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Tax

Do Nonprofits Ever Pay Taxes?

February 25, 2021 by Edgar Gomez

When you think about a nonprofit, the first thing that often comes to mind is that it is tax-exempt. Most nonprofits are not subject to federal, state, and local income tax. Does that mean nonprofits are completely free of ANY tax liability? The answer to this is likely no – there are still some taxes […]

Filed Under: Tax

How to Make Estimated Tax Payments

January 27, 2021 by Edgar Gomez

If you are paid a salary and receive a W-2 from your employer, part of your paycheck goes to Uncle Sam as federal withholding. These are payments toward your taxes. If you earn additional income beyond your salaried income, if you are under-withheld, or if you have your own business, you may need to make […]

Filed Under: Tax

ABLE Accounts – Final Regulations

December 31, 2020 by Edgar Gomez

ABLE (Achieving a Better Life Experience) accounts are for eligible individuals with a disability – they are tax-favored savings accounts to which contributions can be made to help pay for qualified disability expenses. The IRS recently released final regulations providing guidance related to various issues surrounding the requirements for 529A ABLE accounts. ABLE accounts were […]

Filed Under: Tax, Tips

9 Things to Do Before Year-End to Reduce Your Tax Bill

December 3, 2020 by Edgar Gomez

Who doesn’t want to pay less taxes, as long as it’s legally permitted? Here are nine tips to consider taking action on before 2020 comes to a close. Maximize Retirement Contributions Through Your Employer’s 401(k) Plan This type of plan allows you to contribute pre-tax dollars to retirement, and contributions directly reduce taxable wage income. […]

Filed Under: Tax, Tips

Tax Considerations of a Chapter 11 Bankruptcy Filing

November 5, 2020 by Edgar Gomez

Chapter 11 bankruptcy is a form of bankruptcy that can be filed by businesses or individuals. Its goal is to give the filer time to reorganize and reduce their debt rather than discharge it. Under this type of bankruptcy, businesses can continue to operate, and individuals can keep certain assets that might otherwise be sold […]

Filed Under: Accounting, Business Tips, Tax

Business Owners—Taking Money Out of a Business

September 10, 2020 by Edgar Gomez

When taking money out of a business, transactions must be carefully structured to avoid unwanted tax consequences or damage to the business entity. If the loan and repayments are not set up and processed properly, the IRS can reclassify the funding as nondeductible capital contributions and classify the repayments as taxable dividends, resulting in unexpected […]

Filed Under: Tax

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