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Torchlight Tax Blog

The Complete Tax Guide To Charitable Donations

The Complete Tax Guide To Charitable Donations

Introduction Who Can Benefit 100% AGI Deduction Corporate Tax Deduction How To Deduct Charitable Donations? How much can I deduct? Donations Example and Summary An Even Better Tax Deduction What Could Be Better Than That? Other Options Huge Tax Savings Are Possible...

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Is the Obamacare Tax Penalty Dead?

Is the Obamacare Tax Penalty Dead?

As a practical matter the Affordable Care Tax Penalty is dead. Legally it still exists and is the law of the land, but if the taxpayer does not wish to pay the penalty, he does not have to. How does this work? How did it happen? When Obamacare was launched on March...

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How to File an Amended Tax Return

How to File an Amended Tax Return

Of course we all want the original return to be perfect. But sometimes you receive data that changes the return after you have filed. Maybe you made a mistake. Maybe your tax preparer did. Maybe you falsely reported income on your return, and realize you could be...

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What is Self-Employment Tax?

What is Self-Employment Tax?

If you’re self-employed, you pay the self-employment tax on your income. This tax applies to sole proprietors, partners, or LLC members. It does not apply to Corporations. The self-employment tax is the government’s way of collecting Social Security and Medicare taxes...

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What is an Enrolled Agent & Do I need one?

What is an Enrolled Agent & Do I need one?

"An enrolled agent (or EA) is a federally authorized tax practitioner empowered by the U.S. Department of the Treasury to taxpayers before the Internal Revenue Service (IRS). Enrolled agent status is the highest credential awarded by the IRS." Enrolled agent –...

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The Hidden Costs of Payroll and Bookkeeping

The Hidden Costs of Payroll and Bookkeeping

The visible costs of Payroll and Bookkeeping can be truly daunting. These two areas have been the bane of many small business owner. The visible costs include not just the cost of the service, but also the cost of not doing it right. All too often, the small business...

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What to do?

What to do?

If you have any questions or need any tax assistance contact Torchlight Tax for a free consultation. One of our Enrolled Agents (top federally credentialed tax expert) will assist you. Email us or call our Toll Free Number (877) 758 7797. SAVE MONEY BY DOING YOUR...

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Back Taxes

Back Taxes

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Tax Returns

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IRS Representation

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Tax Planning

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Bookkeeping & Payroll