For millions of Americans, April 15th (tax day) brings confusion and anxiety. Dealing with the IRS can be unnerving, and even a minor error on your tax return can mean audits, fees, and penalties. If you want to avoid unnecessary stress this year, these simple tax planning strategies can help make the process quick and stress-free:
Tax season can be a chaotic and stressful time for many Americans. Each year you likely have a laundry list of questions and don’t always know where to begin to turn in order to get the answers you need. In your search you may come across a variety of options for tax professionals, but how do you know you’re choosing the right one for your tax preparation needs?
The 1031 exchange is a powerful tool that can help you save immensely on taxes following the sale of a property. It's a tax-deferral program that allows you to sell a property and then reinvest the proceeds from the sale into another property of greater or equal value.
Recently, there have been many updates on important matters related to the ongoing health crisis in our country. IRS action has already been taken and federal tax legislation already enacted to ease tax compliance burdens and economic pain caused by COVID-19.
It's not a secret — high net worth people are poised to pay the most in taxes. And because you pay the most, you also have the ability to utilize high net worth tax strategies to help reduce your overall tax liability. At MG Group, we're a team of accounting and tax professionals who offer experience helping high net worth individuals reduce their tax liability. Let's take a closer look at six different high net worth tax strategies you may be able to use to save.
When it comes to worrying about your taxes, most people only worry about it when tax season rolls around in late January. This is when employers send out W2’s for the year and most people get a start on filing their taxes.