Tax avoidance? Accelerating tax deductions, deferring income, changing one’s tax status through incorporation, and setting up a charitable trust or foundation. All of these are legal tax shelters. Tax evasion — that’s a different story. In tax evasion, you plan to reduce tax payable through illegal means. Abusive tax shelters reduce taxes, promoting the promise […]
You can be self-employed as a sole proprietor/an independent contractor, or a member of a partnership or of a limited liability company. As such, you need to file an annual income tax return and pay estimated taxes throughout the year on your income. Also, you may have to remit self-employment (SE) tax payments as well […]
Most of the papers you need to document the income, interest and withheld taxes you report arrive in your mailbox in January, with investment-related 1099s often coming in February. Get ready for their arrival by creating print and online folders. It’s a good idea to create a paper and an email tax folder for messages […]
Executive compensation has evolved dramatically in recent years — in creativity, complexity and dollar value. How so? Stock options, deferred compensation, fringe benefits and other noncash alternative forms of compensation are becoming increasingly popular, comprising larger and larger parts of executives’ overall compensation packages. Why is the IRS taking note? There are multifaceted tax implications, […]
