Skip to content

Tax Tips

Tax Issues Related to Hobbies

Article Highlights: Hobby Losses Not-for-Profit Rules Determining Factors Trade or Business Presumption Hobby Tax Reporting Self-Employment Tax Generally, when individuals have a hobby, they have it because they enjoy it and are not involved in their hobby with the goal of making money. In fact, most hobbies never make money or don’t even create any…

Read More

3 Common Personal Income Tax Problems & How to Respond

Tax problems aren’t just a worry that hang over people’s heads from January through April every year. Many of them go far beyond the numbers that you report, and they can require additional evidence that your bank statements and paychecks can’t provide. Additionally, the IRS isn’t the only source of those problems: state tax authorities…

Read More

How Some High-Income Taxpayers Can Maximize the New 20% Pass-through Business Deduction

Article Highlights: 20% Sec. 199A Pass-through Deduction Specified Service Business Limitations Taxable Income Limitations Wage Limitations Benefits of Being Organized as an S Corporation Taxpayers with higher 1040 taxable incomes who are self-employed but are not “specified service businesses” may find it beneficial to structure new businesses, or restructure an existing business, as an S…

Read More

A Mid-Year Tax Checkup May Be Appropriate

Article Highlights: Concerns About Proper Withholding Late IRS W-4 and Withholding Tables New W-4 Complications Self-employed Estimated Payments Events That Can Impact Taxes Taxes are similar to vehicles, in that they sometimes need a check-up to make sure they are performing as expected. That is especially true for 2018, with all of the changes brought…

Read More

How Long Should You Hold On To Old Tax Records?

Article Highlights: The general statute: 3 years Longer durations in some states Fraud, failure to file and other issues that extend the statute’s duration Keeping the actual return Ordering copies of previously filed returns This is a common question: How long must taxpayers keep copies of their tax returns and supporting documents? Generally, taxpayers should…

Read More

June Estimated Tax Payments Are Just Around the Corner

Article Highlights: Employees Self-Employed Individuals Individuals with Sources of Income Without Withholding Quarterly Payments Underpayment Penalty Safe Harbor Payments June 15th falls on the weekend this year, so the due date for the second installment of estimated taxes is the next business day, June 17, which is just around the corner. So, it is time…

Read More

School’s Out – Who Is Going to Take Care of the Kids?

Article Highlights: Child Age Limits Employment-Related Expense Married Taxpayer Earnings Limits Disabled or Full-Time-Student Spouse Expense Limits Summer has just arrived, and there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if disabled) during the…

Read More

More Small Business Tax Deductions

When it comes to filing taxes, there are many ways small businesses can save money. Small business owners can take advantage of different tax deductions and place their saved dollars back into their business. Whether you work from home, an office, or a vehicle, here are some ideas to consider. Added together, these costs can…

Read More

Standard Mileage Rates for 2018 Up from Rates for 2017

Standard Mileage Rates for 2018 Up from Rates for 2017

Do you use a vehicle for your business? If you use your vehicle solely for business purposes, then you can deduct its entire cost of operation. If you drive for Amazon Flex, Uber, Lyft (or your job/business in general) you need to know about these upcoming changes. WASHINGTON ― The Internal Revenue Service today issued the…

Read More

Small Business Tax Accountants

Small business tax accountants are key to the success and longevity of any small business. Having a qualified and reputable accountant is essential to all aspects of running a small business. From payroll, to loans, and even coming up with a sound business plan; small business tax accountants are here to help. So, how do…

Read More