Many small companies have paid corporation tax at the 19% rate of corporation tax, and have then extracted profits using a combination of a small salary to cover the personal allowance, and the remainder of the profits extracted via dividends. This is still likely to be a popular strategy to extract profits as its ensures [...]

Tax preparation, defined simply, is the act of preparing and filing of tax returns for individuals and Corporations with State and Federal Government. Pertinent information, especially all liabilities, deductions and exemptions for taxation, is given by the taxpayer to a government tax collecting agency. As a rule, individuals and organizations want to pay their taxes [...]

Having the right team of advisors is critical to achieving your financial goals faster than you ever thought possible. For most people, taxes are the single biggest expense. This makes finding the right tax preparer for your team extremely important. HOW DO YOU FIND A TAX PREPARER THAT IS RIGHT FOR YOU? First, not all [...]

With deadlines and penalties hanging over our heads, tax return preparation is indeed a scary thought. Governments impose penalties for late filing of tax returns. Tax fraud is punished even more severely. But sorting out tax codes, balancing tax liabilities with exemptions and deductions and making accurate calculations can be a real headache. If tax [...]

Congress recently passed the Economic Stimulus Act of 2008. It’s designed to inject $152 billion into the U.S economy. What does this mean to you? If you own a business, your business can take advantage of two tax breaks: Increased Section 179 Amounts and Bonus Depreciation. You could be one of the 130 million taxpayers [...]

Clients, with unreported income, may subject tax preparers to criminal penalties, fines, costs of prosecution and up to 10 years imprisonment (2 felonies, 2 misdemeanors): Any person who willfully attempts in any manner to evade or defeat any tax or payment of any tax imposed by the Code is guilty of a felony. A person [...]