Blog

Be Prepared When Natural Disasters Strike

Be Prepared When Natural Disasters Strike While September and October are prime time for Atlantic hurricanes, natural disasters of any kind can strike at any time. As such, it's a good idea for taxpayers to think about - and plan ahead for - what they can do to be prepared. Here are four tips to…
Read more

Tax Advantages of S-Corporations

Tax Advantages of S-Corporations As a small business owner, figuring out which form of business structure to use when you started was one of the most important decisions you had to make; however, it's always a good idea to periodically revisit that decision as your business grows. For example, as a sole proprietor, you must…
Read more

New Tax Rules for Divorce and Alimony Payments

New Tax Rules for Divorce and Alimony Payments Divorce is a painful reality for many people both emotionally and financially, and quite often, the last thing on anyone's mind is the effect a divorce or separation will have on their tax situation. To make matters worse, most court decisions do not take into account the…
Read more

Tax Preparation vs. Tax Planning

Tax Preparation vs. Tax Planning Many people assume tax planning is the same as tax preparation but the two are actually quite different. Let's take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your…
Read more

Tax Due Dates for October 2019

Tax Due Dates for October 2019 October 10 Employees who work for tips - If you received $20 or more in tips during September, report them to your employer. You can use Form 4070. October 15 Individuals - If you have an automatic 6-month extension to file your income tax return for 2018, file Form 1040 and…
Read more

Using Bill Tracker in QuickBooks

Using Bill Tracker in QuickBooks Bill-paying may be your least favorite accounting activity. You definitely know how those checks and online payments affect your account balances, but it's more than that. Staying up to date with your bills and paying them on time (but not too early) takes a supreme organizational effort. If you're using…
Read more

The Home Office Tax Deduction for Small Business

The Home Office Tax Deduction for Small Business If you're a small business owner who uses your home for business you may be eligible to claim the home office deduction, which allows you to deduct certain home expenses on your tax return. The benefit to this, of course, is that it can reduce the amount…
Read more

5 Tips for Applying for Tax-Exempt Status

5 Tips for Applying for Tax-Exempt Status If you're thinking about starting a nonprofit and want to apply for tax-exempt status under Section 501(c)(3) of the tax code, you’ll need to use Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code. Here are five tips to ensure a successful application:…
Read more

Estimated Tax Penalty Waived for Eligible Filers

Estimated Tax Penalty Waived for Eligible Filers More than 400,000 eligible taxpayers whose withholding and estimated tax payments fell short of their total 2018 tax liability will have the estimated tax penalty automatically waived or refunded (if they already paid the penalty) on 2018 returns filed with the IRS. Eligible taxpayers who have already filed…
Read more

Scam Alert: Watch out for IRS Impersonation Emails

Scam Alert: Watch out for IRS Impersonation Emails Taxpayers should be aware that a new IRS impersonation scam email campaign is making the rounds. This latest scheme is yet another reminder that tax scams are a year-round business for thieves and taxpayers should be on guard at all times. This latest scam uses dozens of…
Read more

October 1 Deadline to Set up SIMPLE IRA Plans

October 1 Deadline to Set up SIMPLE IRA Plans Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you'll need to set it up by October 1st. Here's what you need to…
Read more

It’s Not Too Late Check Paycheck Withholding

It's Not Too Late Check Paycheck Withholding Did you know that the average tax refund was $2,729 for tax year 2018? While some taxpayers may find it advantageous to get a large tax refund, others may wish to have more of their money show up in their paychecks throughout the year. No matter which preference…
Read more

Homeowner Records: What to Keep and How Long

Homeowner Records: What to Keep and How Long Keeping full and accurate homeowner records is vital for determining not only your home deductions but also the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it…
Read more

Settling Tax Debt With an IRS Offer in Compromise

Settling Tax Debt With an IRS Offer in Compromise An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer's tax liabilities for less than the full amount owed. That’s the good news. The bad news is that not everyone is eligible to use this option…
Read more

Tax Due Dates for September 2019

Tax Due Dates for September 2019 September 10 Employees Who Work for Tips - If you received $20 or more in tips during August, report them to your employer. You can use Form 4070. September 16 Individuals - Make a payment of your 2019 estimated tax if you are not paying your income tax for the year…
Read more

Avoid Refund Delays by Renewing Expiring ITINs Now

ITINs (Individual Taxpayer Identification Numbers) are used by people who have tax filing or payment obligations under U.S. law but who are not eligible for a Social Security number. Under the Protecting Americans from Tax Hikes (PATH) Act, ITINs that have not been used on a federal tax return at least once in the last…
Read more