Understanding Taxes

Taxes! Even smarty pants Albert Einstein recognized the challenge of income tax when he claimed they were “the hardest thing in the world to understand.” Life events like marriage, retirement, selling and inheriting property whether foreseen or not, can make tax obligations more complicated and create a large financial burden that was avoidable with proper guidance. That said, changes in the federal and state tax codes can screw up tax planning. That is why we as consumers and business owners, need to stay on top of changes. July 2019, the District of Columbia and twenty-three states implemented significant tax changes: such as sales tax collection for remote sellers and a new tax on vapor products. To help you become more informed about planning, or alerting you to instances where you may want to seek professional help, we have put together the following list of helpful resources to improve your understanding  of taxes, tax deductions, and tax relief options:

  • Website: Tax Foundation 
  • Website: Federal Trade Commission- Consumer Information 
  • Website: SBA Business Guide
  • Book: 475 Tax Deductions for Businesses and Self-Employed Individuals: An A-to-Z Guide to Hundreds of Tax Write-Offs Thirteenth Edition by C.P.A., Bernard B. Kamoroff
  • Book: How to Pay Zero Taxes, 2019: Your Guide to Every Tax Break by Jeff Schnepper
  • Book: J.K. Lasser’s 1001 Deductions and Tax Breaks 2019

Learning about taxes is time well spent to at least gain a minimum of understanding that allows you to have an informed discussion with a tax strategist.  If you are interested in learning about customized tax strategy services for your business, or otherwise, call our office at (520) 282-4801.

The information provided does not, and is not intended to, constitute legal advice; all information is for general informational purposes only. This information may not constitute the most up-to-date information. The links provided are only for the convenience of the reader. A. Ferraris Law, PLLC, and its members do not endorse the contents of third-party references.

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