Taxes

The Tax Cuts and Jobs Act – C Corporation Tax Rates

Last time, we looked at individual tax rates. This time, let’s look at the bigger picture of C Corporations. PART 2   C Corporations currently pay taxes on a graduated scale up to 35% of taxable income. Personal service corporations (attorneys, engineers, etc.) pay at a flat 35%. Beginning in 2018, all C Corporations will…
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What You Need to Know About IRS Scam Calls

This summer has seen an uptick in IRS scam calls, and an evolution of strategies from the scammers themselves. We have received many calls and e-mails attempting to verify whether or not a call is legitimate, and most have unfortunately been fraudulent. On August 2nd, the IRS released a bulletin in which Commissioner John Koskinen…
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Use Tax Compliance for Business Owners

Business owners pay many different kinds of taxes every year. Of those taxes, sales tax is probably the easiest to understand. If a business owner buys $100 in dental supplies and the tax rate is 10%, then the business owner pays an extra $10 to cover the tax. The vendor collects and pays the sales…
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Electronic Tax Payment Options

In recent years, the U.S. Treasury and Alabama Department of Revenue have become more accommodating to different tax payment methods. While the availability of bank draft and credit card payment options is nothing new, these methods are now available for free. Instead of fighting the tax day traffic at the post office, you can now…
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Itemized Deductions from A to Z, Part 12: Job Expenses and Miscellaneous Deductions

This is part twelve in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. We’re almost done with our series on itemized deductions. The final sections we’ll cover…
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Itemized Deductions from A to Z, Part 11: Some Rules Regarding Casualty and Theft Losses

This is part eleven  in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Thankfully, we don’t see a lot of casualty and theft losses. For a casualty…
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Tax Extenders Law Passes…Finally!

After a long wait, Congress has finally passed a law that extends many popular tax provisions into 2014. These provisions, commonly known as “extenders”, have been hanging in limbo since they expired at the end of last year. The President still needs to sign the bill, but we expect that to happen any day now….
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Itemized Deductions from A to Z, Part 9: Motorized Donations

This is part nine in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Donating a car, boat or airplane can be complicated, depending upon the value and…
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Itemized Deductions from A to Z, Part 7: Charitable Contributions in Cash

This is part seven in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. Cash contributions are relatively straightforward—you donate $100 to a qualifying charity (no benefit provided…
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Itemized Deductions from A to Z, Part 6: Feeling Charitable and Making Contributions

This is part six in our series on Itemized Deductions. To read the rest of the series, click here. For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. First, let’s look at what type of organization qualifies to receive deductible contributions. The…
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