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What is an IRS Penalty Abatement and Am I Eligible for One?

There are different types of IRS penalties that can be assessed against you. The most common penalties include those for failing to file a tax return, filing your return late, or accuracy-related penalties if you didn’t correctly state items on your tax return. But were you aware that sometimes, the IRS can issue penalty abatements [...]

By |2019-05-22T16:51:11+00:00May 22nd, 2019|Categories: Uncategorized|0 Comments

What to Do If You Receive a Dreaded IRS Letter

Article Highlights: • IRS Notices • CP Series Notice • Automated Notices • Frequent Errors • ID Theft • What You Should Do • What We Will Do Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund is all but gone. [...]

By |2019-05-20T18:53:07+00:00May 20th, 2019|Categories: Uncategorized|0 Comments

Tax Tips for IRA Owners

Article Highlights: Early WithdrawalsExcess ContributionsMultiple RolloversNo Traditional IRA Contributions in the Year Reaching age 70½Failing to Take a Required Minimum Distribution (RMD)Late ContributionsSwitch the Type of IRABackdoor Roth IRAAlimony as CompensationSpousal IRASaver’s CreditIRA-to-Charity Direct Transfers There are both opportunities and pitfalls for IRA owners, and while you definitely don’t want to get caught up in [...]

By |2019-05-09T19:53:08+00:00May 9th, 2019|Categories: Uncategorized|0 Comments

Short-Term Rental, Special Treatment

Article Highlights: Airbnb, VRBO, and HomeAwayRented for Fewer Than 15 Days during the YearThe 7-Day and 30-Day RulesExceptions to the 30-Day Rule Schedule C Reporting With the advent of online sites such as Airbnb, VRBO, and HomeAway, many individuals have taken to renting out their first or second home through these online rental sites, which [...]

By |2019-02-14T17:25:29+00:00February 25th, 2019|Categories: Uncategorized|0 Comments

Don’t Be a Victim of Cybercrooks

Article Highlights: What They Are AfterEmail Attachments or LinksEmails from the IRSDetecting Phony Email AddressesEmbedded HyperlinksSecurity SoftwareStrong PasswordsIRS Phone CallsEducate the Elderly Too Good to Be True Well, here it is: 2019. The holiday season is over, and the season for preparing tax returns is about to begin. But unfortunately, it is also the season [...]

By |2019-02-14T17:11:20+00:00February 21st, 2019|Categories: Uncategorized|0 Comments

Your Tax Documents Should Be Arriving Soon

Article Highlights: Information ReportingIRS MatchingList of Documents To ensure individuals properly report all of their income, the IRS has an ever-expanding series of information-reporting forms used to advise you and the IRS of your wages, retirement plan income, Social Security benefits, health insurance premium subsidies, stock sales, investment income, etc., for each tax year. The [...]

By |2019-02-14T17:08:47+00:00February 19th, 2019|Categories: Uncategorized|0 Comments

Filing a 1099-MISC May Now Apply to Landlords. Are You Collecting the Needed W-9s?

Article Highlights: $600 ThresholdExceptionsForm W-9Impact of Tax Reform1099-MISC Filing If you use independent contractors to perform services for your business or your rental that is a trade or business, for each individual whom you pay $600 or more for the year, you are required to issue the service provider and the IRS a Form 1099-MISC [...]

By |2019-02-14T16:56:37+00:00February 14th, 2019|Categories: Uncategorized|0 Comments

Unforced Errors – The 8 Most Common IRS Tax Penalties and How to Avoid Them in 2019

You know the old line about the inevitability of death and taxes? It’s still true. What isn’t inevitable, however, is the need to pay penalties to the IRS. It happens, but it doesn’t have to, and the main reason that it does is because taxpayers don’t educate themselves about the rules. When you get hit [...]

By |2019-02-01T06:38:55+00:00February 8th, 2019|Categories: Uncategorized|0 Comments

How Does QuickBooks Online Handle Mobile Expenses?

If you purchase several items and services away from the office, QuickBooks Online can help you record them while you’re out and about. QuickBooks Online’s mobile app, available at the Apple App Store and Google Play, can do many of the same tasks that it performs on your office desktop. You can, for example: Check [...]

By |2019-02-01T06:23:55+00:00February 5th, 2019|Categories: Uncategorized|0 Comments

Increased Business-Vehicle Deductions Due to Tax Reform

Article Highlights: Annual MileageOptional (Standard) Mileage Method Actual-Expense MethodVehicle DepreciationLuxury-Vehicle LimitsSUVsInterest ExpensesBusiness-Vehicle Sales or Trade-insEmployeesPlug-in Electric Vehicle Credits TheTax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Before getting into these changes, it is appropriate to first [...]

By |2019-02-01T06:15:05+00:00February 1st, 2019|Categories: Uncategorized|0 Comments