Most entrepreneurs don’t get too excited about filing taxes. Self-employment taxes can be high and it can also be a challenge to keep all your financials organized throughout the year. The fact that you might have to pay taxes four times a probably won’t help your enthusiasm either. Paying taxes are inevitable though, and you’ll…
How to Reduce Your Taxes for 2023—Tips for Families With Children
Raising children can be expensive and it’s not getting any cheaper. One excellent place to start keeping more money for your family is to pay less in taxes. There are several ways to reduce your tax bill for the next year—and the earlier you start, the more money you will save. Take Advantage and Learn…
Non-Qualified Deferred Compensation: Retirement Savior or Risky Strategy?
April 20, 2022
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When it comes to taxes, the higher your income, the more you pay. If you’re employed and you are provided with the option of deferred compensation, the best option is to weigh the pros and cons to decide if it will work for you or not. Qualified Versus Non-qualified Deferred Compensation A deferred compensation plan…
Supreme Court Declines New York’s Challenge to Trump-Era Federal Cap on State and Local Tax Deductions
April 18, 2022
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The Supreme Court decided on April 18 not to hear an appeal from New York and three other Democrat-dominated northeastern states that were challenging the cap on state and local tax (SALT) deductions imposed by President Donald Trump’s 2017 tax law. The case is New York v. Yellen, court file 21-966. Janet Yellen was being…
Middle Class Will Eventually Shoulder Ottawa’s ‘Large Spending Programs,’ Says New Study
Taxing “the rich” to finance a large expansion of government would not generate enough revenue to cover federal spending programs and the middle class would eventually have to chip in, according to a new study. “If Canadians actually want a much bigger government, they’re going to have to pay for it with higher taxes,” study…
86 Percent of Middle-Class Families Face Higher Income Taxes Under Liberal Government: Report
A vast majority of middle-income families are paying higher personal income taxes due to tax changes made by the Liberal government, a new study by the Fraser Institute finds. The study, which focuses on couples or single parents with children under the age of 18, finds that 86 percent of families with combined incomes between…
Liberal Government Has Increased Income Taxes on Middle Class
Commentary Since taking office in 2015, the Trudeau government has repeatedly claimed to have lowered personal income taxes for middle-class Canadians. However, recent data demonstrate that the government has not actually provided income tax relief to middle-class families, and it continues to confuse government transfers with taxes. First, some quick history. After the 2015 election,…
Georgia Tries to Be Less Taxing
Georgia, with its strong economic recovery from the CCP (Chinese Communist Party) virus pandemic, may become the 10th state without a state an income tax. A former national leader residing in Georgia says the state income tax must go. “The time has come to abolish the Georgia state income tax,” writes Newt Gingrich, a former…
Abolish the Georgia State Income Tax
Commentary The time has come to abolish the Georgia state income tax. Sen. David Perdue was exactly right in proposing to eliminate the state income tax. He was also right in suggesting that he could work with the Georgia state legislature and find ways to return money to the people of Georgia rather than focusing…
Citizens Continue to Exit High-Tax US States
Commentary If you’re still wondering why raising the cap on the State and Local Tax (SALT) deduction was important enough to Democrats to sacrifice their stated principles and resort to brazen gimmicks in order to fit it into the reconciliation bill, look no further than the latest release of the IRS’s tax migration data, covering tax years 2018-2019. The data shows that…
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