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What You Need to Know About Tax Planning for Your Business

Running a small business involves more than just getting up and going to work. It’s also about planning for taxes, which is why most small businesses choose to hire Nationwide Tax Resolution tax professional who can help them avoid expensive mistakes that could lead to penalties or interest charges when filing your taxes. In this …

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Best ways to get cash out of a C-corp and avoid double-taxation

If you’re a C-corp owner and want to get some cash out of your business, there are several options. However, if you don’t pay yourself or your employees in salary or dividends, then it’s important that you consider other options before resorting to dividend distributions as your primary means of generating income. Know your goals …

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How a recent IRS decision on mortgage interest is a bonus for unmarried couples

The IRS recently ruled on some aspects of the mortgage interest deduction. What this means is that an unmarried couple can each deduct mortgage interest on their own Schedule A. This doesn’t mean that a married couple can double the size of their mortgage and still deduct interest in full; in fact, there are rules …

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Don’t get Taxed twice when making Non-Deductible IRA Contributions

There are a lot of ways to make non-deductible IRA contributions. You can contribute to an employer sponsored retirement plan like a 401(k), SEP or SIMPLE IRA, and then convert your traditional IRA into a Roth if the conversion seems like a good idea. When you do this, you’ll likely have to pay taxes on …

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