Article Highlights: Tax Recordkeeping Tips Receipts Auto Deductions Gifts Business Equipment Ordinary and Necessary Meals & Lodging Entertainment Home Office With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most […]
Tax Planning to Help New Franchisees investment can be a wonderful opportunity, but it also involves a completely unfamiliar set of rules when it comes to your taxes. Whether you are considering becoming a franchisee or are already involved, it’s important that you have the support of a knowledgeable tax planner to help ensure you […]
June 1 – Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2020. The FMV of an IRA on the last day of the prior year (Dec […]
7 Different Types of Income Streams for Your Business No matter what type of business you operate, you rely on having a predictable flow of income to keep your bills paid. If you only have a single source of income and it suddenly falters, you’re going to be in trouble. Having more than one income […]
They say that everybody has at least one good novel in them, and many people feel the same way about ideas for a successful business. If you are considering diving into the world of entrepreneurship, it’s a good idea to pause for a moment, take a deep breath, and let your head take over before […]
Article Highlights: Tax Return Mistakes are Common Fixing Tax Return Mistakes Amended Return Superseding Return Don’t Procrastinate in Responding to IRS Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes have grown complicated and COVID tax relief has made many changes; the paperwork required to file proper tax returns […]
If opening your credit card bills, your checkbook, or your wallet are traumatic events, you may have a problem with overspending. It’s nothing to be ashamed of, and you’re certainly not alone, but there’s a good chance that it is keeping you from achieving some of your goals. If you have a dream of buying […]
Article Highlights: If you can’t pay Loans Credit card payments IRS Installment agreement Retirement funds The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end ends up owing? The IRS encourages you to pay the full amount of your tax liability […]
Article Highlights: Bureau of the Fiscal Service Allowable Refund Offsets Disputing an Offset Injured Spouse Claim We all look forward to receiving our tax refunds, but what if you were expecting a refund and it never arrived? It may be because you have outstanding federal or state debts—and not just tax-related debts. The Treasury Department’s […]
Article Highlights: Changing Filing Status Liability Community Property States Social Security Benefits Capital Loss Limitations Sec 179 Business Expensing Election Rental Loss Limitation Traditional IRA Contributions Roth IRA Contributions Education Credits Series EE or I Bonds Higher Education Interest Standard Deduction Medicare Premiums Allocating Home Mortgage Interest Alternative Minimum Tax (AMT) 2021 Tax Rate Tables […]