Content Related To 'tax-laws'

Tax tip: Consider Incorporating for Corporate Taxes

If you’re operating a sole proprietorship or partnership, you might want to consider the advantages of incorporating your business. You will not only enjoy the benefits of limited personal liability but also generally pay less in taxes, namely the self-employment/Federal Insurance Contributions Act tax.



Tax Reform Act of 1976

This is an act that imposes criminal liability on accountants and others who prepare federal tax returns if they (a) willfully understate a client’s tax liability, (b) negligently understate the tax liability, or (c) aid or assist in the preparation of a false tax return.

Tax Consideration for Individuals

Lea en español Under the Internal Revenue Code, individual taxpayers may exclude certain money received from taxable income. The most common exclusions are: Gifts: A gift is generally not considered taxable income for the recipient. Federal law, however, set an annual limit on how much you may receive as a gift from any donor. Personal […]

Retirement plan contributions

Keep records of contributions to nondeductible individual retirement accounts, such as a Roth IRA, indefinitely. Without them, you may find yourself paying taxes again when the money is withdrawn. Some financial institutions keep records of IRA contributions, but its best not to count on it.