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Paying more than you ought to the IRS, is something every individual or business owner will try to avoid, and while everyone must pay their taxes, understanding some common tax exemptions and deductions, can help minimize the total and ensure that the end amount is accurate. What are tax exemptions? A tax exemption is money that you’ve lawfully earned, but which you don’t have to pay taxes on, and they… Read More

Whether you’re a non U.S. resident or a foreigner living in America, you still need to pay your taxes irrespective of your alien status. The IRS has two tests that it uses to determine your alien status, and they’re called the ‘green card’ test, and the ‘substantial presence’ test. If you meet the requirements of either test, you’ll be registered as a resident alien for income taxes, but if you… Read More

If used for raising revenue alone, the US tax system would doubtless be a much simpler affair. However, as the system needs to be fair, efficient and enforceable, and has been used by Congress to influence many aspects of political life and for delivering benefits to groups and industries for many years now, it remains complicated, and in fact, becomes more complex every year. If our taxes weren’t so complicated,… Read More

Reducing taxes is a goal many of us aspire to, and by trying to understand our taxes better and become tax law savvy, we can often end up saving ourselves many dollars each year. Read on for the top ten tips for reducing your taxes: Retirement account contributions: These are a great tax reduction tool and have benefits that are twofold: deducting the amount that you’ve paid into a retirement… Read More

Resulting from Florida’s amiable tax climate – which remains stable and has progressive tax legislature – the Sunshine state has become an attractive location for new and expanding businesses of all industries and sizes. Prospective business owners cite favourable taxes as being ranked highly among their top considerations when searching for a location to set up their company, resulting in Florida being the state of choice for many new companies…. Read More

Whatever stage your small business happens to be at, there will always be plenty of ways in which an accountant can help you out and make your business potentially more profitable. Along every step of your businesses journey, there will be tax planning and strategies to consider, not to mention ensuring that payroll is running smoothly and efficiently, no matter how small your workforce. A good accountant will also be… Read More