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What to Do If You Need a Tax Extension in 2019

There are plenty of reasons you may need a tax extension this year which, in general, the government will accept unless there’s an extraordinary circumstance. However, there are a few important things to keep in mind if you’re going to take that route. After weighing some of the pros and cons, there are things you need to know should you choose to file for a tax extension this year.

3 Huge Tax Breaks for the Self-employed

Starting a business is a great idea in so many ways.  Giving yourself the freedom to work whenever and wherever you want is priceless (figuratively speaking).  Especially in the beginning, it essential to give yourself and your business the best chance to survive financially.  An important piece of the puzzle?  Tax breaks.  There are tons of deductions and subtractions which were created specifically for small businesses.  Do not miss out on these breaks when filing your 2018 tax return.

Simplified Employee Pension (SEP-IRA)

One of the biggest mistakes new business owners make is forgetting to create a retirement account.  Giving up employer contributions to a retirement account is a big hit for some people.  If you have not already done so, you must consider starting a SEP-IRA because:

  • You need to save money for retirement, and you do not want the money to be stagnant. Make it work for you utilizing the stock market.
  • The money you contribute is pre-tax and you can contribute up to 25% of your net income. The maximum contribution is $49,000.  Keep in mind that the max one person can contribute to a traditional 401k is $18,500 for people under 50.
  • You can decide what to contribute at the end of the year. If your business did well, contribute more and vice versa.  This flexibility is key for many business owners.

Did Trump Report Bankruptcy On His Taxes?

One of the biggest issues of the most recent Presidential election was the release of Donald Trump’s tax returns. Not that long ago some of that data was released, and the debate on whether it was done voluntarily or was leaked continues. Another point of contention surrounding President Trump’s tax

Is My Tax Refund Safe In Bankruptcy?

This time of year a lot of workers’ thoughts turn to whether they will get a tax refund, or have to pay in a bit more to Uncle Sam. For those of you that do get a refund, it can be a real boost to your finances, allowing you to

Can I File Bankruptcy If I Haven’t Filed Taxes?

Filing taxes is just about one of the least enjoyable parts of every new year. From the minute you start getting your W2’s in the mail, to the moment you put together all of your documents so tax preparation can begin, the thought of having to fork over a chunk

Are There Tax Implications To Bankruptcy?

It has been said that the only certainties in life are death and taxes. While death can’t be avoided, there are circumstances where certain taxes can be, or at least the amount of tax owed minimized. A frequently asked question about filing bankruptcy is how your tax status is impacted,

What To Do About Back Taxes

Having any kind of debt can be overwhelming, especially if you are unable to make the payments. But one type of debt that seems to be more difficult to handle than others is taxes. Perhaps it is because American workers are fed up with the tax system, and the idea