When Can You Dump Old Tax Records?

Article Highlights: General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Keeping the actual return Taxpayers often question how long records must be kept and the amount…

Important Times to Seek Assistance

Article Highlights: When to seek professional assistance Examples of times where tax saving moves can be made Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out…

What Every Employee Needs to Know About 401(k) Savings

Are you familiar with 401(k) retirement funds? More and more employers are offering 401(k) plans as an employee benefit, and if you have the option and are not currently taking advantage of it, it may be time to rethink your savings strategy.…

Summer Employment for Your Child

Article Highlights Higher Standard Deduction IRA Options Self-Employed Parent Employing Your Child Tax Benefits Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals…

Business Start-Up Expenses and How to Write Them Off

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Article Highlights: $5,000 First-year Start-up and Organizational Expense Write-off Timely Filing Requirements Qualifying Start-up Expenses Trade or Business Purchase Qualifying Organizational Expenses Expense Write-off Limitations …

Why Proactive Planning is More Important Than You Realize

There's an old saying that reminds us "if you fail to plan, you plan to fail." Whoever coined that phrase was talking about the world of small business accounting whether they realized it or not. Financial and tax literacy aren't just an…

Owe the IRS Money? How Long Do They Have to Collect?

Article Highlights: Statute of Limitations Filing Before April Due Date Filing After April Due Date Extension Amended Returns Three-year Statute Understatement Exceeds 25% No Filing or Fraud Ten-year Collection Period …

May 2022 Due Dates

May 2022 Individual Due Dates May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10.…

You May Qualify for a Small Business Home Office Deduction

Article Highlights: Qualifications Actual Expense Method Simplified Method Home Office Expenses for Renters vs. Homeowners Deduction Limitation How Moving Affects the Home-Office Deduction Other Issues If you are a…

Tax Issues That Arise When Converting a Home into a Rental

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Article Highlights: Reason for Conversion Basis Depreciation Cash Flow versus Tax Profit or Loss Passive Losses Home Gain Exclusion Other Tax Issues Becoming a Landlord With the current substantial appreciation…