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|Comments Off on 9 Signs That Indicate You Can Benefit From Hiring An Accountant

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?

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?