The bonus depreciation tax break allows businesses to deduct up to 50% of the cost of capital purchases upfront, resulting in big tax savings for business owners. In May 2014, the Ways and Means Committee of the Republican-controlled House of Representatives voted 23-11 – along party lines – to renew and make permanent the tax break […]
10 Tips To Avoid A Tax Levy
The Treasury Department has a well-earned reputation for being serious about collecting its due. The mere mention of its taxation arm – the IRS, is sufficient to invoke fear into the most honest of taxpayers. One reason for the trepidation generated by the IRS is that it has a potent arsenal of weapons at its […]
Top 10 benefits of working with a professional tax relief firm
Having an outstanding tax debt is becoming a growing issue that many Americans face. The number of Federal tax liens and levies filed by the IRS has grown significantly in recent years. In 2011, nearly 4 million tax levies were served on third parties, a 456% increase when compared to the same IRS reports from […]
Save Tax Green By Going Green
If you are eco-conscious, you probably sort your disposables for recycling, wash your clothes in cold water, carry reusable shopping bags to the grocery or perform other environmentally-friendly actions. But did you know that you may also be eligible to receive tax credits and deductions from Uncle Sam? While tax breaks for going green are […]
Tax Tips to Lower Taxes on Lotto Winnings
Who wins after every lotto draw? The taxman does, of course! Optima Tax Relief wants to help you save by providing tips for lowering taxes on your lotto winnings. How Much Are Lotto Winnings Taxed? Not only is the lottery a tax on people who are bad at math –US lotteries generally only pay out […]
Tax Deductions for Professional Gamblers
What could be better than winning $8.3 million at the World Series of Poker next week? Not paying taxes on all $8.3 million. Since a federal court ruling two years ago, there are tax deductions for professional gamblers similar to those for self-employed contractors and small businesses. Expenses like travel, meals, and lodging can be cut from […]
IRS Form 1040-ES & Estimated Tax for Individuals
You’re self-employed, which means that you no longer have to punch a clock or make that daily commute to spend the day in a cubicle. However, along with the freedom to set your own schedule comes the responsibility to make sure Uncle Sam gets his cut – and receives what you owe in a timely […]
7 Most Outrageous Tax Deductions
Think only celebrities and big corporations get away with outrageous tax deductions? We’ve put together a few reasonable ones you can take advantage of next year, and a few of the more outrageous tax deductions for fun. 1. Put your pup to work! Employing man’s best friend to protect your company grounds can offer some leeway with […]
Are Game Show Prizes Taxed?
Before you envy those game show contestants who win big, you need to hear the rest of the story. Some winners scoop up prizes worth tens of thousands of dollars, and maybe even a car. But often they don’t realize that those items are taxable. Depending on the details, they may not be able to […]
What Can NFL Players Deduct on Their Taxes?
Football season just kicked off and fans are keenly aware that the players out there are raking in more money in one season than most people will make in a lifetime. New Orleans Saints quarterback, Drew Brees for instance, is averaging $20 million a year. Most team members don’t make anywhere near that, but rest […]