Yes, lawsuit settlements are taxable. However, there are some cases where you will not pay taxes. Research shows that approximately 95% of civil cases in the United States end with settlements and only 5% advance to trial. Now, you might be thinking, “Why do I need to worry about taxes when dealing with a legal…
So, you’ve got an old ride that’s seen better days, but you’re also feeling generous and looking for a tax break? Well, you’re in luck! Do you know that donating your car to a charitable organization in California can be a win-win situation? It not only gives you the warm fuzzies of helping out a…
Car donations involve giving a vehicle to a charitable organization. The charity organization you donated to may sell the car and use the proceeds to fund their programs. So what will you get in return? You can qualify for a tax credit. The tax benefit of donating a car to charity depends on the fair…
It looks like you are thinking about donating your car and scoring those sweet tax credits. When donating a car for a tax credit, ensure you avoid common mistakes that could jeopardize your tax benefits. Before you jump in, hold your horses! I’m about to lay down the knowledge on the most common blunders folks…
Charity organizations need that old car you parked in your garage and haven’t driven for the past three years. That’s not all. The good news is that you can get a tax write-off when you donate the car. The current increase in the prices of new cars in the market has increased the demand for…
There are instances when property owners believe their property assessments are inaccurately high, leading to an undue financial burden. Fortunately, you can challenge property assessments in Texas if you believe they are inaccurate or unjust. From understanding the reasons to protest and gathering compelling evidence to engaging in effective communication during hearings and exploring mediation…
Tax preparation software can impact tax filing processes. No business owner wants to get into trouble with the IRS, so you need a reliable software to help you achieve your goals. There are different tax filing software available, but TaxAct and TurboTax are two popular options on the market. Each offers a suite of features…
Today, we will discuss about a topic that could put some serious cash back into your pockets and supercharge your business growth – it’s all about “Tax Credits for Small Businesses in the US”! Now picture this – you’ve been working hard to build your dream business, serving your customers with passion and dedication. But…
Taxes are compulsory for individuals and businesses and staying ahead of tax responsibilities is a task that cannot be overlooked. As the financial year comes to a close, individuals and businesses find themselves navigating the intricacy of tax regulations and paperwork, often leading to undue stress and anxiety. Fear not, for the digital age has…
As a tax preparer, your expertise lies in tax laws, deductions, and credits. It is important to note that you can never be entirely immune to mistakes while you diligently serve your clients. Even the most experienced professionals can find themselves facing legal challenges due to errors or omissions in their work. That’s where Errors…