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What to Do if You Get a Letter From the IRS About Your Cryptocurrency Gains

Bitcoin Coin On Laptop

According to survey results , more 36.5 million Americans own cryptocurrency.  In the past, the tax obligations around virtual currencies were quite murky, as the IRS was still finalizing their approach to how individuals holding cryptocurrencies would be taxed. Fast forward to 2020, however, and things look very different. Not only is the IRS clear […]

Standard vs. Itemized Deductions Clarified

Standardized Vs Itemized Deductions

It’s the new year, which can only mean one thing: Tax season is coming up! In 2020, it’s estimated that the IRS will process more than 150 million  individual tax returns. Are you ready for April 15? As you sort through tax documents and file your return, you’ll notice that there is a section where you […]

13 Most Commonly Asked Small Business Tax Questions

Questions About Taxes Concept

According to a survey conducted by QuickBooks , 48% of business owners named taxes as the most challenging area of running a small business.  This is not unjustifiable, considering that the federal tax code is more than a million words long! That’s just as long as all of the Harry Potter books combined.  However, while tax laws can […]

Tax Issues: 9 Challenges Taxpayers Will Likely Face

Going Through An Irs Audit Report

Filing taxes is never a fun process, but there are several crucial things that taxpayers need to look out for. With the laws continually changing, it’s essential to know what to expect in terms of tax issues that could cause problems if you’re not aware of them. Read on to discover some of the most […]

6 Business Tax Tips: Before Filing Your 2020 Business Taxes

Business Tax Checklist Tax Time

The U.S. tax code contains over 4 million words  (as of 2013).  It’s no surprise tax season makes you want to pull your hair out. If you’re nodding your head in agreement, you’re not alone. But, as confusing as taxes are, the pressure to file correctly grows as you approach the deadline.  So, what do you do? […]

The Essential Guide To Tax Write-Offs: Deducting Business Expense from Your Taxes

How Tax Write Offs Work Concept

When it comes to business taxes, it can seem like a labyrinth of complicated terms and endless paperwork. It’s important that you get your taxes correct for the IRS, but it’s also important that you don’t end up paying more than you should.  While you’ll have heard of deductible expenses, you might be wondering, “how […]

Your Guide to Small Business Taxes

Filing Small Business Taxes For The First Time

There are 30.2 million small businesses in the US. If you own a small business, you enjoy an impressive amount of flexibility, personal satisfaction, and profit potential. The downside, of course, is that you have to pay taxes. If you are filing small business taxes for the first time, you will do well to enlist […]

Paying Payroll Taxes: What Business Owners Need To Know

Paying Payroll Taxes

Did you know that $1.1 trillion was raised by federal payroll taxes last year? When it comes to the responsibility of paying payroll taxes as an employer, there are several essential factors that you need to understand to file affectively. That’s why today, we’ve created a complete guide to help you better understand how to […]

Your Guide to Business Tax Deadlines

Tax Deadlines And Tax Fraud Vs. Negligence

What if your business missed a major tax deadline and you didn’t even know it? Tax deadlines are even more important for businesses than they are for individuals. Unfortunately, many business owners don’t understand these deadlines until it’s too late. Want to keep your business out of the IRS crosshairs? Keep reading to learn everything […]

Tips for Filing Taxes as an LLC Business Entity

Llc Tax Filing

According to the Tax Foundation , pass-through entities like Limited Liability Corporations and S-corporations are on the rise. Meanwhile, the growth of traditional C-corporations has stagnated, dropping to only 1.7 million in 2014 as compared to 7.4 million S-corporations and a whopping 23 million individual business owners.  There are clear benefits to LLC tax filing when […]

Understanding Double Taxation And Understanding Your Rights

C Corporation Taxes

The 2017 Tax Cuts and Jobs Act reduced corporate income tax  from 35% to 21%. While corporations are enjoying the extra savings, that doesn’t mean they’re not vulnerable to paying high taxes.  There are times when something known as double taxation happens. But what does double taxation mean? And while it sounds unfair, is it really?  You […]

Calculating Payroll Taxes in California (And 4 Types of Deductions)

Payroll Taxes In California Concept

Calculating California payroll taxes can be quite a task. It can be tough to ensure payroll taxes are accurately calculated. In the state of California, there’s a particular method used to ensure you analyze your taxes efficiently. Let’s take a look into it… How are California Payroll Taxes Calculated? Most people in California are paid […]

What is the Difference Between IRS Form 940 and Form 941?

Irs Form 940

An Overview of Form 940 vs 941 There are different tax forms that you need to file throughout the year if you own a business. Two of these forms, 940 and 941, are related to employment taxes.  Form 940 Form 941 Due Annually Due Quarterly Federal Unemployment Taxes Medicare Tax Social Security Tax Federal Income […]

What is a Schedule K1 Tax Form

Schedule K1

Business owners already have to deal with a stack of tax forms when filing their taxes. It is not just the forms, either. There are deductions, credits, deadlines, and new tax laws to stay on top of, since regulations can change from year to year. One tax form you may not know much about is […]

8 Major Trends in IRS Audits

Irs Audit

Key Points: The Changing Landscape of IRS Audits: What You Need to Know Audits by the IRS are declining overall, with only 0.06% of tax filers being audited currently. This is due to limited IRS resources and staffing. Mail audits are much more common than in-person field audits. Taxpayers should be wary of IRS scams […]

Tax Advantages (and Implications) of Charitable Donations

Giving Hands Donating To Charity

Changes to the tax bill have made giving charitable donations that you can write off on your taxes a little more challenging. Does that mean you should stop giving?  Absolutely not, as most charities rely on donations to survive, and donating to charity is a great way of giving back.  You do, however, have to […]

Claiming a Business Loss on a Tax Return

Business Loss

Is your business losing more money than it’s bringing in? Operating at a loss is not uncommon, especially for new businesses still figuring out the tax filing process. If your business experiences a loss, you can recover. Did you know that you can claim a business loss on your tax return? You may even be […]

The Essential Guide to Mortgage Interest Deduction

New Homeowners With Moving Boxes On Their Heads

Approximately 63 percent  of homeowners in the United States currently have a mortgage. Are you part of this group? Did you know you have some potential tax deductions available to you as a result?  The mortgage interest deduction can help you save some money on your annual tax bill, especially during your early years as a […]

The Complete DIY Guide to Filing Business Taxes

Filing Business Taxes

As a responsible business owner, your top priority is always going to be the company’s bottom line. You want to ensure that the business continues to make the most of its investments and profit margins. Part of that financial responsibility, though, includes filing the proper tax documents every year.  Of course, there are a lot […]

Is There a Tax Advantage to Being a Homeowner?

Couple Super Excited About Their First Home

If you own a home, you’re already building equity and enjoying a significant investment that could give you some pretty serious returns in the future. When it comes to filing your taxes, are there any advantages to owning a home? Read on to learn more about the facts and find out if there is an […]

How to Get an IRS Home Office Tax Deduction

Fashion Designer Working In Her Home Office

Whether you work from home full time or just some of the time, you could be eligible for a home office tax deduction from the IRS. Before you claim your deduction on your tax return, it’s essential to understand the guidelines that the IRS has put in place, so you avoid any troubles later. Read […]

Understanding Sole Proprietorship Taxes (3 Tips)

Understanding Sole Proprietorship Taxes

As a sole proprietor, you tend to make your own path when it comes to how you run your business. In the world of taxation, however, there are a few unique challenges that a sole proprietorship can face. Before you file business and personal taxes this year, it’s crucial to understand how Sole Proprietorship taxes […]

How the IRS Subsidizes Childcare Expenses

Father Kissing Baby Girl

Certain expenses in life are a given. Expenses like your mortgage or rent on your home, utility bills, groceries, and car payments are a part of everyday life. For most families in America, this list also includes childcare. But most people have no idea just how expensive this can be. The average American family spends over […]

Business Tax Guide: How-To File Quarterly Taxes

Filing Quarterly Taxes

When you run your own business, almost everything can seem more complicated. You have to manage your own accounting, write your own paycheck, and figure out how to manage taxes. One important thing you need to know about as a business owner is filing quarterly taxes. The IRS requires that all self-employed people pay estimated […]

10 Common Corporate Income Tax Write-Offs Explained

Corporate Income Taxes

Regular individual taxes are confusing enough that most of us turn to professionals to help us understand the tax code. But corporate income taxes take complicated to a whole new level. Corporations operate as legal individuals with all the tax rights that come with that status. But unlike individuals, they have millions or billions of […]

Should You Pay Business Taxes Online?

Online Filing Services

The year is winding up, holidays are approaching, and many of us are daydreaming of Christmas trees and eggnog by the fire. But if you own a business, the holidays bring a reminder of a less cheerful prospect: tax season. No one likes dealing with taxes, finding the right filing services and trying to get […]

8 Pass-Through Business Entities Compared: Tax Benefits & More

Flow Through

The federal corporate income tax rate in the United States is 21%. But 44 out of 50 states also tax corporations on their income.  State corporate income tax rates range from 3% in North Carolina to 12% in Iowa. Although, most state tax rates are around 6%. And in some cases, the owners and shareholders […]

Tis’ the Season of Giving: Deducting Charitable Donations

Christmas Baby

Christmas is around the corner, which means two things. One, you may find yourself giving donations a little more frequently than you do for the rest of the year. And two, tax season is around the corner, too. So, naturally, you may be asking yourself, “How do charitable deductions work?” How much can you claim […]

How to Claim Casualty and Theft Losses on Your Tax Return

A Team Of Robbers

Okay, so this might be the matrix. Humans dressed in black have stolen your funds! Just kidding, but, on a more serious note you may have experienced casualty and theft losses, and that can be devastating.  Have those loses incurred over the past year? Did you know that the IRS will let you claim eligible […]

7 Tips for Natural Disaster Tax Relief

Natural Disaster Winds Through Palm Trees

Every year, worldwide natural disasters cause hundreds of billions of dollars  in damages. Some of these damages can indeed be covered by homeowners’ and renters’ insurance policies. For many people, though, this isn’t enough, and they end up spending their hard-earned money to put their lives back together after disaster strikes. If you’ve recently experienced financial […]

Oregon Solar and Storage Tax Rebate Program Details

Solar Pannels Atop A Home

If solar energy is what you believe in and you live in Oregon, this year may be your year. Under HB 2618, the new Oregon Solar and Storage Tax Rebate Program solar electric systems are now paired with solar storage for residential and low-income service providers. HB 2618 will begin issuing rebates in January of […]

8 Questions You Should Ask an FBAR Lawyer

Tax Education Standard Vs. Itemized Deductions

Tax lawyers are among the most in-demand  legal professionals throughout the United States. It’s not hard to understand why. After all, the current tax code is more than 75,000 pages long and seems to change at a faster rate than any mere mortal can hope to keep up with. Things get especially tricky when you have […]

Guide to Energy-Efficient Commercial Building Tax Deductions

Energy Efficient Commercial Building Tax Deductions

These days, going green is a catchphrase in every aspect of life, from fashion to food.  But for business owners like you, going green is more than just a trend. It’s good for business . Energy efficiency helps shave operating costs, which boosts your bottom line. But it also helps you save money in an […]

What You Need to Know About Clean Energy Tax Incentives for New Homes

Clean Energy Tax Incentives Concept

Did you know that by upgrading to green energy, you could save up to 30% on your annual utility bills ? The cheapest way for you to go about saving money on utilities is to reduce your consumption. While adjusting the temperature of your thermostat and opting to use Coldwater can help you to trim […]

The Great Lakes Energy Efficient Rebate Program: A Complete Guide

The Great Lakes Energy Efficient Rebate Program

Are you a Great Lakes resident seeking to improve your carbon footprint, lower your utility bills and make your home more energy-efficient? If so, your local energy company could help you turn this dream into a reality. The Great Lakes Energy-Efficiency Rebate Program makes it affordable for homeowners in your region to make the switch […]

Guide to Solar Sales Tax Incentives Through the Florida Department of Revenue

Solar Sales Tax Incentives In Florida

Do you live in The Sunshine State? If so, it’s time to make all of those glorious rays work for you! We’re talking about solar sales tax incentives. The Florida Department of Revenue wants to reward residents seeking to become more energy-efficient and eco-friendly by providing tax incentives on qualifying solar purchases. What do those […]

Exploring Energy Efficient Rebates for San Diego Gas and Electric

Energy Efficient Rebates For San Diego Gas

Are you a commercial member of San Diego Gas and Electric, or SDGE? If your business operates in San Diego County or southern Orange County and you receive natural gas or electricity to your location, the answer is likely “yes.” If so, did you know that you could save a significant amount of money by […]

How Holding Money in an Overseas “Bad Bank” Can Attract IRS Scrutiny

Holding Money In Bad Bank Overseas

How many clients from around the world do you have? It’s more common than ever before to do business in multiple countries and to have multiple businesses in different countries. But what are the tax implications for such arrangements? If you have a business in Vietnam, for example, and a Vietnamese bank account or a […]

The IRS Changes the Rental Real Estate Enterprise

Rental Real Estate Enterprise Changes

Many taxpayers were uncertain after reviewing Tax Cuts and Jobs Acts section 199A awhile back. 199A states a deduction equal to 20 percent can be taken by a qualified business’ income if it’s operated directly by a taxpayer or through a pass-through entity. There were countless emails, phone calls and journalism opinion pieces about the […]

Need Tax Help? See If You Qualify For an IRS Hardship Program

IRS trouble can be frustrating and intimidating. Schedule a consultation to find out if you qualify for an IRS hardship program – it only takes a few minutes!

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