Archive for Tax Tips

Tax Saving Tips For Contractual And Project Based Employees

Nanda Kumar, Tax Advisor, Tax Blog, Sterling, Virginia, USA, TaxConnections

Being a contractual or project based employee has quite a few benefits when it comes to taxes. For an instance, you are eligible for a few tax deductions without even having to itemize the same. The following are some great ways of saving money on tax dollars if you a contract and/or project based employee.

Include Business Expenses

A lot of contract employees either shy away or are too skeptical when it comes to deducting business expenses from their returns.As a project based or contract employee, it is imperative that you keep a track of all your earnings throughout a year. If you can manage, having separate cards and accounts for business and personal usage would be ideal. Read more

Five Tax Tips For Job Changers

Henry Lock, Tax Advisor, Auburn Hills, MN, TaxConnections

There are a lot of new things to get used to when you change jobs, from new responsibilities to adjusting to a new company culture. One thing you may not have considered are the tax issues created when you change jobs. Here are tips to reduce any potential tax problems related to making a job change this coming year.

Don’t forget about in-between pay. It is easy to forget to account for pay received while you’re between jobs. This includes severance and accrued vacation or sick pay from your former employer. It may also include unemployment benefits. All are taxable but may not have had taxes withheld, causing a surprise at tax time. Read more

2017 Year-End Tax Savings Tips – Do Not Overlook

William Rogers, Tax Advisor

With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher.

Timing income and expenses can be a little more challenging for accrual-basis taxpayers than for cash-basis ones. But being an accrual-basis taxpayer also offers valuable year-end tax planning opportunities when it comes to deductions. Read more

Top 3 Tips For Handling Self-Employed Taxes

MileIQ, Tax Advisor

For self-employed individuals, there are a lot more steps involved when it comes to taxes than for most people. Here are some tips to help you keep as much of your hard-earned money as you can.

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Top Year-End Tax Planning Strategies for US Expats in 2017

Hugo Lesser, Tax Advisor

Year-end tax planning is slightly different this year due to the proposed changes to the tax system. Despite this uncertainty however, there is still plenty that expats can do before the holidays to make their lives easier in 2018. They can even save some money, too!

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Disastrous Tax Issues: A Review & Last Minute Details

Eva Rosenberg, Tax Advisor

Generally, whenever a major disaster strikes in the United States, the president issues a declaration – which triggers some special tax breaks and extensions for those in the disaster area.

In this case, President Trump has issued declarations for 9 disasters,  since taking office. We know there will be one for Hurricane Irma. But, so far, he has not issued the usual declaration for the Los Angeles – La Tuna fires. (But that’s a whole other discussion.)

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Make More Money Investing? Maximize Your After-Tax Return!

Benjamin Franklin famously said, ‘A Penny Saved is a Penny Earned’ and I couldn’t agree more. Investors are always looking for ways to grow their account balances and reducing their tax bill might be the simplest way. Here are a few ways to get more out of your investments by paying less in taxes:

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Canadian Tax FAQ – Lunch & Learn Program – Free Tax Advice

Grant Gilmour

What is the cost of asking tax questions? How can I avoid huge fees when I have a “simple” or “quick” question?

One of the things that often creates unnecessary friction between clients and advisors is the cost versus value of advice asked for and received.

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Last Minute Tips For Filing Tax Returns

Are you one of the millions of Americans who hasn’t filed (or even started) your taxes yet? With the April 18 tax filing deadline quickly approaching, here is some last minute tax advice for you.

1. Stop Procrastinating. Resist the temptation to put off your taxes until the very last minute. It takes time to prepare accurate returns and additional information may be needed from you to complete your tax return.

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“You Haven’t Paid Taxes In How Long?!”

Barry Fowler

It’s a brand new year and you’ve decided to take a deep breath and finally address your unfiled and unpaid taxes.

Yes, it’s scary, but you know it’s not getting any better and your tax bill is getting bigger every day you ignore it.

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Building The Pipeline For Your Firm—3-Part Webinar Starting December 7th

Monika Miles

Most of us don’t like to have to go out and sell – partly because it makes us feel like we are “asking” for money. In my last Rainmaking blog, I asserted that it’s hard to ask for money and that theme continues to resonate. But what if asking for money were easier? What if it didn’t have to seem like asking for money? What if asking your clients to assist them with their tax, accounting and finance needs just seemed like an ordinary part of the conversation?

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