Filing your taxes is one of the least exciting parts of owning your own business. However, your taxes on a small business can be extremely painful without proactive tax planning . Here are a few tax deductions that could help you keep more of your hard-earned money.
If you’ve become a 401(k) millionaire or amassed large sums in other tax-deferred retirement accounts, you can potentially shave your lifetime taxes by hundreds of thousands of dollars by converting part of it to a Roth IRA before you start collecting Social Security. But figuring out how much to convert—and when—is a tricky exercise.
The filing season recently began, and with it the public pleas intensified for the IRS to change, at least temporarily, its notice, collection, and penalty procedures.
At this point it should not be news to taxpayers that the last two filing seasons have been hard on tax professionals and that this season is not showing any signs of improvement. Still, it’s tax season and taxpayers need to be able to communicate with their tax professionals to ensure that their returns are filed timely, accurately, and most importantly this year, electronically.