QuickBooks
Year-End Tax Planning Strategies for Business Owners
Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability.
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Taking Early Withdrawals From Retirement Accounts
While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here’s...
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Six Tips for Starting Your Own Business
Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal and state forms and applications that you need to complete...
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The Home Office Deduction
With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for...
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It’s Never Too Early to Check Tax Withholding
While it probably seems like tax season just ended, it is never too early to do a “Paycheck Checkup” to make sure the right amount of tax is withheld from earnings – and avoid a tax surprise next year when filing your 2020 tax...
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Taxpayers with high incomes, complex returns: Check withholding soon
WASHINGTON — The Internal Revenue Service today urged high-income taxpayers and those with complex tax returns to check their withholding soon to avoid an unexpected tax bill or penalty when they file their 2018 federal income tax return in 2019...
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Officer Compensation: “Non-Wage” Distributions
A recent Tax Court case outlined a situation we see quite often with our clients. In this case, the taxpayer was the sole shareholder of a professional association (taxed as a corporation) which performed medical services. He, himself was a...
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Property Tax Assessments: Reducing High Taxes
Many real estate tax assessments are made erroneously, and many homeowners who challenge their real estate tax assessments succeed in reducing their property taxes. Basically, property tax bills are generated by taking the assessed value of a...
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Abating Tax Penalties: Dealing With Those IRS Notices
IRS penalties. At some point in almost everyone’s life, it seems, we will receive greetings from the IRS which includes a penalty. The penalty could result from filing or paying your taxes late or misstating your income or deductions on your...
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