The IRS has all sorts of penalties. There is up to 25% penalty for filing a tax return late. There is up to 25% penalty for paying taxes owed late. For payroll taxes, there is up to 15% penalty for not paying deposits timely. By the time the IRS gets done charging penalties your tax could double! If you made a one-time mistake, you may qualify for removal of all penalties charged. Continue reading…
Vacation Home Tax Breaks
Summer time is just around the corner! Are you thinking about renting out your summer cottage? It may be a good idea. You could earn a little income and get some tax breaks for renting your summer cottage. Continue reading…
Paying Enough Taxes in 2015?
The hardest part of our job is explaining to a client why they have a large tax bill. This is a difficult discussion because nobody wants to pay more taxes to the IRS. Here are some tips on paying sufficient taxes throughout the year so you don’t get a surprising tax bill at the end of the year. Continue reading…
7 Tax Tips for Newlyweds
Wedding season is upon us all. Most newly married couples do think about changes in their tax status. Here are a few tax tips to consider. Continue reading…
New Testimonial!
We love this testimonial and really appreciate the kind words. Continue reading…
The Truth About Medical Deductions
Medical and dental costs can be tax deductible. However, most people don’t realize that you need to pay a large amount of out-of-pocket medical costs to get a tax deduction. Continue reading…
Claiming Child Tax Credit
The Child Tax Credit is a substantial credit for parents with children. The Child Tax Credit is $1,000 for each qualifying child reported on your IRS tax return. That is $1,000 going right back into your pocket. Continue reading…
New Healthcare IRS Tax Forms
Obamacare has added a new wrinkle this tax season. According to IRS Commissioner John Koskinen, the 2015 tax filing season “will be one of the most complicated filing seasons we’ve ever had.” One of those complications is the reporting required for Obamacare. There are several new IRS tax forms related to Obamacare you may have to fill out this tax season: Form 1095-A, Form 8962, and Form 8965. These forms can be complicated and may increase the cost to get your taxes prepared.
Top 3 Bookkeeping Tips
Owning a small business is tough. You are juggling many roles: salesperson, marketer, manager, technician, visionary, and many more. One of the vital roles in your business is keeping track of your books and records. Some small businesses are unable to hire a full time bookkeeper or hire an accounting firm to maintain the books. This means the bookkeeping will be done in-house by you. Here are some do-it-yourself bookkeeping tips.
Dealing with Divorce and Taxes
Getting a divorce is a stressful and complicated situation. Taxes are one of the complications. I will review a few of the common tax considerations when you are legally divorced or your divorce is pending. Continue reading…