What is Section 179 Depreciation?
When you own a business, there are a wide range of tax deductions and exemptions that you may be able to qualify for. One type of deduction that may be available to you involves Section 179 depreciation, which applies specifically to depreciable assets. Knowing what this tax deduction is may help you reduce the amount…
Read MoreHow Much Can I Expect From Social Security Retirement Benefits?
There was a time when Americans were only able to receive retirement pensions from the Social Security Administration when they celebrated their 65th birthday; this was when the Social Security Act was passed by the United States Congress and implemented by the first administration of President Franklin Delano Roosevelt in 1935. It took about five…
Read MoreThe Importance of Filing Form 4868 to Extend Your Tax Filing Deadline
The deadline to file federal tax returns for the year ending December 31, 2021 is April 18, 2022. The United States Internal Revenue Service (IRS) is easing back from the measures implemented during the COVID-19 pandemic, which means that we are largely returning to traditional schedules in terms of filing dates, deadlines, and extensions. The…
Read MoreWhat You Should Know About Online Sales Taxes for 2022
After two years of social distancing and other public health measures that considerably limited brick-and-mortar retail operations, many American shoppers are happily returning to their favorite physical stores. While this is a welcoming development, retail industry analysts do not foresee a strong shift from online shopping to brick-and-mortar; if anything, they believe that the e-commerce…
Read MoreMaking the Most Out of Your Qualified Business Income Deduction
The Tax Cuts and Jobs Act of 2017 has not changed ever since it was enacted as one of the landmark legislative actions of the Trump administration. One of the most interesting aspects of this business-friendly tax legislation can be found in Section 199A, which is better known as the Qualified Business Income tax deduction.…
Read MoreWhat is the Qualified Business Income Tax Deduction? Everything You Need to Know
If you are currently self-employed or run a small business, there are many different tax deductions that you might be able to qualify for. One example of these deductions is the Qualified Business Income (QBI) deduction, which can lower your federal tax obligations by as much as twenty percent. That’s a pretty big chunk of…
Read MoreWhat is an Economic Injury Disaster Loan?
No matter how much planning we do, disasters will occur. Both the COVID-19 pandemic and a recent uptick in natural disasters have affected many different components of our lives—including the viability of some small businesses. Across the country, there are countless small businesses that were once thriving and are now in need of financial assistance.…
Read MoreUnderstanding The 1031 Exchange
If you have owned an investment property and have thought about selling it off, then you know you need proper knowledge on 1031 tax-deferred exchange. 1031 tax-deferred exchange allows a property owner to sell their property and buy a like-kind property, as a replacement, while deferring capital gains tax. This article aims to articulate the…
Read MoreThree Types of Life Insurance: Whole, Term and VUL (Variable Universal Life)
Life insurance is widely regarded as one of the most important investments you can make; however, it is one that many still overlook. According to statista.com, in 2021, only around 52% of adults in the US have a life policy, which means that almost half do not have any cover at all. This article will…
Read More