What to Do if You Miss the Tax Filing Deadline

What to Do if You Miss the Tax Filing Deadline

Don’t Panic – There’s Still Time to Act if You Missed the Tax Filing Deadline Did you run short on time for a tax return this year? If you missed the tax filing deadline, know there’s still time to act. You may not have as much to worry about as you think. To start, do

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Look for These Red Flags During Tax Season 2018

Look for These Red Flags During Tax Season 2018

The IRS Will Be on the Lookout for These Mistakes During the 2018 Tax Season While the IRS audits just a small percentage of tax filers every year (less than 1%), getting audited can be a grueling experience. People who don’t file their taxes correctly and submit returns with “red flags” are more likely to

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Cryptocurrency and Taxes 101

Cryptocurrency and Taxes 101

Understand How Cryptocurrency and Taxes Work in 2018 Cryptocurrency had a massive year in 2017. As a result of its skyrocketing popularity and adoption, this tax season many are wondering how to handle this new form of currency when filing taxes. Is it considered a form of income? Is there a Ripple, Dash, or Bitcoin

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Should You Plan an Exit Strategy?

Should You Plan an Exit Strategy?

As An Entrepreneur You May Need A Business Exit Strategy When you start running a business, you probably don’t think about stopping. You think about growing, profiting, and building a brand. But almost every entrepreneur – regardless of how long they’ve been in business – is wise to think about an exit strategy. An exit

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Income Tax Exemption for Veterans

Income Tax Exemption for Veterans

New for Tax Year 2017.  You are eligible for a $3,000 exemption on your Income Tax return if you are a military veteran who was honorably discharged or released under honorable circumstances from active duty in the Armed Forces of the United States by the last day of the tax year.  Your spouse (or civil

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The Tax Cuts and Jobs Act of 2017 – INTEREST ON HOME EQUITY LOANS MAY STILL BE DEDUCTIBLE UNDER NEW LAW

The Tax Cuts and Jobs Act of 2017 – INTEREST ON HOME EQUITY LOANS MAY STILL BE DEDUCTIBLE UNDER NEW LAW

The Internal Revenue Service has advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home

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Tax Cuts and Jobs Act of 2017- MEALS AND ENTERTAINMENT

Tax Cuts and Jobs Act of 2017- MEALS AND ENTERTAINMENT

The “Tax Cuts and Jobs Act of 2017” (the Act) made significant changes to the business provisions that affect a business’ ability to deduct meal and entertainment (M&E) expenses. The Act completely eliminated an employer’s ability to deduct entertainment expenses (even if those expenses were for business). The Act also significantly limited an employer’s ability...

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Why Business Owners Should Appreciate Depreciation

Why Business Owners Should Appreciate Depreciation

We’re right in the middle of tax season. If you’re a small-business owner, then you’re looking to take every single deduction you’re entitled to. One deduction you don’t want to overlook is depreciation. As experts in in accounting and taxation for small businesses, we wanted to explain what depreciation is and how you can use it to reduce your tax burden by potentially thousands of dollars...

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How a Government Shutdown Affects Your Tax Returns

How a Government Shutdown Affects Your Tax Returns

Recent headlines have been dominated by news of a government shutdown. All of this talk about a government shutdown right as tax season starts is raising concerns. Many of our clients specifically want to know how a shutdown would impact their tax return. As Certified Public Accountants, we wanted to take the time to explain the effects a government shutdown could have and hopefully clear up...

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2017 Tax Cuts Act: What it Means For Businesses

2017 Tax Cuts Act: What it Means For Businesses

For businesses, tax benefits include a reduction in the corporate tax rate, increase in the bonus depreciation allowance, an enhancement to the Code Sec. 179 expense and repeal of the alternative minimum tax. Owners of partnerships, S corporations, and sole proprietorships are allowed a temporary deduction as a percentage of qualified income of pass-through entities,

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