economic growth. They help us afford services such as public safety, national defense, education, protect the environment, and distribute wealth by increasing the tax on luxury items and sin taxes…

March 05, 2021

Manny Pacquiao: Knocked Out by Taxes?

As of 2020, World boxing superstar Manny Pacquiao has a net worth of $220 million – making him the highest-paid athlete from sports pay-per-views, live gates, merchandises, acting gigs, and sponsorships. With over 100 properties such as buildings, houses, and…

March 05, 2021

The Procrastinator’s Guide to Surviving Tax Day

If you are a procrastinator, tax filing season is probably the worst time of year. With deadlines looming, filling out all those complicated forms and making sense of an increasingly complex tax code that changes almost every year can seem…

February 26, 2021

Tax Write-Offs Every Truck Driver Should Know About

Truck drivers are on the road 24/7, traveling on weekends, on holidays, through bad weather, and sometimes even on their birthdays. With all the hard work poured into deliveries and pick-ups, truck drivers should know what expenses qualify as tax…

February 19, 2021

How to Amend a Tax Return for a Prior Year

Tax returns can often be filed with incomplete or incorrect information, leading you to more tax trouble than you bargained for. If you filed early, you might have overlooked income from a temporary job or a side gig, only to…

February 15, 2021

3 Essential Steps to Prepare for Tax Season and Avoid Tax Trouble

Taxes are one of those topics people hate to talk about or even think about, especially if they end up owing money in back taxes every year. That’s why many taxpayers wait until the very last moment to prepare for…

January 29, 2021

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