Tax

Tax time is over and if you're like most people, you probably don't even want to think about your taxes right now, but now is the best time to start thinking strategically. Working with a proactive CPA, instead of with someone who prepares your taxes and you discuss...

A tax deduction and a tax credit are two different types of tax benefits that can help reduce your overall tax liability, but they work in different ways: Tax Deductions A tax deduction reduces your taxable income, which in turn reduces the amount of income tax you...

I joined Aligned CPA in October, 2022 as the Director of Advisory Services, bringing CFO services to the tax world in order to foster perfect Alignment for our clients. My Experience I spent the last 19 years in the banking industry as a Senior Vice President, holding...

The newly enacted Inflation Reduction Act contains tax credits and depreciation benefits for owners of commercial property and residential rental property. If you implement various types of renewable energy improvements, you can qualify for hefty tax credits or...

Do you know all the ways to collect tax-free income? Surprisingly enough, there are still more than a few ways to do it. Here’s a summary of what we think are the best federal income tax-free opportunities for individual taxpayers. Break 1: Tax-free Income...

Small Business Taxes Self-employment taxes are to individual business owners what payroll taxes are to employers and employees. They fund Social Security and Medicare. All individuals with self-employment income must pay self-employment taxes, regardless of their age....

Tax Reduction Strategies As a business owner, you are in the tax reduction driver’s seat. This is true regardless of how you operate your business (sole proprietorship, partnership, S Corporation, or C Corporation). The tax planning strategies we’ve listed below apply...