Latest Articles
How will revised tax limits affect your 2022 taxes?
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. If you’re like most people, you’re probably more concerned...
There’s a deduction for student loan interest … but do you qualify for it?
If you’re paying back college loans for yourself or your children, you may wonder if you can deduct the interest you pay on the loans. The answer is yes, subject to certain limits. The maximum amount of student loan interest you can deduct each year is $2,500....
You may owe “nanny tax” even if you don’t have a nanny
Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state...
Businesses with employees who receive tips may be eligible for a tax credit
If you’re an employer with a business where tipping is customary for providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Basics of the credit The...
Keeping meticulous records is the key to tax deductions and painless IRS audits
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make...
Do you or your business use PayPal or Venmo? New tax law could affect your 2022 tax return
As of January 2022, mobile payment apps like Venmo, PayPal and Cash App are required to report commercial transactions totaling more than $600 per year to the Internal Revenue Service. The change to the tax code was signed into law as part of the American Rescue...
Are you eligible for a medical expense tax deduction?
You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross...
Many factors are involved when choosing a business entity
Are you planning to launch a business or thinking about changing your business entity? If so, you need to determine which entity will work best for you — a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company...
The Real Cost of Doing Your Own Taxes
With the rising cost of living, most Americans are looking for every corner they can cut to make ends meet. As tax season approaches and most people are receiving their end of year statements, many Americans are considering using common tax software or wondering if...
Smooth sailing: Tips to speed processing and avoid hassles this tax season
The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1. Contact us soon for an appointment to prepare your tax return. Tip...