What You Need to Do If You Get a Tax Audit Notice from the IRS

You may be wondering about the implication of being notified that your taxes are being audited. A tax audit is simply an accounting process where the IRS reviews your business or individual financial records to ascertain that you have filed your tax return correctly. If you demonstrate that your original tax return was accurate and complete, you will not be asked anything more. But in the event [...]

By | 2018-03-12T10:43:36+00:00 March 12th, 2018|CPA-Blog, IRS Representation, Tax Tips|0 Comments

9 Signs That Indicate You Can Benefit From Hiring An Accountant

­­­­­­A lot of individuals use TurboTax until their finances reach a certain level of complexity. If it took you several hours to prepare your tax returns this year, it is probably time to hire an accountant to handle your personal or business taxes. TurboTax and other related programs are great for those who have a fairly simple tax situation. They operate well for individuals with businesses, simplified income [...]

By | 2018-03-12T10:14:37+00:00 February 23rd, 2018|Business Services, CPA-Blog|0 Comments

Frequent Payroll Mistakes And What You Can Do To Avoid Them

While it is true that all of us make mistakes, it is advisable to try to avoid them when it comes to payroll. Regrettably, there are a lot of things that can go wrong. It is therefore important to acquaint yourself with the fundamental principles of payroll and labor laws before you hire new workers. In order to help you reduce the chances of making errors when you [...]

By | 2018-02-06T15:24:41+00:00 January 31st, 2018|CPA-Blog|Comments Off on Frequent Payroll Mistakes And What You Can Do To Avoid Them

Projected Income Tax Brackets And Rates For 2017

The proportion of your personal income that goes to the government will be determined by the income tax rates and your income tax bracket. As a small business owner, you can use projections to assist you as you plan and budget for your taxes. How your business structure affects your income tax When it comes to taxation, the majority of businesses are flow-through entities. For sole proprietorships, LLCs [...]

By | 2017-12-13T14:00:48+00:00 December 6th, 2017|Business Services, CPA-Blog, IRS Representation, Tax Deductions, Tax Returns, Tax Services, Tax Tips|Comments Off on Projected Income Tax Brackets And Rates For 2017

What is The Difference Between Standard and Itemized Tax Deductions?

Taxpayers have the option of claiming the standard tax deduction or itemizing their deductions (listing them separately) by whichever reduces their tax liability the most.  Here is a breakdown of the two. Standard Deduction A standard deduction refers to a set dollar amount that can reduce your income tax bill. The deduction depends on your tax filing status. For the 2017 tax year, the applicable standard deduction is [...]

By | 2018-01-31T13:59:22+00:00 November 27th, 2017|Business Services, CPA-Blog, IRS Representation, Tax Deductions, Tax Services, Tax Tips|Comments Off on What is The Difference Between Standard and Itemized Tax Deductions?

Private IRS Debt Collectors

You may have heard the adage “The IRS will never call you”, commonly shared among taxpayers to help distance friends and loved-ones from telephone scammers. While it is always wise to be extra careful with anyone claiming to be contacting you on behalf of the IRS, the line has recently become a little more blurred. The Internal Revenue Service has begun a new private collection program of certain overdue federal tax [...]

By | 2017-11-21T13:22:39+00:00 June 1st, 2017|IRS Representation, Tax Services|Comments Off on Private IRS Debt Collectors

Important Facts about Filing Late and Paying Penalties

April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If taxpayers are due a refund, there is no penalty if they file a late tax return. Taxpayers who owe tax, and failed to file and pay on time, will most likely owe interest and penalties on the tax they pay late. To keep interest and penalties [...]

By | 2017-11-21T13:12:29+00:00 June 1st, 2017|Tax Returns, Tax Services|Comments Off on Important Facts about Filing Late and Paying Penalties

Hobby or Business?

Taxpayers must report on their tax return the income earned from hobbies. The rules for how to report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions taxpayers can claim for hobbies. Here are four tax tips to consider: Is it a Business or a Hobby?  A key feature of a business is that people [...]

By | 2017-11-30T13:02:07+00:00 May 22nd, 2017|Business Services, Tax Returns|Comments Off on Hobby or Business?

Hurricane Preparedness Tips for Taxpayers

Don’t Forget to Update Emergency Plans Because a disaster can strike any time, be sure to review emergency plans annually. Personal and business situations change over time, as do preparedness needs. When employers hire new employees or when a company or organization changes functions, they should update plans accordingly and inform employees of the changes. Make plans ahead of time and be sure to practice them. Create Electronic [...]

By | 2017-11-21T13:11:11+00:00 May 20th, 2017|Tax Tips|Comments Off on Hurricane Preparedness Tips for Taxpayers