Tax Saving

Tax Resolution Services: Get Expert Help from Novicta Tax Enrolled Agents

Tax Resolution Services: Get Expert Help from Novicta Tax Enrolled Agents

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…

IRS Penalties and Interest

IRS Penalties and Interest

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…

What is IRA

What is IRA

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…

Backdoor Roth IRA
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Backdoor Roth IRA

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…

Save tax with S-Corp

Save tax with S-Corp

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…

Roth IRA Magic
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Roth IRA Magic

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…