How to handle that dreaded IRS notice in the mail
Did you know that every year the IRS mails millions of letters to taxpayers for many reasons? Are you one of the lucky ones to receive one? Don’t worry. Here are some suggestions for the taxpayer who receives that dreaded IRS notice. IRS notice You received an IRS notice in the mail. Now what?!?! First off…freak…
Retirement and HSA Contributions: How can they help you?
Using retirement contributions and a health savings account (HSA) to help reduce your immediate tax liability is a real way for tax savings. I highly suggest maxing out any retirement contributions possible. I also recommend contributing to your HSA, if you have one. Let’s dive deeper into retirement and HSA contributions and how they can…
Tax Reform Benefit for Small Business Owners
First things first, this new provision, Section 199A, as part of the Tax Cuts and Jobs Act allows for a 20% deduction for qualified business income deduction. There are exceptions and it can get complicated, but, to keep it simple, a 20% deduction for running your small business is pretty nice. Let’s talk further details…
3 Important Things to Know When You File an Extension
While there are plenty of reasons to need an extension, it does NOT mean you get extra time to pay taxes owed. You are among the many businesses and individuals that file an extension. But…what does that really mean? It means you better pay an estimate based on what you think you’ll owe in order…
Prepare to File Your Taxes Checklist
Tax season is in full swing and that means it’s more important than ever to gather all your paperwork. To help you get started, here’s a prepare to file your taxes checklist. Prepare to file your taxes Whether you’re planning on doing your taxes yourself or turning your paperwork over to a tax professional, there…
Do I need to file a tax return for my LLC with no activity?
Sometimes a limited liability company or LLC has a year with no business income or activity. Maybe it’s a newly formed LLC, which hasn’t started doing business yet. Is it an older LLC that hasn’t been formally dissolved? Whatever the reason for no activity, does the LLC need to file a tax return? LLC tax…
3 Steps to Take if You’re Missing a W2 and Want to File Your Taxes
The IRS requires employers to mail employee earnings information, commonly known as a W2, by the end of January. However, there can be delays due to mailing, etc., so it’s best to give your employer an extra week or two. If you’re missing a W2, and you want to file your taxes, now what? If…
10 Tips for choosing a tax professional
It’s that time of the year again! Yes. It’s tax time. Looking to hire a tax professional to prepare and file your tax return? Keep in mind taxpayers are always responsible for all the information on their income tax return regardless of who prepares and files it. Here are 10 tips for choosing a tax…
Checklist to help you avoid mistakes on your taxes
If you’re like many people, the word taxes gets your belly in knots! Even if you’re good with numbers and stay on top of things, it can be hard to understand all the different aspects to taxes. That’s not even counting if there has been a change in your life in the past year and…
26 things you need to know about the incoming tax law
It’s official. There’s a new tax code starting in 2018. Actually this is the first significant reform of the U.S. tax code since 1986 and the days of Ronald Reagan as president. That’s crazy, right? This measure is sure to shake up life for millions of Americans. It will influence decisions about whether to buy…