May 30, 2020 | Accounting, General IRS Information, General Tax Information, Income Taxes
The Internal Revenue Service announced today that later this summer taxpayers will for the first time be able to file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products. Making the 1040-X an electronically...
Apr 21, 2020 | Accounting, General IRS Information, General Tax Information, Income Taxes
It is important as a business owner you properly determine whether the individuals providing your services are employees or independent contractors. I am an independent contractor or in business for myselfIf you are a business owner or contractor who provides services...
Mar 25, 2020 | Accounting, General Tax Information, Income Taxes, International
Under the Eligibility Test, if you have both owned and lived in your home for at least two of the last five years, then you are eligible to exclude a gain of up to $250,000 ($500,000 for married taxpayers) from tax If you don’t meet the Eligibility Test, you may...
Mar 8, 2018 | General Tax Information
For those just beginning their “work life”, tax preparation and planning is a new and usually frustrating experience. Below are 10 questions designed to help you prepare for a meeting with a tax consultant/professional. What is my filing status? Listed below are the...
Mar 1, 2018 | General Tax Information
A 20% deduction can be claimed by the owners of S-Corporations, Partnerships, Sole Proprietorships, and beneficiaries of trusts (all, usually, do not pay tax at the entity level). The income is passed through to the owners. IRC 199A does not usually pertain to...
Feb 27, 2018 | General Tax Information
On February 9, 2018, at the 11th hour Congress passed the budget bill and it was signed into law. In an unprecedented move, Congress extended a few tax deductions and credits to 2017 that had expired on December 31, 2016. Because there was absolutely no advanced...
