Guide to Filing Taxes as Head of Household

Most taxpayers file their tax return using the same tax status year after year. But what if you had a life event that changed that? Did you get legally separated or divorced during the year? Did your adult child move back home? Did you become the primary care giver of a parent? You may qualify to file as Head of Household. Head of Household status can lead to [...]

By |2018-10-02T19:35:37+00:00October 2nd, 2018|CPA-Blog|0 Comments

Your 2018 Guide to College Tuition Tax Breaks

Here are the details about the three ways tuition could translate into tax savings in 2018. Matthew Frankel, CFP (TMFMathGuy) Mar 17, 2018 at 6:53AM During the tax reform process, there were several proposals that called for modifying or eliminating certain education tax breaks. Fortunately for American college students and their families, most of the major tuition tax breaks are still in place for the 2018 tax year. [...]

By |2018-09-25T17:01:31+00:00September 25th, 2018|CPA-Blog|0 Comments

How The New Tax Legislation Will Affect Small Businesses

Business Tax Changes Recent changes in tax laws means small businesses are going to get some relief on their taxes. The new legislation represents one of the most important tax revamps in many years and it offers reduced rates to corporate entities and pass-through businesses . Insurance company Insureon, in partnership with Manta, carried out a survey of 2,700 small businesses to find out the potential [...]

By |2018-08-16T11:31:03+00:00August 16th, 2018|Business Services, CPA-Blog|Comments Off on How The New Tax Legislation Will Affect Small Businesses

Common items that can be written off by your business for taxation purposes

In order to generate income, you have to spend money . However, federal tax laws can offer some relief from the pain of company expenses .There are common business write-offs that can lower taxable income and reduce your company’s tax obligation on April 15. Overall, the expenses that are written off by a business usually have to be standard in that particular industry and essential to the business [...]

By |2018-08-11T12:41:05+00:00July 11th, 2018|Business Services|Comments Off on Common items that can be written off by your business for taxation purposes

Why Small Businesses Require The Services Of A CPA

All businesses, regardless of their sizes, require the services of a tax and financial advisor. Nevertheless, your business needs the services of a CPA (Certified Public Accountant) and not simply an accountant. Distinguishing Between CPAs and Accountants The term accountant’ generally refers to tax and finance professionals who abide by specified rules and regulations such as Generally Accepted Accounting Principles(or GAAP).These are rules and standards that are established [...]

By |2018-05-29T11:45:43+00:00May 29th, 2018|CPA-Blog|Comments Off on Why Small Businesses Require The Services Of A CPA

How To Pay Quarterly Taxes As A Self-Employed Person

Any self-employed person might be obliged to pay quarterly taxes. An individual who is self-employed can be described as one who: Operates as an independent contractor Works in a particular field or trade as a sole proprietor Belongs to a partnership that carries out business activities, for example a limited liability company (LLC) Operates a business by themselves, even if it is part-time Denna Smith, a Seattle-based [...]

By |2018-03-23T14:50:59+00:00March 23rd, 2018|CPA-Blog|Comments Off on How To Pay Quarterly Taxes As A Self-Employed Person

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+00:00March 12th, 2018|CPA-Blog, IRS Representation, Tax Tips|Comments Off on What You Need to Do If You Get a Tax Audit Notice from the IRS

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+00:00February 23rd, 2018|Business Services, CPA-Blog|Comments Off on 9 Signs That Indicate You Can Benefit From Hiring An Accountant

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