In the 2019 tax year, the average income tax refund was $2,535. While splurging on a stellar vacation or a shopping spree may seem like an option, it's not the best option. In fact, there are a number of different ways you can invest your tax return to amplify the benefits for several years to come. Let's take a closer look at a few top ways you can intelligently invest your income tax refund. And if you would like a more tailored or personalized solution, don't hesitate to reach out to the team at the MB Group.
Whether you're a business owner or an individual, it's completely normal to request more time to file your federal income tax return. In fact, over 10 million taxpayers request tax extensions each year. Let's take a closer look at tax extensions, what's involved in the filing process, as well as a couple of FAQs. And if you would like more personalized or tailored guidance based on your unique situation, don't hesitate to reach out to the team at the MB Group today.
The hustle, the fear, and the anxiety — it must be tax season. And if you experience any or all of these symptoms, you may be suffering from tax phobia or IRS phobia. While cynics may smirk at the notion, this issue has been documented as far back as 1984 when the Washington Post penned an article entitled "Fear of Filing". What's one of the outcomes of IRS phobia? Procrastination.
Contrary to popular belief, what you don't know can hurt you, especially when it comes to tax deductions you may have missed for your business. Failing to capitalize on all of the tax deductions you may be entitled to is synonymous with leaving the proverbial "money on the table." However, making sure you have maximized every tax deduction available is easier said than done —unless you have year-round tax planning with an experienced accountant or CPA.
At the MB Group, one of the most common questions we receive during tax preparation is whether a business owner or individual should choose standard vs itemized deductions on their tax returns. The answer always depends on the business or individual's situation. While both deductions are designed to reduce your taxable income, itemized deductions offer greater potential for more savings. Let's take a deeper look at standard vs itemized deductions and how MB Group can help you decide.
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?
To put it shortly, CPAs are tax preparers, but all tax preparers aren’t necessarily CPAs. We're here to help differentiate a CPA vs tax preparer below.
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.