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Everything Real Estate Investors Should Know About 1031 Exchange Rules

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It is important for any business owner to know about all the available tax breaks that they can claim, but real estate investors should be especially careful with their tax breaks to ensure they are not paying unnecessary (and costly) property taxes. A 1031 exchange is one such tax break that can help real estate investors save thousands on their taxes when filed properly.  What Is a 1031 Exchange? A 1031 exchange is a type of tax break that real estate investors can claim when they sell one property and reinvest the profits from the first property into another, similar property. Read More»

Why Should You Involve Accounting Services When Handling Business Taxes?

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Every business owner knows that running a business is never easy, particularly when it comes to handling taxes. Many business people get troubled when the tax season comes because tax preparation is tedious. However, preparing and filing business taxes is not challenging for a business owner who invests in accounting services. An accountant knows how to do business taxes and can help you diversify your income and investment. So if you don’t want to experience tax-related hurdles in your company, let a competent accountant handle your financial records. Read More»

Should You Hire A Tax Preparer?

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Every April, taxes are due in the United States. Many people choose to file their own taxes using software designed for that purpose. However, you can also choose to have your taxes filed by a professional. You may wonder if hiring a tax preparer is worth the cost. Here are five situations when you should consider it: 1. You are a freelancer. Freelancing gives you unparalleled freedom. You have the opportunity to choose your own hours and your own clients. Read More»

When To Hire A Tax Consultant

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Not everyone’s situation requires the expertise of a tax consultant, but they can provide helpful guidance in certain situations. If you’re having trouble with taxes, here are times when it’s appropriate to hire a tax consultant. You’re Being Audited If you ever go through an audit, a tax consultant who specializes in audits will be able to take you through the process. They’ll know what documents you should prepare, and they can advise you on how to address any questions or issues that arise during the audit. Read More»

4 Methods to Lower Your Property Taxes

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If you feel like your property taxes are too high, there are steps you can take to lower your property taxes and save some money. You can also get help through a tax service with assistance using the below methods to lower your property taxes. Method #1: Research Home Values One of the first things you are going to want to do is research home values. You can publicly access information about how values in your area. Read More»

Streamlining Your Tax Compliance Through Consultancy Services

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Tax is the primary revenue source of the government. Businesses are expected to remit payroll and corporate taxes for compliance. Most for-profit businesses are subject to taxes, regardless of the industry in which they operate. As such, firms must ensure they have a comprehensive tax compliance set in place to mitigate potential legal implications. One strategy entails contracting business consulting services concerning tax compliance. Business consulting agencies have certified personnel to guide companies on their tax obligations and compliance. Read More»

How To Achieve Tax Resolution

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Paying the taxes you owe is imperative. Paying your taxes is a legal imperative as well as a civic responsibility. Fortunately, it’s never too late to pay the IRS what you owe. If you owe back taxes, you may need the assistance of a tax firm that can help you with your tax resolution. Here are four steps a tax specialist may suggest that you take to resolve your tax status: Read More»

The Tax Implications Of 3 Retirement Savings Options

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Retirement planning is one of the most important financial moves Americans can make as they get older. But many people who can put away money focus on the size of their contributions and total amount saved rather than the tax implications of what they set aside. However, how your retirement income is taxed has an impact on your money both now and in the future. Here’s what you need to know about the three main tax options. Read More»

Double Income Taxation For Expats And How To Avoid It

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Expats face many challenges when moving and working abroad. One of these is their income tax reporting. Many expats find out during their research that the possibility of double taxation is very real. What is double taxation for foreign income, and what are the two ways to avoid it? Here’s what you need to know.  Why Might Income Be Taxed Double? No one likes paying income taxes, so the idea of paying them twice on the same income is alarming. Read More»

4 Advantages Of Working With A Tax Preparer

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Tax-related issues can be too complicated for most people to handle. For this reason, it is vital to hire a tax professional to help you with tax preparation. It may seem cost-effective to do it yourself, but it is not. If you try to do it on your own, you might realize that it is more challenging than you had thought, and it is better to hire a professional tax service provider to avoid making costly mistakes. Read More»