by Karla Dennis | Jul 16, 2013 | Blog
With the New Health Care Reform Law, many medical professionals are second guessing staying in the medical field. Not only do medical doctors have to be concerned with the new burdens the Health Care Reform Law brings, they are also heavily burdened with income taxes. After spending several years to become a doctor and make an above average income, many doctors probably never thought about how that income could cause them to generate so much income tax. If you’re a doctor, not only are you paying income taxes, but in some cases, depending on how your income is paid to you, you may be paying alternative minimum tax as well as self-employment tax. Your tax bracket may be as high as 39% when you compare your total tax bill to your total taxable income. It may have crossed your mind once or twice as to whether or not there is anything you can do to lower your taxes. You may think that you’re working really hard but not really seeing the results of labor. read...
by Karla Dennis | Jul 16, 2013 | Blog
In 2011, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation. These inflation adjustments relate to eight tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law on Dec. 17. New dollar amounts affecting 2011 returns, filed by most taxpayers in early 2012, include the following: • The value of each personal and dependent exemption, available to most taxpayers, is $3,700, up $50 from 2010. read...
by Karla Dennis | Jul 16, 2013 | Blog
Each year the Internal Revenue Service sends millions of letters and notices to taxpayers for a variety of reasons. Here are eight things to know about IRS notices – just in case one shows up in your mailbox. 1. Don’t panic. Many of these letters can be dealt with simply and painlessly. They key is to open the letter and not ignore it. 2. There are a number of reasons why the IRS might send you a notice. Notices may request payment of taxes, notify you of changes to your account, or request additional information. The notice you receive normally covers a very specific issue about your account or tax return. read...
by Karla Dennis | Jul 16, 2013 | Blog
Les Brown is a top motivational speaker whose passion is empowering youth and showing them a larger vision for their futures. Les Brown’s life itself is a true testament to the power of positive thinking and the infinite human potential. Leslie C. Brown was born on February 17, 1945, in an abandoned building on a floor in Liberty City, a low-income section of Miami, Florida, and adopted at six weeks of age by Mrs. Mamie Brown, a 38 year old single woman, cafeteria cook and domestic worker who had very little education or financial means, but a very big heart and the desire to care for Les Brown and his twin brother, Wesley Brown. Les Brown calls himself “Mrs. Mamie Brown’s Baby Boy” and claims “All that I am and all that I ever hoped to be, I owe to my mother”. read...
by Karla Dennis | Jul 16, 2013 | Blog
A tax preparer is an accounting or tax professional that can help you file your tax returns as required every year. Well-known companies like H&R Block and Jackson-Hewitt promise fast and accurate tax preparation, but they are also known to charge a substantial fee for their services. Determining whether a tax preparer is right for you is something that depends on the complexity of your return and the potential savings a tax preparer could find for you. Typical tax preparer costs vary depending on the type of tax return you need to file; no two people are alike when it comes to tax preparation. Additionally, no two tax years are similar for the same individual. Tax preparer costs can run from several hundred to a few thousand dollars per return. With this in mind, it is important to speak to someone who knows the code that is affordable for the average tax filer. read...
