Many investors overlook the powerful strategy of tax-loss harvesting, which can serve as an effective financial safeguard as the year draws to a close. By intentionally selling underperforming assets, you can offset capital gains and potentially reduce your overall tax liability. This practice not only allows you to improve your [...]
Exorbitant tax debts can be a nightmare for individuals and businesses, but there is a glimmer of hope in the form of an Offer in Compromise (OIC). This challenging and complex process allows taxpayers to settle their IRS debt for less than what they owe, providing they meet certain criteria [...]
You can significantly reduce your tax liability by making timely contributions to your retirement plans. Understanding the various options available, such as traditional IRAs, Roth IRAs, and employer-sponsored plans like 401(k)s, empowers you to optimize your savings while minimizing taxes. By strategically timing your contributions, you not only increase your [...]
FAQ Q: What key elements distinguish Biden’s tax proposal from Trump’s? A: Biden’s tax proposal emphasizes increasing taxes on wealthy individuals and corporations to fund social programs, while also advocating for reducing the tax burden on middle and lower-income families. In contrast, Trump’s tax policy primarily focused on tax cuts [...]
Over the past few years, the introduction of the Inflation Reduction Act’s Book Minimum Tax has raised questions about its potential impact on various sectors, particularly in the telecommunications industry. She or he may ponder how this new tax could influence 5G competition among major service providers. They must consider [...]
Are you feeling overwhelmed by the burden of tax debt? The key to financial freedom lies in understanding how to calculate and reduce your tax debt through effective tax resolution strategies. In this guide, we will walk you through the steps to accurately calculate your tax debt, and provide you [...]
It’s vital for you to consider the benefits of a Charitable Remainder Trust (CRT) as a strategic approach to maximize your year-end tax savings. By allowing you to donate assets while retaining income from those assets during your lifetime, a CRT can reduce your taxable income and potentially lower your [...]
The Internal Revenue Service (IRS) has released the tax brackets and standard deductions for the year 2025. These updates aim to reflect the impact of inflation and legislative changes, affecting how much taxpayers in the United States will owe the government. For 2025, the IRS has maintained the seven federal [...]
**IRS Temporarily Halts Collection Efforts with CNC Status for Struggling Taxpayers** The Internal Revenue Service (IRS) has a measure called Currently Not Collectible (CNC) status, designed to aid taxpayers unable to meet their tax obligations. This status halts IRS collection activities temporarily, giving individuals time to manage their financial situations [...]
Once you have found yourself in the challenging situation of tax debt, it is imperative to accurately assess your ability to pay in order to take the necessary steps to reduce and ultimately eliminate the debt. To do so, you must thoroughly review your finances, gather all relevant documents, and [...]