“Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes.” ..... Judge Learned Hand - Helvering v. Gregory, 69 F.2d 809, 810-11 (2d Cir. 1934).
LATEST TAX POSTS
The IRS urges high-income taxpayers and those with complex tax returns to complete a “paycheck checkup.” Doing so will help them see if they are having the correct amount of taxes withheld from their paychecks for the rest of this year. The IRS Withholding Calculator and Publication 505, Tax Withholding and Estimated Tax, can help these taxpayers do[…]
(Source: ObliviousInvestor.com) Here’s a non-exhaustive list of things that are essentially unchanged as a result of the new law. (I say “essentially” unchanged, because many of these deductions/credits/etc. involve dollar amounts that are inflation-adjusted each year. And, going forward, they will be adjusted based on chained CPI-U rather than CPI-U.) The calculation that determines how much of your Social Security[…]
Sole Proprietorship FAQ Is there an easy way to estimate my ‘Small Business Income Deduction’ Sec. 199A tax savings? If your family’s income comes entirely (or nearly entirely) from a pass-thru entity like sole proprietorship and your taxable income is less than $157,500 a year (less than $315,000 a year if married and filing a[…]