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Understanding Depreciating Equipment for Taxes

Every business requires equipment to operate, which makes it essential to understand the concept of depreciation equipment for taxes. What assets depreciate? Depreciating assets can be anything from machinery and equipment to vehicles, and they can help you to recoup part of your total cost over the equipment’s lifetime. This can provide significant tax savings

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Tax Corner I Blog

Sign on Bonus Tax: Essential Guide for Informed Decisions

One of the key incentives that companies offer to entice potential, high-demand employees in a competitive job market is a sign on bonus. The incentives can come in different forms, such as a one-time bonus check, stock options or RSUs, or a combination. Many people must consider the tax implication of receiving a sign-on bonus,

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A retirement compass illustrating the Virginia tax implications.
Tax Corner I Blog

Virginia Retirement Tax: Essential Facts and Guidelines

Located in the heart of the East Coast, Virginia offers retirees a friendly environment to live out their golden years. With a diverse mix of suburbs, small towns, and historic cities, it’s a place that suits the retirement lifestyle while offering many attractions to enjoy. For those nearing the end of their careers, one of

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A person is multitasking on a phone and laptop as they analyze a stock chart.
Tax Corner I Blog

RSU Tax Rate Arlington Virginia: Essential Information for Employees

Restricted stock units (RSUs) have become a popular form of compensation, especially in the tech industry. In locations such as Arlington, Virginia, many employees find that understanding the taxes associated with RSUs is crucial for effective financial planning. This article will provide an overview of RSU taxation, focusing on the particularities that may apply to

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Tax advice for IRS forms 3520 and 3520A displayed on a wooden table with calculator, glasses, and papers.
Tax Corner I Blog

Best Tax Advice for Form 3520 and 3520A: Expert Tips for Compliance

Navigating the complexities of tax preparation can be daunting, especially when dealing with foreign trusts and their reporting requirements. For U.S. citizens with interactions involving foreign trusts, it is crucial to understand the intricacies of Form 3520 and Form 3520-A. These forms are used to report certain transactions and ownership with foreign trusts, and filing

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A plant-adorned desk displaying a laptop, perfect for content creators managing their taxes.
Tax Corner I Blog

Taxes for Content Creators, Freelancers, and Influencers

As a content creator or freelancer, managing your taxes can seem daunting, but with the right strategies and knowledge, it can be manageable. Here are some tips for staying on top of your taxes and keeping more money in your pocket. 1. Keep Records The first step in managing your taxes is keeping track of all your revenue

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A calculator aids in calculating taxes for non-resident aliens.
Tax Corner I Blog

Taxes for Non-resident Aliens

If you’re a non-resident alien, taxes can be confusing and overwhelming. However, it’s important to understand how the United States tax code applies to you as a foreign person who conducts business in the country. Firstly, it’s important to determine your tax status. A non-resident alien is someone who is not a U.S. citizen, does

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A glass jar containing coins and a sign indicating IRA, optimizing taxes with IRA contributions.
Tax Corner I Blog

Maximizing Taxes with IRA Contributions

If you’re looking to save on taxes and invest in your future retirement, an Individual Retirement Account (IRA) can be a great option. One potential benefit of an IRA is the ability to deduct contributions from your taxable income. In this blog, we’ll explore the ins and outs of IRA tax deductions. Firstly, it’s important

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IRS check pen.
Tax Corner I Blog

 IRS Encourages Making Estimated Tax Payment by January 17

The IRS is encouraging and reminding taxpayers to make an estimated quarterly tax payment for 2022 by January 17. The IRS has already indicated that many taxpayers will have smaller refunds because many of the pandemic stimulus credits have expired and for those taxpayers that did not withhold enough already will likely end up with

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