Farber Blicht Eyerman & Herzog

Tax Tip: Insolvency is a state where an individual or organization can no longer meet financial obligations with lender(s) when their debts come due.

Many tax credits are “refundable credits.” This means you can receive a refund even if you owe no income tax. Common examples available to students and parents are the earned income tax credit and the premium tax credit.

“Opportunity is missed by most people because it is dressed in overalls and looks like work.”

Just Got Married? You will need to recalculate your payroll withholdings and file new W-4s reflecting your new status. If both of you work, your combined income could put you in a higher tax bracket. This can result in reduced and phased-out benefits.

Tax Planning 101: Gross Margin is a percentage calculated by taking Gross Profit and dividing by Revenue for the same period. It represents the profitability of a company after deducting the Cost of Goods Sold.

Self-employed workers need to account for FICA taxes. In addition to your income taxes, remember to also account for your Social Security and Medicare taxes.

Genius is the ability to put into effect what is on your mind.

Below-the-line deductions are amounts you can claim to reduce your overall taxes. Generally, there are two types of below-the-line deductions: itemized deductions and the standard deduction.

“Notes Receivable” is a collective term for written promissory notes that are due in less than one year and are held by the entity to whom payment is promised.

A limited liability company (LLC) is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities.