One SEP Closer to Retirement
If you’re looking to defer taxes on business or self-employment income (think Schedule C) and save for retirement, a Simplified Employee Pension (SEP) may be …
Taxes
Blogs on tax related topics
Tips to Avoid Tax Penalties in 2020 and Beyond
Avoiding tax penalties can be the best way to save money.
Top 3 Tax Tips from the 2018 Tax Season
Well, another tax season is in the bag! While we decompress here at Edgar and Edgar, I thought it would be helpful to share our …
‘Tis the Season
We’ve had a few clients ask about taxes on gifts. Well, here’s the low-down. A tax-payer can give up to $15,000 per year/per recipient (2018) …
Tax Resolution 101
According to the IRS, in 2015 the IRS had 8.1 million open collections cases related to unpaid taxes totaling $137 billion dollars. That’s more than the entire annual budget for the US Department of Education. The new mission statement of the softer, gentler, tax payer friendly IRS is to “provide America’s taxpayers with top quality service by helping them understand and meet their tax responsibilities and by applying tax law with integrity and fairness to all.”
Don’t Horse Around! (Beware: Many more puns to follow)
For those of you out there who own racehorses (and let’s be honest – who doesn’t?), a change in the tax treatment of depreciating racehorses …
Don’t Horse Around! (Beware: Many more puns to follow) Read More »
Trump’s Tax Plan, Part 2: Fewer Itemizers?
In a previous blog, we discussed some of Trump’s proposed tax changes, and their potential impact on taxpayers. In this blog, we’d like to discuss …
IRS to Use Private Debt Collectors
There are almost 19 million people who owe more than $400 billion in back taxes to the U.S. Treasury. In late 2015, Section 32102 of …