The IRS grants tax exempt status to certain types of organizations in order to give relief of some financial burden. This status must be applied for. Once granted, your organization will be able to have business income that is free from federal taxes.

When it comes to your taxes, you want to save as much as possible. As December 31 gets closer, it's important to turn your attention to maximizing your ability to take advantage of tax breaks. Whether you had a great year financially or found it to be a struggle, here are some great tax strategies you should implement before year's end.

If you are a person who has assets of significant value, you want to pass this wealth on to your heirs. To do so while minimizing estate taxes and providing the assets to your heirs tax-free, it is vital you understand tax strategies that work best in these situations.

As a business owner, tax season is probably not a time of year you look forward to each time it rolls around.  However, you also know that getting your taxes completed and filed as easily and quickly as possible will make your life much easier in the months ahead.  Unfortunately, many business owners get so caught up in other activities during t

The percentage of tax returns being audited each year has steadily declined, due in part to dwindling government resources. Still, if you’ve been notified of a pending audit, those percentages don’t mean much. The only thing that matters is the situation that you’re now in.

There are three financial statements that every company needs to understand, review and produce, on an annual basis, at a minimum.  These consist of the Profit and Loss statement (P&L), Balance Sheet (BASH) and the Cash Flow statement.  The profit and loss statement, also commonly known as the income statement, shows the chang

Now that tax season is here, the early indications of the effects the 2017 Tax Reform are starting to show.  While fewer people have filed their returns than this time period in past years, the data is showing that more and more Americans are seeing lower refunds  than in years past.  Many taxpayers did  not understanding the full

Most of the time, children are considered to be an extension of their parents when it comes to legal application until the age of majority.  Therefore, many taxpayers are surprised to learn their child is a separate taxpayer, even as a minor.  If your child has enough income, he or she has an obligation to file a return and pay the tax.  In some

With the introduction of the Tax Cuts and Jobs Act, many taxpayers are wondering how it will affect the tax deductibility of their medical items – like insurance.  Largely, the new tax bill has left these deduction as they were, albeit perhaps harder to take the itemized deductions

It used to be that the term “Section 1031 Exchange” or even “Like-Kind Exchange” was uncommon except in certain circles.  But as the idea of tax strategies have reached more and more taxpayers coupled with the housing market’s fluctuation in recent years, 1031s have b