Owning your own business can be very rewarding, both personally and financially. Being the sole decision-maker for this important undertaking can also be overwhelming. Business owners have many choices to make, and these decisions involve tax consequences that are not always foreseen. We can help […]
Although tax planning is a 12-month activity, year-end is traditionally the time to review tax strategies from the past and to revise them for the future. Year-end has also become a time when there is an increasing need to take a careful look at […]
October Newsletter — All about the Amended Tax Return. Sometimes it is necessary to make changes to a return after you file it… this is where an amended return comes in. Find out more in this month’s newsletter! September Newsletter — IP PIN August Newsletter — Deductions July […]
If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here […]
Usually, profits you earn are taxable. However, if you sell your home, you may not have to pay taxes on the money you gain. Here are ten tips to keep in mind if you sell your home this year. 1. Exclusion of Gain. You may […]
If you made or received a payment during the calendar year as a small business or self-employed (individual), you are most likely required to file an information return to the IRS. Made a Payment If, as part of your trade or business, you made any […]
What do you mean my Social Security Benefits are taxable?? We hear this question often, and much to many’s dismay — yes, Social Security Benefits can indeed be taxable. A recent tax tip from the IRS broke down this phenomenon. Form SSA-1099. If you received Social […]
Remember that pesky question, “Did you have health insurance last year?” If you were enrolled in health coverage for 2015, you may receive a Form 1095-A, 1095-B, or 1095-C, which will answer that question for you. In addition, if you were an employee of an employer […]
Many people use a tax professional to prepare their taxes. Tax professionals with an IRS Preparer Tax Identification Number (PTIN) can prepare a return for a fee. If you choose a tax pro, you should know who can represent you before the IRS. There are […]
If you’re still keeping old tax returns and receipts stuffed in a shoe box stuck in the back of the closet, you might want to rethink that approach. The IRS has teamed up with state revenue departments and the tax industry to make sure you […]
