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The tax code, officially titled the Internal Revenue Code, has been written by Congress and has an average of 3.7 million words…at this present time, at least! It’s a compilation of tax laws that have been written and passed by Congress since the ratification of the Constitution way back in 1788. Who gives Congress the power to levy taxes? Congresses power to levy taxes for the collection of revenue, is… Read More

Most businesses will find themselves having been affected by the Tax Cuts and Jobs Act, which has made big changes to the laws that govern tax deductions for entertainment and meals. Before the changes came in, businesses could make deductions of up to 50% on entertainment related expenses provided they were incurred as the direct result of active trade conduct or came before or after a significant and genuine business… Read More

Getting a tax refund is what every U.S. citizen hopes for when they complete their filing, waiting for it to come through can be a nail biting time, though. The IRS state that refunds should be received within 21 days if you’ve used the e-file service or direct deposit but will take a little longer if you’ve filed through the mail or have asked for a cheque to be sent… Read More

For new business owners or anyone entering the corporate world for the first time, corporate income tax can seem like a minefield. Let’s look at it in a little more detail: What is Corporate Income Tax? Corporate income tax is an entity-level tax applying only to C corporations. Corporate profits can also be subject to another, second degree of taxation at individual shareholder level, on dividends when distributed and on… Read More

If you’re a dental professional, then you doubtless pay out a lot in taxes every year, and you may be asking yourself if there are any legitimate ways to save on the cost of this. Fortunately, there are several strategies that you can adopt to save money on your taxes legally, and here are the top tax tips: Carefully select the most appropriate business entity: While successful practices operate under… Read More

Whether you’re a small business owner or an individual looking to take better care of your finances, you may be curious to know the difference between a tax planner and a financial planner, and which of the two you might benefit from using the services of. With almost all areas of personal finance being connected and related to one other, as an individual, you’ll find that there is an overlap… Read More