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Tax brackets are pretty important when it comes time to pay your federal taxes. These brackets determine how much income tax you pay on your highest tier of income. Therefore, the name of the game is trying to reduce your tax bill by reading the fine print, taking advantage of deductions, and learning more about […] The post 6 Recommendations for Dropping Into a Lower Tax Bracket This Year appeared first on Banks.com - read more...

98 View, 0 Like, 0 dislike, 10 months ago

Your federal tax bracket determines the percentage of taxes you owe to the federal government each year according to how much taxable income you take in. The tax bracket, which is drawn out in a table, tells you what percentage you owe and approximately how much you will be paying. However, many people don?t realize […] The post Quick Tips for Determining Your 2017 Federal Tax Bracket appeared first on Banks.com - read more...

92 View, 0 Like, 0 dislike, 10 months ago

Nothing is more painful than realizing you forgot to include deductions towards your tax refund. This is money that is rightfully owed to you, and often overlooked if the proper care isn?t being put towards filing your taxes. From magazines to medical insurance premiums, it?s time to get out ahead of your taxes for the […] The post Want a Bigger Tax Refund? Here Are 5 Things You?re Forgetting to Deduct appeared first on Banks.com - read more...

92 View, 0 Like, 0 dislike, 10 months ago

I'm in the second row, two to the right of the spot near the center where, for color contrast reasons, the eye most naturally travels. I'd like to claim that I'm taller than I look here, but I suppose that is not an inherently promising line of read more...

101 View, 0 Like, 0 dislike, 10 months ago

As discussed in Eversheds Sutherland (US) LLP?s Quick Call: Legislative and Tax Reforms ? What This Could Mean for Business Development Companies, Congress is currently negotiating a tax reform package that, if passed, generally is expected to have a...By: Eversheds Sutherland (US) read more...

112 View, 0 Like, 0 dislike, 10 months ago

As I've noted in prior posts, one thing the tax bill does is strongly encourage non-employees to incorporate their businesses, including personal service businesses, and pay tax at only 21% federal. Even if they end up paying a second level of tax upon withdrawing their funds, there is almost no downside. And if they don't need to withdraw the money directly, they may never end up paying that second level of tax. And Congress openly invited this result by providing that the tax rate for personal service corporations will be 21%, or the same as the general corporate rate.Suppose a lot more read more...

85 View, 0 Like, 0 dislike, 10 months ago

As I've noted in prior posts, one thing the tax bill does is strongly encourage non-employees to incorporate their businesses, including personal service businesses, and pay tax at only 21% federal. Even if they end up paying a second level of tax upon withdrawing their funds, there is almost no downside. And if they don't need to withdraw the money directly, they may never end up paying that second level of tax. And Congress openly invited this result by providing that the tax rate for personal service corporations will be 21%, or the same as the general corporate rate.Suppose a lot more read more...

74 View, 0 Like, 0 dislike, 10 months ago

Everyone knows how unconscionably rushed and sloppy the Republican tax bill was.  What's gotten less focus is how the ineptitude of the process may pay future budget-rules benefits to the Republicans.Suppose we start from the bill's estimated $1.4 trillion ten-year cost (ignoring for now the "dynamic" issues that the Joint Committee thought might lower it to $1 trillion - although better estimates by analysts with greater independence from political pressure show less offset than this).Now suppose that two drafting errors or omissions, triggering massive tax avoidance responses that the read more...

94 View, 0 Like, 0 dislike, 10 months ago

Now that the Republican-sponsored massive tax bill is on its way to the Oval Office, taxpayers have two questions. The first is, "Will it help or hurt me when I get around to filing my federal tax return in 2019?" A variety of calculators offer some very broad hints as to that answer. The second is, "Will I see any benefits before the annual tax-filing time?" GOP members of Congress and the White House say yes. You should see the effect of the new tax rates, specifically more spending money, reflected in your February paychecks, promise Donald J. Trump read more...

85 View, 0 Like, 0 dislike, 10 months ago

Summary: - On December 15, Congress released its final version of Tax Reform ? the Conference Report Bill (the Bill). - Statutory language of the Bill may cause an unexpected tax hit on unwary U.S. stockholders who hold 10% or more of a foreign...By: Orrick, Herrington & Sutcliffe read more...

100 View, 0 Like, 0 dislike, 10 months ago