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Tax tips from the pros.

10 Reasons Why Bookkeeping Is Important

Bookkeeping is important for helping you maintain accurate financial records. Yet, many businesses fail to implement this integral process. In fact, “poor accounting” is one of the top reasons businesses fail. Without bookkeeping or accounting, you are blindly driving your business. Still not convinced that your focus needs to be on bookkeeping? Below are 10 […]

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It’s time for your mid-year tax check up

The Internal Revenue Service launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year. The Tax Withholding Estimator replaces the Withholding Calculator, which offered workers a convenient online method for checking their withholding. The new Tax […]

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Got Receipts? Here’s What to Keep

If you’re going to itemize specific expenses and deductions when filing your taxes this year but haven’t saved every single thing, you need to know which receipts you should prioritize having on hand. Find out exactly which receipts you should be saving and why — and how to be well-prepared when you have taxes due. […]

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Employing your kids this summer creates a great tax break

It’s summer-time! For most small business owners that means your kids end up logging some time at your workplace. Even if that’s not in your plans, perhaps it should be a part of the summer plans. There are plenty of benefits to engaging your child to work for the family business, but one you may […]

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The IRS has over $1.4B in unclaimed tax refunds

Unclaimed income tax refunds totaling almost $1.4 billion may be waiting for an estimated 1.2 million taxpayers who did not file a 2015 Form 1040 federal income tax return, according to the Internal Revenue Service. To collect the money, these taxpayers must file their 2015 tax returns with the IRS no later than this year’s […]

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Out of pocket expenses for employees are no longer deductible

The Tax Cuts and Jobs Act (TCJA) brought wholesale changes to the tax code. Taxpayers are starting to feel the effects of this bill as they file the first year’s tax returns affected by the changes in the tax law. While this law increased certain credits and deductions, it eliminated others. Fortunately, in some cases […]

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Protecting Your Identity at Tax Time

This time of year, everyone is a bit cautious when they receive correspondence that claims to be from the IRS. You are completely justified in your concerns, as there often instances in which taxpayers are contacted by fraudulent individuals claiming to be from the IRS. Here are some tips to make sure you are well […]

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Tax Reform Cuts Entertaining Expenses Out

Yes, you aren’t imagining this. It’s true. As part of the Tax Cuts and Jobs Act…  Entertainment expenses are no longer deductible against business income. Say goodbye to expensing happy hours after work with co-workers, or even clients. Say goodbye to expensing front row seats at the ball game with prospects you’re trying to close. […]

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Own a small business? You should be an S-Corporation

The Tax Cuts and Jobs Act of 2017 (TCJA) brought sweeping changes to the tax code.  One of the most significant impacts of the TCJA is the changes in how small businesses can be taxed.  In short, it incentivized small businesses to be taxed as an S-Corporation in order to take advantage of a long […]

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Want to pay less in taxes in 2019?

This is the time year when everyone’s thoughts about taxes are centered on the filing of their prior year tax return.  While that’s an important matter, the fact is that the book is already closed on the prior tax year.  There is very little that can be done to effect change to your tax position […]

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Are You Ready for the Tax Filing Season?

The IRS just announced some important details about 2019’s tax season. To the relief of millions of Americans expecting tax refunds in the next few months, the IRS and the Trump administration recently announced that the start of tax season and the issuance of tax refunds would not be affected by the government shutdown, even […]

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Your 4th Quarter Tax To-Do List – Pt 3

Part 3 of 3 Starting your own small business could lead to great benefits when you file your taxes next year. Owning a small business positions you to take advantage of some great tax benefits.  These benefits will help you this year and serve to reduce your tax liability on an annual basis. This is […]

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Your 4th Quarter Tax To-Do List – Pt 2

Part 2 of 3 When it comes to taxes, often times the 4th quarter of the year can be make or break time for taxpayers. We’re here to make sure this is a time of year for you make decisions that will set you up for a success at tax time.  Remember… If you only […]

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Your 4th Quarter Tax to-do list

Part 1 of 3 When it comes to taxes, often times the 4th quarter of the year can be make or break time for taxpayers. All too often we connect with taxpayers at tax time and learn details that will have a significant impact on their tax position. Learning these details after the end of […]

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Want to pay less in income taxes? Here’s where to start

Do you want to pay less in income taxes?   Every taxpayer in America would offer a resounding YES! to that question.  Everyone is looking to pay less in income taxes.  However, the big question is – How? There is a critical first step that cannot be skipped if you’re serious about saving money on taxes. […]

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Over 130,000 Vets May Be Due Tax Refunds Now

The Department of Defense (DoD) began notifying veterans that they may eligible for an immediate tax refund.  Under federal law, veterans who suffer combat-related injuries and who are separated from the military are not supposed to be taxed on the one-time lump sum disability severance payment they receive from the military. Unfortunately, for years, the DoD improperly withheld […]

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New Perks with a 529 Savings Plan

Freedom from tax penalties News for parents: the 529 College Savings Plan you’ve set aside for your little one now has more (immediate) benefits! 529 plans are tax deductible investment accounts great for saving for future education costs. Two types of plans are available: prepaid tuition plans and education savings plans. The most common was […]

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“I Do, Taxes Included.”

“I Do, Taxes Included.” There’s a new meaning to “for better or for worse.” Under the new tax reform, the marriage penalty is mostly gone. Several factors go into this, like whether you are married, how much you earn and how you file your taxes. New this year, married couples will receive a higher standard […]

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This New Tax Law Will Save You $2,000+

Freedom from tax penalties This New Tax Law Will Save You $2,000+ The new tax law brought a lot of changes for taxpayers this year. We broke down the 4 key changes in blogs posted earlier this year. Please check them out if you missed them. Those changes resulted in some winners and some losers. […]

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Overpay

We Can’t Let You Overpay in Taxes Again

It’s your money, why leave it on the table? We can’t let you overpay in taxes again As painful as the subject of taxes can be, a more painstaking realization is that many taxpayers are handing the IRS extra money each year. So, they’ll call you any minute to let you know when to expect your […]

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Small Business Owners Deserve this 15% Tax Break

Entrepreneurship is the American dream—why give all your hard-earned money to the IRS? Small Business Owners Deserve this 15% Tax Break Finally realizing that the perfect job does not exist will either drive you to drink or ignite a fire in you to set your own destiny. We prefer the latter. More than 28.8 million […]

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What’s Wrong with my Tax Refund?

It’s your money, don’t give it away to Uncle Sam. What’s wrong with my tax refund? Receiving a refund may seem like hitting the jackpot at a time when you need it most, but taxpayer beware. A tax refund is not necessarily a good thing. When you identify your tax withholding through your employer, you […]

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Protecting Yourself from the IRS Part 2

Expectation: Bullying Part 2 of 4 For many taxpayers, interacting with the IRS is unavoidable.  Even when you, or your accountant have done nothing wrong the IRS may have questions.  Their inquiries could be as simple as verifying your identity before releasing your refund, or so complex that you feel like you need a PhD […]

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Protecting yourself from the IRS Part 1

Expectation: Dishonesty Part 1 of 4 Let’s face it, dealing with the Internal Revenue Service can be a frightening experience.  The IRS has earned a reputation for instilling fear and angst in taxpayers since its inception in 1862.  For well over a century people just like you have received dreaded letters from the IRS, and […]

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Will the New Tax Reform Act Impact Me? Part 4

Tax Credit Changes Part 4 of 4 For the past 3 weeks you have already learned that the short answer is: YES! The changes will have some positive and negative effects on taxpayers, and we want you to be in the know about how they will affect you.  We’ve broken things down to show you […]

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