Audit Proof Your Tax Return

Audit Proof Your Tax Return

No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers. Report everything that has an informational tax return. If you are like most Americans, you will receive numerous...
Homeowner Alert! Review Your Tax Forms

Homeowner Alert! Review Your Tax Forms

New tax rules are creating confusion Because of many home-related tax changes over the years, it can easily confuse taxpayers on what, when and how much can be used to qualify for a home mortgage related deduction. So when your mortgage company reports tax-related...
Your Business Tax Return is DUE!

Your Business Tax Return is DUE!

March 15th is quickly approaching March 15th is the tax-filing due date for 2023 calendar year S corporations and partnerships. While this filing deadline does not require making a tax payment, missing the due date could cost you a hefty penalty. The penalty The...
No Check! Where’s Your Proof?

No Check! Where’s Your Proof?

What you need to do NOW! Preparing to file your tax return is a great time to ensure you have proper documentation to substantiate your tax deductions. This is important as many banks start deleting online documentation that is over one year old. Background Two things...
The $500,000 Homeowner Tax Break

The $500,000 Homeowner Tax Break

Understand the rules now to avoid a tax surprise later There is large tax break that allows you to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. But making the assumption that this gain exclusion will always keep...
Common Missing Items = DELAYS

Common Missing Items = DELAYS

Review these common causes of filing delays Double-check this list of items that often cause delays with both filing your tax return and getting your much anticipated refund. Missing W-2 or 1099. Using last year’s tax return, make a list of W-2s and 1099s. Then...
The Paycheck Tax Tip

The Paycheck Tax Tip

A great place to lower your taxes The tax code has plenty of ways to reduce your taxable income, and many take place on your paycheck. If you haven’t already done so, now is a great time to conduct a thorough review of your paystub. Here are some tips: Review...
IRS Identity Theft Season Begins Now

IRS Identity Theft Season Begins Now

Each year thieves try to steal billions in federal withholdings by stealing your identity. As the IRS focuses more attention on this quickly growing problem, now is the time of year to be extra vigilant. Early tax filing season is the worst time Your federal tax...
SMALL BUSINESS ALERT: New Federal Reporting Required

SMALL BUSINESS ALERT: New Federal Reporting Required

Especially important for new business startups Beginning in 2024, many small businesses will have to report information about their owners to the Financial Crimes Enforcement Network (commonly referred to as FinCEN), a bureau of the U.S. Department of the Treasury...
2024 Mileage Rates are Here!

2024 Mileage Rates are Here!

New mileage rates announced by the IRS Mileage rates for travel are now set for 2024. The standard business mileage rate increases by 1.5 cents to 67 cents per mile. The medical and moving mileage rates are now 21 cents per mile. Charitable mileage rates remain...