The Tax Cuts and Jobs Act was signed by President Trump on December 22. The Act makes sweeping changes to the U.S. tax code and impacts virtually every taxpayer. For businesses, tax benefits include a reduction in the corporate tax rate, increase in the bonus […]
If you reported losses from one or more business activities, we would like to remind you that the IRS has rules that limit the deductibility of expenses and losses from a hobby or activity not engaged in for profit. If the IRS determines that an […]
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 […]
When natural disasters occur, as has happened recently with Hurricanes Harvey and Irma, the last thing you want to stress over is filing taxes. The Comptroller’s office understands, and they have compiled information for evacuees and relief workers on how to request an extension for reporting […]
The Internal Revenue Service today warned people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country, so […]
One of the biggest struggles we find as tax preparers is helping clients track their mileage each year. It’s hard to remember when you get in your vehicle to write down your mileage! However, writing off business or medical mileage is a great way to […]
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 […]
The November newsletter continues the discussion into Amended Tax Returns… download this new newsletter here. See previous newsletters in our post last month.
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 […]
