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Tax Reform Cracks Down on IRA Recharacterizations

Article Highlights:   Tax Trap Traditional IRA Roth IRA Traditional to Roth Conversions Undoing a Conversion Note: The is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might affect [...]

By | 2018-02-15T20:33:57+00:00 February 15th, 2018|Categories: Uncategorized|0 Comments

5 Things You Need to Do After Jumping Into Entrepreneurship

Congratulations! You've decided to dive into the exciting world of entrepreneurship and bring that great business idea to life. Whether you're opening a local brick-and-mortar business that your community needs, looking to grow rapidly in the next few years and get an investor, or just keep things small and solo, certain steps come next that [...]

By | 2018-01-09T22:15:32+00:00 February 5th, 2018|Categories: Uncategorized|0 Comments

Important Things to Know About IRAs

Article Highlights: IRA Contribution Limits Compensation Active Participation Traditional IRA AGI Phaseouts Nondeductible Contributions Spousal IRA Roth IRA Back Door Roth IRA Penalties Rollovers Conversions Required Minimum Distributions The individual retirement account (IRA) is one of the favored ways to save money for retirement. There are two types of IRAs: the traditional IRA and the [...]

By | 2018-01-09T22:15:04+00:00 February 1st, 2018|Categories: Uncategorized|0 Comments

5 QuickBooks Reports You Need to Run in January

Does your accounting to-do list look like a clean slate, or are critical 2017 tasks still nagging? Getting all of your accounting tasks done in December is always a challenge. Besides the vacation time you and your employees probably took for the holidays, there are those year-end, Let’s-wrap-it-up-by-December-31 projects. How did you do last month? [...]

By | 2018-01-09T22:13:34+00:00 January 29th, 2018|Categories: Uncategorized|0 Comments

Using Online Agents to Rent Your Home Short Term? You May Be Surprised at the Tax Ramifications

Article Highlights: Schedule C vs. Schedule E Rentals of Less Than15 Days Rentals of 7 Days or Less Rentals of 8 to 30 Days Exception to the 30-Day Rule If you are among the many taxpayers renting your first or second home using rental agents or online rental services that match property owners with prospective [...]

By | 2018-01-09T22:16:27+00:00 January 25th, 2018|Categories: Uncategorized|0 Comments

Sold Your Home Last Year? Thinking of Selling? Read This!

Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Records If you sold your home last year, or if you are thinking about selling it, you should be aware of the many tax-related issues that could apply to [...]

By | 2018-01-09T22:06:26+00:00 January 22nd, 2018|Categories: Uncategorized|0 Comments

How Small Businesses Write Off Equipment Purchases

Article Highlights: Depreciation Materials & Supplies De Minimis Safe Harbor Expensing Routine Maintenance Unlimited Expensing Bonus Depreciation Sec 179 Expensing Mixing Methods From time to time, an owner of a small business will purchase equipment, office furnishings, vehicles, computer systems and other items for use in the business.  How to deduct the cost for tax [...]

By | 2018-01-09T22:19:41+00:00 January 19th, 2018|Categories: Uncategorized|0 Comments

Driving For Uber Or Others? Your Tax Situation Is Unique

Article Highlights: 1099-K Schedule C Uber and Credit Card Fees Record Keeping Vehicle Expense Options Home Office Other Options With tax time approaching, if you drive for Uber, Lyft or a competitor, here is some tax information related to reporting your income. You are considered self-employed and will report your income and deductible expenses on [...]

By | 2018-01-09T22:04:17+00:00 January 15th, 2018|Categories: Uncategorized|0 Comments

1099 Filing Date Just Around the Corner

Article Highlights:   Independent Contractors 1099 Filing Requirement Due Dates Penalties Form W-9 and 1099 Worksheet If you operate a business and engage the services of an individual (independent contractor) other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, you are [...]

By | 2018-01-11T20:26:20+00:00 January 11th, 2018|Categories: Uncategorized|0 Comments

Tax Time Has Arrived! Are You Ready?

Article Highlights:   It is time to gather your information for your tax appointment Choosing your alternatives Tips for pulling your information together   If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Pulling together the records for your tax appointment is never easy, but the effort [...]

By | 2018-01-09T22:21:55+00:00 January 11th, 2018|Categories: Uncategorized|0 Comments