April 15th is a dreaded day for many people because it is the day that their annual tax payments are due. How are you doing so far this year? Have you been able to gather and organize all of the information you need to complete your business and individual tax returns for the year? If not, you may need the help of tax preparation services.

Taxes. That word alone is often enough to strike fear into the heart of small business owners the world over. But, taxes don’t have to be scary. People often fear what they don’t understand; thankfully, we’re here to give you some quick tips on how you can take advantage of small business tax savings strategies this year. 

There are many benefits to owning a home. If you are a homeowner who is looking for how to pay less taxes, the mortgage tax deductions are worth exploring. Your accountant can help you itemize your Schedule A deductions, and one of those deductions is based on interest paid on the mortgage.

Capital assets consist of many personal things that you own and use, either for investment or pleasure. If you decide to sell a capital asset, the IRS looks at the difference between what you paid for it and the price you earned on the sale. That difference is known as a capital gain or a capital loss.

There are a few differences between a traditional IRA and a Roth IRA, and it is important that you understand these distinctions when you are choosing your retirement savings platform. Both types of retirement savings accounts can be beneficial, and you should talk with an accountant or qualified financial advisor to make the decision based on the best tax savings strategies for your individual needs. 

Are considering the sale of your principal residence? You probably know that you will be able to exclude up to $250,000 of gain ($500,000 for most joint filers).  IRS regulations may now allow you to apply this gain exclusion when you sell vacant land that is adjacent to your home.