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Tax Planning Archives

Understanding the pros and cons of tax filing extensions

It may seem hard to believe, but the deadline for Tax Day 2017 is now just over a week away, falling, oddly enough, on Tuesday, April 18 owing to an especially peculiar calendar year that sees April 15 fall on a Saturday and the following Monday fall on a designated holiday in Washington, D.C.

When is cancelled debt treated as taxable income?

Given that Tax Day 2017 is still roughly six weeks away, it would not come as anything of a surprise to learn that there are still many people who have yet to complete their federal income tax returns. For some, this delay may have to do with their accountant's busy schedule, while for others it may have to do with simply finding the necessary time.

Intentionally paying your federal tax bill late?

Most of the time, paying your taxes on time is the best strategy. The Internal Revenue Service takes a dim view of late payments and it charges interest and penalties for that late payment. In addition, you still must file your income tax return on time or request an extension, which would seem to make it beside the point, unless you cannot afford the tax.

Tax planning for 2017

With the beginning of a new presidency and with Congress in Republican control, it seems likely that there could be more changes made to the Internal Revenue Code than in an average year. There have been major tax proposals made that could result in significant changes, such as the elimination of the Estate Tax and the removal of some of the tax brackets.

New rules from IRS on captive insurance

Captive insurance is a device used by some small businesses in Ohio to provide a form of self-insurance. The "captive" insurance company is a captive of the entity it insures. For instance, a factory or manufacturing plant may create a captive insurer to protect it from certain types of risk that may be more expensive in the traditional insurance market or altogether unavailable.

Didn’t someone pay the taxes?

It happens rather frequently. A well-known entertainer or celebrity makes headlines because they have been hit with a massive tax lien for delinquent taxes. Many may wonder how this could happen. They appear to be making many times the income of an ordinary worker, how could they, like the musician Nelly, suddenly find themselves facing a $2.4 million tax lien?

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