WHEN IN DOUBT, DON’T THROW IT OUT Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the “three-year law” and leads many people to believe they’re safe provided they retain their documents for this period of time. Even if the original records are provided only …
Tax planning is the process of looking at various tax options to determine when, whether, and how to conduct business and personal transactions to reduce or eliminate tax liability. Many small business owners ignore tax planning. They don’t even think about their taxes until it’s time to meet with their accountants, but tax planning is …
2022 Tax Rates – Single Taxpayers – Standard Deduction $12,950 2022 Tax Rates – Married Jointly & Surviving Spouses – Standard Deduction $25,900 10% 0 to $10,275 12% $10,275 to $41,775 22% $41,775 to $89,075 24% $89,075 to $170,050 32% $170,050 to $215,950 35% $215,950 to $539,900 37% Over $539,900 10% 0 to $20,550 12% $20,550 to …
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