In order to stay on top of things with your tax obligations, you will need to follow some crucial guidelines. By getting the help of a tax preparation professional, paying estimated taxes and focusing on deductions, you will be best able to lower your taxes and get a possible refund. To focus on these guidelines and prepare your taxes to the best of your ability, consider these three tips below.
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If you are a high earner, the subject of paying taxes can be a difficult one. Most upper-income taxpayers are looking for ways to reduce their taxes, and 2017 may be a prime opportunity to do exactly that. Why? The incoming presidential administration's tax plan is projected to include several key tax reduction aids for high earners. Here are 5 ways that you can take advantage of that... starting before the end of 2016.
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Many business owners focus primarily on their income tax burden. But income taxes are actually a fairly small portion of the taxes that most businesses pay. Because business owners are often familiar with these different forms of taxation, issues can arise. Here are a few of the most common issues that occur when dealing with non-income-related taxes.
Payroll Taxes
Payroll taxes can be very complicated. More importantly, they are also highly regulated; any mistakes that occur regarding employee paychecks could ultimately cause some serious issues for a business.
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If you just had your first child, there are a variety of different things you are going to need learn concerning tax law as a caregiver. One of the things that you are going to need to learn about is the child care credit. Here are three things that you need to know and understand about the child care tax credit.
#1 Qualifying Individual
As a new parent, you don't have to worry about this too much, but it is important that you understand the ins and outs of who qualifies as a dependent of the child care credit.
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If you have started to freelance on the side of your regular job, and you have started to earn a lot of money, it's time to start figuring out how you're going to claim the money and what you could do with it. If you think that your freelancing side work could be your retirement income, or that it could otherwise change your financial plans significantly, you have to make sure you're being responsible with the money.
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