by Karla Dennis | Jul 20, 2014 | Blog
One of the biggest mistakes that people facing a tax audit often make is not understanding the level of competence the person preparing their tax return has. There are many people that are highly qualified to prepare and submit tax returns on your behalf, however it takes an entirely different level of education for a preparer to help you through an audit by applying the tax law to it. When choosing someone to help you with an audit, ensure that they know and understand the magnitude of the tax law and how it applies to your situation. read...
by Karla Dennis | Jul 17, 2014 | Blog
Numerous taxpayers throughout the country miss out on tax benefits and deductions each and every year. There are so many deductions that a basic taxpayer often forgets to take; regardless of whether they get a refund or have to pay in, it costs them money in the long run. Watch as Karla discusses some of the deductions that you should keep in mind when completing your taxes as well as why it is so important to have a conversation with your tax professional and take a comprehensive look at your entire tax situation before filing. read...
by Karla Dennis | Jul 13, 2014 | Blog
If you invest in real estate there are many different tax strategies that you can implement into your tax plan. From a tax perspective you can’t go wrong with investing in real estate because, across the board, there are a number of different benefits to take advantage of. Listen as Karla discusses some of the tax strategies and advantages of not only owning, but investing in, real estate and how they can help mitigate your tax...
by Karla Dennis | Jul 10, 2014 | Blog
Many business owners fly by the seat of their pants when it comes the financial aspect of running their business; one thing they don’t think a whole lot about is cash flow. Karla wants to help you, as a business owner, get from red to black and get profit moving in your business. Having at least 90 days of working capital on hand is recommended to sustain yourself if you’re a business owner. Listen to find out more about how you can successfully get the cash flowing back into your business. read...
by Karla Dennis | Jul 8, 2014 | Blog
Do you know what tax bracket you are in? Many Americans may not know what tax bracket they find themselves in, but that doesn’t mean that you can’t establish a strong tax strategy. A recent survey suggested that Americans pay, on average, 11% of their income to the federal government, but that doesn’t mean that is what you will plan on paying. In fact, some people will pay less and others will pay up to 30% of their gross income to Uncle Sam. The good news is that there is a way to hone your tax strategy so you can pay the least amount of taxes possible. First, your tax strategy should include savings that allow you to defer taxes. Savings like a 401K, health savings accounts, or even IRA’s allow you to defer the amount of money that you pay in taxes. Another good tax strategy is to manage all of your gains. Don’t allow those charitable donations and other tax deductible items pass you by. Take advantage of all the savings that you can to reduce the amount of money you have to pay to the federal government. Finally, you can reduce your taxes now with savings accounts that allow you to pay fewer taxes. Talk to your tax professional about all of the ways that you can reduce your tax burden as part of your tax strategy. When you create a tax strategy that considers all options, you can do a lot to reduce your overall tax debt. It involves having good timing and keeping people on your side that understand tax strategy. They can help...
