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Tax Information

Frequently Asked Questions about Excise Taxes

February 1, 2023 by admin

In this article, we discuss excise taxes, what they are, how they work, and who pays them. Read on to learn the fundamentals of excise taxes. What Is an Excise Tax? According to the IRS, excise taxes are “imposed on various goods, services, and activities.” That definition is vague, so let’s understand exactly what an […]

Filed Under: Tax Information

Worker Classification: Pay Attention

October 19, 2022 by Todd Renner

It isn’t easy deciding whether a worker should be treated as an employee or an independent contractor. But the IRS looks at the distinction closely. Tax Obligations For an employee, a business generally must withhold income and FICA (Social Security and Medicare) taxes from the employee’s pay and remit those taxes to the government. Additionally, […]

Filed Under: Management, Tax Information

Buying a New Home? What’s Tax Deductible?

October 5, 2022 by Todd Renner

Yes, you’re taking on a big debt, but you may be eligible for income tax deductions and credits. It’s probably the biggest expense you’ll ever have in your life: the purchase of a home. Unless you were fortunate enough to be able to buy it with cash, you’ll have to put some financing together. Some […]

Filed Under: Tax Information

Tax Fraud vs. Tax Negligence: Understand the Difference

September 21, 2022 by Todd Renner

When running a small business, it is essential to understand the difference between tax fraud and tax negligence. In this article, we clarify these terms so that you can avoid unsavory business practices and stay on the right side of the law. Let’s start with some basic definitions to understand the difference between tax fraud […]

Filed Under: Tax Information

4 Tips for Saving Money on Real Estate Taxes

September 7, 2022 by Todd Renner

If you’re a real estate investor, saving money on your taxes can be just as crucial to your bottom line as the deals you make daily. While numerous tax strategies that you can implement to save on taxes exist, a few of them are more valuable than others. Here, we discuss four of the top […]

Filed Under: Tax Information

The Top 5 Ways Businesses Get in Trouble With the IRS

July 27, 2022 by Todd Renner

As a small business owner, you probably know that willfully avoiding paying taxes will lead to severe problems with the IRS; however, IRS problems aren’t always a result of a business owner’s intentional actions. These are five ways business owners can get into trouble with the IRS that they might overlook or not realize. 1. […]

Filed Under: Tax Information

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