Installment Sale – a Useful Tool to Minimize Taxes

Selling a property you have owned for a long period of time will frequently result in a large capital gain, and reporting all of the gain in one year will generally expose the gain to higher than normal capital gains rates and subject the gain…

Can’t Pay Your Taxes? Here Are Some Options

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Article Highlights: If You Can’t Pay Automatic Extension in Federally Declared Disaster Areas Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Retirement Funds …

Tax Benefits Available for Disabled Taxpayers

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Article Highlights: Increased Standard Deduction Tax-Exempt Income Impairment-Related Work Expenses Financially Disabled Earned Income Tax Credit Child or Dependent Care Credit Special Medical Deductions Qualified…

Using a Ghost Preparer? Who You Going to Call When the IRS Comes Knocking

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Article Highlights: Ghost Preparers PTIN Requirement Signing the Return Preparation to Boost Refund Taxpayer Left Holding the Bag How to Report Ghost Preparers Professional Tax Preparation As people begin to have their…

Major Tax Sunset on the Horizon

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Article Highlights: Estate and Gift Tax Personal Exemptions Standard Deductions Home Mortgage Interest Deduction Limitation on Tax Deductions (SALT) Suspension of Tier 2 Miscellaneous Itemized Deductions Suspension of…

8 Steps to Avoid Common Tax and Accounting Mistakes

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Successfully steering a small business involves adeptly managing its financial intricacies. Amid the myriad responsibilities, tax and accounting often prove to be a potential minefield for entrepreneurs, with common mistakes capable of significantly…

E-File Mandate - Reporting of Cash Payments Over $10,000

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Article Highlights: Reason for Form 8300 E-File Mandate Waiver Exemptions Late Returns Late Filing Penalties Record Keeping E-File Starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form…

Year-End Tax Planning Opportunities Are Here

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Article Highlights for End of Year: Not Needing to File a 2023 Year Return? Are Your Children Attending College? Did You Sell Your Home This Year? Do You Have an Employer Health Flexible Spending Account? Did You Become Eligible…
Quickbooks

Year-End Prep: 5 Key QuickBooks Online Tasks Before January 1

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December always seems to fly by. In just a few short weeks, Thanksgiving dinner will be over and it will be time to welcome the New Year. The holiday season brings personal obligations, but for retailers, it's also the busiest time of the year.…

Innocent Spouse Tax Relief

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Article Highlights Overview Innocent spouse relief Separation of liability Equitable relief Fairness Facts and Circumstances Confidentiality If you are or were married and filed your federal tax return jointly with your…