Dealing with tax issues can be overwhelming and stressful. Whether you owe back taxes, are facing an audit, or have other tax-related problems, it’s essential to seek professional help. Novicta Tax is here to assist you with their experienced Enrolled Agents who specialize in tax resolution services. What is Tax Resolution? Tax resolution is the…
Tax planning is an important part of financial planning, as it helps you maximize your savings and minimize your taxes. Knowing the difference between tax preparation and tax planning can help you decide which one is right for you. Tax preparation is focused on preparing and filing your taxes, while tax planning is more proactive…
With the recent passing of the Inflation Reduction Act, the IRS has been given an 80 billion significant budget increase, effectively doubling the size of the agency. This means that IRS enforcement is on the rise, making it more important than ever to understand how to minimize the risk of an audit. In this topic, we will explore the…
If you earn income, you’ll owe taxes to the U.S. government and possibly your state and local governments. If you don’t pay enough tax, you may be charged with an underpayment penalty, also referred to as an estimated tax penalty. Knowing your deadlines and responsibilities when paying and filing taxes IS CRITICAL to SAVING taxes. Penalties…
A small business will save you taxes with better write-offs, and help you build wealth with more cash flow. My clients save taxes and built their wealth with a small business. It can be a side hustle or owing a small rental property. I’m not proposing setting up any business just for tax write-offs, but…
What is an IRA? An individual retirement account (IRA) is a retirement savings account that offers tax breaks. It allows contribution with tax-free growth or on a tax deferred basis. How Many types of IRAs? There are two types Traditional and Roth IRA. 1-Traditional IRAs- You can make pre tax contributions and earnings on Investments can grow tax deferred…
What Is a Backdoor Roth IRA? A backdoor Roth IRA is a strategy rather than an official type of individual retirement account. It is a technique used by high-income earners—who exceed Roth IRA income limits—to convert their traditional IRA to a Roth IRA. Depending on your age, you can make a contribution of either $6000 or $7000 into…
An S-Corporation, is a common entity to save taxes, and most small business owners, professionals, practitioners etc. should be using them as their entity of choice. A S-Corp is a tax designation available to corporations and LLCs. S-corps are named from the subchapter of the Internal Revenue Code—subchapter “S”—under which the tax designation is spelled…
What is a Roth IRA? A Roth IRA is an individual retirement account (IRA) in which your investment grows tax-free. You can withdraw your contributions at anytime and income at qualified events penalty free. Your contributions are made with after tax dollars which means that you don’t get any tax deduction in the year you…
What is HSA? The Health Savings Account or HSA is one of the most powerful pieces of a well-designed health care plan. The HSA puts you in control of your own healthcare strategy. It is helping you to save on taxes, cut costs, and build wealth for future healthcare expenses. What are the benefits of…
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