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Welcome to our Resource Hub, a treasure trove of financial knowledge for both individuals and businesses. Similar to a blog but much more expansive, our hub provides an array of in-depth articles addressing various subjects from tax planning to investment strategies and more.
Can credit repair companies remove late payments, collections, evictions, bankruptcies, repossession or charge offs? Credit repair companies do not have the ability to erase accurate and verifiable information from your credit report. However, credit repair companies may be able to help you dispute errors or incomplete information on your credit
Are credit repair companies legal? Credit repair companies are generally legal, but they are regulated by federal and state laws. The federal Credit Repair Organizations Act (CROA) is a law that regulates credit repair companies and protects consumers from deceptive or abusive practices. Under the CROA, credit repair companies are
How does credit repair work? Is credit repair safe? Credit repair is the process of taking steps to improve a poor credit score or remove inaccurate or outdated information from your credit report. There are several ways you can go about repairing your credit, including the following: It’s important to
How do I purchase my first vehicle? Purchasing a vehicle can be a significant financial decision, so it’s important to be well-prepared and informed before making a purchase. Here are some steps you can take to help ensure a smooth and successful process: Prominent Financial Consultants offers a range of
How do I get my first credit card? If you’re looking to get your first credit card, here are some steps you can take: It’s important to note that having a credit card can help you establish a credit history, but it’s also important to use credit responsibly by paying
Why should you hire Prominent Financial to do your taxes? Prominent Financial Consultants is a leading financial consulting firm that specializes in providing top-quality income tax preparation services to individuals and businesses. If you are considering hiring a professional to prepare your personal income taxes, there are several compelling reasons
What taxes are lower in FL? How are taxes lower in FL? Florida has a number of tax advantages that may make it an attractive place to live or do business. Some of the taxes that are lower in Florida include: It’s important to note that while Florida may have
What income taxes do I pay after I retire? The amount of income tax you pay after you retire will depend on the sources of your income and the amount of your income. Some sources of income that you may receive in retirement, such as Social Security benefits, may be
What are the income taxes for the self-employed? As a self-employed individual, you are responsible for paying self-employment tax (SE tax) in addition to your income tax. SE tax is a social security and Medicare tax that applies to the net earnings you receive from your self-employment activity. Self-employment tax
What happens to my taxes after I die? When you die, your estate (the property and assets you leave behind) may be subject to federal estate tax. The federal estate tax is a tax on the transfer of property at death, and it applies to the value of your estate
How does my income taxes affect my social security? Your income taxes do not directly affect your Social Security benefits. However, the amount of Social Security benefits you receive may be subject to federal income tax, depending on your total income and filing status. The Social Security Administration (SSA) determines
Do I pay taxes on unemployment income? Yes, unemployment compensation is taxable income and must be reported on your federal tax return. You will receive a Form 1099-G showing the total amount of unemployment compensation you received during the year, and you will need to include this amount on your
What income taxes do I pay when I sell my house? If you sell your primary residence, you may be able to exclude all or a portion of the gain from the sale from your income for tax purposes. This exclusion is available to individual taxpayers who meet the ownership
Can I do income tax without exemptions / deductions? Yes, it is possible to do your income tax without claiming exemptions or deductions. Exemptions and deductions are two types of adjustments to your taxable income that can reduce the amount of income tax you owe. However, you are not required
What income Tax is there for senior citizens? In the United States, senior citizens (individuals who are age 65 or older) may be eligible for certain tax breaks and credits that can reduce their tax liability. These tax breaks and credits can include: It’s worth noting that these tax breaks
Will income taxes ever go down? Income taxes can go down for a variety of reasons, such as changes in tax laws or changes in an individual’s circumstances that result in a lower tax liability. It is also possible for income tax rates to be reduced as part of a
What income tax return do I file? The income tax return form you need to file depends on your personal and financial situation. In the United States, the most commonly used tax forms are: In addition to these forms, you may also need to file other schedules or forms depending
Where is the income tax office? Our local Prominent Financial Consultants office can help you with most major issues in your personal or business taxes. Under special circumstances, you may have to visit an IRS income tax office. Income tax offices are generally located in major cities and towns in
Where’s my income tax refund? If you are expecting to receive an income tax refund, it is likely that you filed an income tax return and claimed a refund. When you file an income tax return, you may be entitled to a refund if the amount of tax that you
What income taxes do I pay? The income taxes that you pay depend on your taxable income and your tax rate. Your taxable income is your total income minus any deductions and exemptions that you are eligible to claim. Your tax rate is based on your income level and the
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