New Tax Tips Affecting 2020
New Tax Tips Affecting 2020 Read More »
Tax Preparation
Haven’t Filed Past Returns? IRS May File One for You and It Won’t Be Pretty
There are millions of individuals who do not file a tax return each year, many of them simply because their income is below the filing threshold levels for the year based upon their filing status. Still others simply procrastinate and risk forfeiting their rightful refunds, including earned income tax credits, child tax credits, tuition credits
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Should You Really Wait to File your Taxes Even Though They moved the Tax Filing Deadline?
The IRS decided to use its authority in a national emergency to postpone certain tax return filings and payments. This change affects every one of you, and the rules are tricky—after all, this is tax law. We’ll explain who gets relief; what the IRS postponed; and perhaps more important, what wasn’t postponed. We’ll also tell
Filing an Amended Return
What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an amended tax return.
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Tax Consequences of Crowdfunding in Accounting
Accounting: Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it’s often possible to raise the cash you need but the downside is that the IRS considers that money
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Could you benefit from a 1040 Tax Review?
WHAT CAN A 1040 REVIEW DO FOR YOU? Get a picture of your current tax situation and receive professional advice and suggestions that you can make to brighten your financial future and pay less taxes! Help reduce taxable income and lower your marginal tax rate Learn to use tax deferral vehicles Increase our tax
Could you benefit from a 1040 Tax Review? Read More »
Taxable Income?
What Income is Taxable? Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Taxable income includes
Are your Social Security Benefits Taxable?
Social security benefits include monthly retirement, survivor, and disability benefits. If you received Social security benefits in 2016, you should receive a Form SSA-1099, Social Security Benefit Statement, showing the amount. Note:Â Supplemental Security Income (SSI) payments are not taxable. If Social Security was your only source of income in 2016 your benefits might not be
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Choosing the Correct Filing Status
It’s important to use the right filing status when you file your tax return because the filing status you choose can affect the amount of tax you owe for the year. It may even determine if you must file a tax return. Keep in mind that your marital status on December 31 is your status
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2017 Tax Changes Checklist for Businesses
When preparing for your business taxes it is always important to stay on top of the current changes, here are a few. Standard Mileage Rates The rate for business miles driven is 53.5 cents per mile for 2017, down from 54 cents per mile in 2016. Section 179 Expensing The Section 179 expense deduction was
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