Tax

The True Cost of Non-Compliance: Demystifying IRS Penalties and Interest

Tax, Update | By | | 6 minutes of reading

By Yigang Xu, CPA XU CPA, LLC Greenville, SC www.mygreenvillecpa.com Introduction: Beyond the April 15th Deadline For many taxpayers, April 15th is the only date on the calendar that carries weight. However, as a matter of federal tax law, compliance is not a single annual event but a continuous, three-pronged obligation. The IRS views the […]

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When Tax Savings Create Bigger Problems Later

Business, Tax, Update | By | | 3 minutes of reading

By Yigang Xu, CPA XU CPA, LLC Greenville, SC www.mygreenvillecpa.com Tax planning often focuses on reducing current-year tax. In many situations, that is reasonable. Problems arise when tax savings are achieved without considering future income levels, tax brackets, or loss of flexibility. Tax savings are not absolute. They depend on timing and future rate. Using

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Health Saving Account Intro and 2026 Update

Tax, Update | By | | 2 minutes of reading

By Yigang Xu, CPA XU CPA, LLC Greenville, SC www.mygreenvillecpa.com A Health Savings Account (HSA) is a personal account, not an employer plan. In my view, when used correctly, it is one of the most versatile tax-advantaged accounts available. Key Features: Contributions are tax deductible when made. The account belongs to the individual, not the

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Impact of the Affordable Care Act on Businesses

Business, Tax | By | | 3 minutes of reading

By Yigang Xu, CPA XU CPA, LLC Greenville, SC www.mygreenvillecpa.com In the previous article “Tax Aspects of the Affordable Care Act”, I have discussed how the Affordable Care Act impact individuals and families by introducing new surtaxes, premium credit, penalties. In this article which is Part 3 I will be covering some basic rules ACA

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The Basics of the Affordable Care Act

Tax | By | | 4 minutes of reading

By Yigang Xu, CPAXU CPA, LLCGreenville, SCwww.mygreenvillecpa.com What is the Affordable Care Act?The Patient Protection and Affordable Care Act (PPACA), is a statue signed into law by President Obama on March 23, 2010, commonly known as the Affordable Care Act (ACA). Among many of its regulations and requirements, the primary rule that most American must carry

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South Carolina Active Business & Trade Income

Tax | By | | 2 minutes of reading

By Yigang Xu, CPAXU CPA, LLCGreenville, SCwww.mygreenvillecpa.com What is South Carolina Form I-335? South Carolina Active Business and Trade Income is not very well understood by many self-employed people with good income level. The name sounds quite confusing as if it is an extra tax, but it is actually a huge tax saving for self-employed

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LLC and Federal Tax Classification

Business, Tax | By | | 3 minutes of reading

By Yigang Xu, CPAXU CPA, LLCGreenville, SCwww.mygreenvillecpa.com A limited liability company (LLC), in the plainest language, is a hybrid entity sharing elements of a regular corporation (for limited liability) and a partnership or a sole proprietorship (for income flow through). It is not to be confused with a regular corporation, because it is not incorporated,

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Tax Aspects of the Affordable Care Act – Individuals and Families

Tax | By | | 4 minutes of reading

  By Yigang Xu, CPAXU CPA, LLCGreenville, SCwww.mygreenvillecpa.com In the previous article “Basics of the Affordable Care Act”, I have discussed a few of the very basic concepts of ACA, like the individual mandate, the essential minimum coverage, penalty and the marketplace. In this article, I will discuss some tax aspects of ACA that impacts

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