The Blog Of TL Wall Accounting

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IRS Tax Information for 2018

Suffice it to say, 2018 might become in interestingly confusing tax year, as the federal government is presently looking at making a lot of changes… if Congress ends up passing most of it. With that said, there’s a lot of tax information we presently have that’s going into effect at the beginning of the year. Our disclaimer is that some of these things might change during 2018, including health care taxes. The best we can do is share with you some of what we know right now.

For instance, the highest tax rate for those making more than $480,050 a year is currently 39.6%. That rate remains steady, but it’s possible with the new bill that it’ll come down. The flat tax rate is $134,244, which means if you make a million dollars in one year you’ll be paying around $340K to the federal government.
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Determining Business Expense Needs Vs Wants

In the last quarter of every year, all companies start to take a look at their income. If they’ve had a profit, they start thinking about ways to spend some of it before the year ends so they can write it off their expenses.

Overall it’s a great strategy. If you haven’t had to spend a lot of money during the year and you have a nice profit, it’s the best time of the year for purchases. You could even possibly save money because many businesses have sales in the last quarter of the year because of the holidays.
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Being Financially Prepared In The Case Of Death

Almost nobody wants to discuss the topic of death, which also means no one wants to discuss money as it concerns death. Yet every day someone passes away and a family or business is suddenly struggling to survive, let alone succeed.

Admittedly it’s a hard topic to discuss, especially with elderly family members, and the younger you are the less inclined you are to even plan for eventuality, let alone talk about it. Still, deciding not to address this 800-pound gorilla will cause others a lot of grief.
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7 Things You Should Never Do To Your Accountant

Most articles concerning accountants offer advice on financial or tax issues. We’re not much different than the norm… until now. This time around we’re going to talk about what you should do for accountants… by not doing the 7 things we list below. Helping accountants help you; what a concept!

1. Never ask your accountant to lie for you

fake check

A common occurrence is having someone show up in an accountant’s office in some kind of financial trouble and offering all sorts of money for them to lie to whomever they’re in trouble with. This is a twofold problem for both the accountant and you.
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How To Negotiate Loan/Credit Card Payment Adjustments

Sometimes you find yourself having some trouble paying off some of your bills. The first rule of thumb is to take care of your personal needs first and then work on paying back your creditors. Certain things are paramount, like car insurance and mortgage/rent, which means you need to look at items like credit cards and loan payments to try to negotiate a lower payment rate.

expensive clothes

Before we get too far into that, you need to know that this should be your second to last line of action, which the last thing to think about being bankruptcy. You should consider these two points before you go down the negotiation road.
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