When to know to conduct a tax review Tip Category: Miscellaneous Here are some tips that should trigger you to conduct a full tax planning session to ensure your tax bill next year is not higher than it needs to be. 1. You owed tax last year. If you have not adjusted your withholdings, you could …
Category: Miscellaneous
Understanding Tax Terms: Depreciation Recapture
Here's an area of the tax code that surprises many with a larger tax bill. Tip Category: Miscellaneous One of the more unpleasant surprises that can hit a taxpayer occurs when you sell personal property, rental property or assets from your small business. This tax surprise is often associated with depreciation recapture rules. Defined Depreciation …
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Deduct Business Meals the Right Way
Did you know that business meals are deductible but business entertainment isn't? Make sure you keep a detailed expense log distinguishing the two. Tip Category: Miscellaneous Suppose you take your best client out to dinner to celebrate your business relationship. If you own a business, are self-employed or run a side business, can you deduct …
A Tip to Avoid Late Payment Penalties
What to do if you miss a quarterly estimated tax payment Tip Category: Miscellaneous Many clients like to keep their Federal Tax withholdings as low as possible to avoid the IRS having their funds interest-free throughout the year. Other taxpayers, especially those with non-payroll income, must make quarterly payments to the IRS. As long as …
How to Reduce Your Property Taxes
Ouch! Property taxes are on their way up. Here is what you can do to keep your property taxes as low as possible. Tip Category: Miscellaneous Market values of homes are skyrocketing and higher property tax bills are soon to follow. Prepare now to knock your property taxes back down to earth. What is happening …
Where’s My Refund?
My tax return is filed... where is my refund? Here's how to find out. Tip Category: Miscellaneous The popular Where’s My Refund feature on the IRS website allows you to see the status of your refund after filing your income tax return. What you should know Refunds of e-filed returns usually take 10 to 21 days to …
Tax & Business: March 2023
A part-time employment strategy could reap great rewards for your business if you plan appropriately. Here are some suggestions. Also read about effective reporting for effective management. Many businesses are turning to part-time employees to help fill open positions. Adding part-timers to your team, though, is easier said than done. In this month's newsletter, read …
Rejected!
What to do if your e-filed tax return is rejected by the IRS Tip Category: Miscellaneous More than 90% of individual tax returns are now filed electronically, and usually the process goes smoothly. When an e-filed tax return is rejected, however, e-filing can become more complicated. Common causes for rejected tax returns Simple filing errors. Most …
Those Darn Kids
The risk of having kids file their own tax returns There are benefits and pitfalls to having children file their own tax return. And YOU need to know them. Tip Category: Miscellaneous If you have children younger than 19 years old (or 24 if a full-time student), you should coordinate the filing of their taxes …
Reasons to File Early
When it makes sense to file a tax return as soon as you can Tip Category: Miscellaneous The 2022 tax filing season officially begins when the IRS starts accepting tax returns in late January and early February. There are many reasons to consider filing your tax return as soon as the IRS begins accepting returns. …
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