Is It Better to Have a Tax Credit or a Deduction?
People often say that an expense is “a tax write-off”; most everyone interprets this to mean that the expense will have a tax benefit. Generally, such a benefit takes the…
eNewsletter
Who Claims the Children You or Your Ex-Spouse?
If you are a divorced or separated parent with children, a commonly encountered but often misunderstood issue is who claims the child or children for tax purposes. This is sometimes…
Watch Out for Those Fake IRS Letters
Every year, the vast majority of taxpayers file their returns with the IRS between the end of January and the April due date. However, the IRS does not just take…
The Checklist Every Small Business Owner Needs for New Hires
Growing your business to the point that you need to start hiring employees is exciting. It’s also rife with administrative burdens that you don’t want to be unprepared for. When…
Looking Ahead to 2019 Taxes
Blog, Volume 7 Issue 3, eNewsletter
You have your 2018 tax return filed, or perhaps on extension, and now it is time to look forward to the changes that will impact your 2019 return when you…
Facing a Huge Gain from a Realty Sale?
Blog, Volume 7 Issue 3, eNewsletter
If you are contemplating selling real estate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take…
Would a Mid-Year Tax Checkup Benefit You?
Blog, Volume 7 Issue 3, eNewsletter
If you are inclined to procrastinate until the end of the year or, even worse, until tax-filing season to worry about your taxes, you may be missing out on opportunities…
What Are My Chances of Being Audited and How Can I Reduce Them?
First, don’t panic. Audits are relatively rare, as fewer than 1% of taxpayers grouped by income level will get that dreaded notice on IRS letterhead. Per the linked statistics, for…
Interim Planning for the 2019 Tax Year
Individuals and small businesses should consider interim tax planning to make sure they are on the right path for the 2019 tax year. W-4 Updates – If you are employed,…
Defer Gains with Qualified Opportunity Funds
If you have a large capital gain from the sale of a stock, asset, or business and would like to defer that gain with the possibility of excluding some of…