A billionaires tax on unrealized appreciation has floated to make up for the billions of dollars in new revenue that would be raised by tax increase.
Build Back Better Act has been launched includes approximately 1.75 trillion dollars to combat climate change, extend health care and ease child poverty.
With the new tax hikes proposal developed this week in Washington, there are notable changes coming to your capital gains and dividend income taxing.
Tax hikes are back into the mind of legislators as they debate who will pay for the newly proposed 4.5 trillion dollar infrastructure bill.
The number of business owners who I have met that are overpaying on their taxes is astonishing. Many of them were already working with a CPA.
Almost all the clients we helped already have a bookkeeper, accountant, or CPA; some are even their family members or friends. Unfortunately, we found it is very rare that they are also tax strategists.
The IRS will facilitate the grant of relief to late-filing S Elections entities by consolidating many other revenue procedures.
A C-Corporation structure may be more beneficial. Under the Tax Cuts and Jobs Act, corporate income tax rates are a flat 21% compared to individual tax rates.
If you are a sole-proprietor operating with an LLC, you can elect to be treated as an S-corporation for tax purposes.
If you have a business location outside of your home, but also maintain a home administrative office to run your business, you can claim the home office as your primary office.