Throughout all the major life events, from getting married and buying a house to becoming parents and retiring, taxes play a significant role in your life. Once you understand how these life events affect your tax returns, you can take advantage of it. Adopting a Child You can ask for a 100% tax credit for…
The IRS audited nearly 9.8 million taxpayers in 2018 alone, despite the reports of a rapidly shrinking staff. You may think that the IRS is only interested in the big fish (aka corporations) but the reality is, you just never know. The best way to make sure you don’t become subject to an audit is…
If this is your first time filing tax returns, you may be feeling overwhelmed with what is taxable and what is not. With the return filing deadline less than 100 days away (April 15th, 2020), it is important for you to understand how much of your income is taxable. What is taxable income? The amount…
The deadline to file your 2019 taxes is fast approaching (April 15th, 2020), but if for some reason, you think you will need more time to file your returns, it is critical that you file a tax extension. With the help of an extension, you can easily get 6 additional months from the IRS to…
The IRS offers many tax-break programs to help people pay for medical expenses. Known as the tax-favored health plans, these programs are designed to help you (and your family) cover the medical, vision, dental, and prescription expenses. Read on to learn more about these plans. 2 Tax-Favored Health Plans to Maximize Your Tax Savings Health…
Once you are done filing your tax returns, what should you do with all the receipts, forms, and other paperwork? Should you just shred them and reduce the clutter or keep them? The IRS recommends that you should keep any documents that prove how much income you have earned and any other documents that support…
The federal government allows states to collect taxes in order to finance public and government services. Health benefits, law enforcement departments, public schools, and other institutions depend on these local and state taxes to keep serving the citizens. There are different types of state and local taxes, such as property taxes, individual income taxes, sales…
Phoenix Tax Consultants was named #12 on the Philadelphia 100 list of fastest growing companies in 2019. The Philadelphia100® was cofounded by the Entrepreneurs’ Forum of Greater Philadelphia to celebrate the success of both its CEO members and local CEOs, the Philadelphia100® awards identifies and honors the 100 fastest growing, privately-held entrepreneurial companies in the Greater Philadelphia Region.
They say only two things in life are certain: death and taxes. But these days, it seems that getting scammed by IRS imposters is also likely. While the American taxpayers are busy filing taxes, there’s a small group that has been working hard to scam innocent people out of their hard-earned money. Statistics show that…
As a small business owner, you may think that the IRS has bigger fish to fry than your small firm. But many reports have cited that the IRS is increasingly cracking down on small businesses for tax audits. You can avoid a lot of headaches (and fines!) by understanding and fulfilling your business tax responsibilities.…