When does a tax benefit not become a tax benefit? When you assume you no longer need to keep track of something. This is the case with the home gain exclusion.
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The Lost Art of Tracking Home Improvements - How a tax law makes us sloppy and creates a tax risk
All too often taxpayers take action that will cost them dearly when they file their tax return. With a little planning, however, the IRS can still receive its fair share but not a dollar more. Here's what you need to know.
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Don't Run the Risk of a High Tax Bill! - Know when you should ask for professional help.
Did your paycheck seem a little higher? If so, it could be a tax time bomb.
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Is a Tax Time Bomb Lurking in Your Paycheck?
If you have not already done so, please plan to make your second quarter estimated tax payment. The due date is Tuesday, September 15th.
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Reminder: Third Quarter Estimated Taxes Due - Now is the time to make your estimated tax payment
Because our tax system is progressive, the next dollar you earn could be taxed at a much higher rate. By shifting taxable income levels from one year to the next, you could potentially pay a lower tax amount in both. Here are six great ideas.
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Tax Shifting Ideas to Reduce Your Bill to Uncle Sam - Is there a taxable income reduction idea you can use?
Learn how to win the credit score game, explore different budgeting methods to find one that works for you and be more aware of common scams being encountered by the IRS.
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Client Update Newsletter: September 2020
If you recently changed your name due to marriage or divorce, do not get caught in the nightmare of a rejected or changed tax return by the IRS.
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Avoid Name Mismatch Audits
Find out if a tax trap is lurking in your paycheck and what to do with your 401(k) when switching jobs. Also read about business website mistakes and fascinating facts about your favorite fall gourd.
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Client Update Newsletter: October 2020
...it takes a while. #support Nigerian youth as they fight for the future of a Nation that has failed them. #revolution #enoughisenough
The Social Security Administration recently announced their 2021 Cost-of-Living Adjustment (COLA) changes. Here is what you need to know.
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2021 Social Security Changes Announced
Oops! You find an error or omission on last year's tax return. What should you do? Is it always a good idea to file an amended tax return? Here are some things to consider.
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To Amend or Not Amend? - Is it always a good idea to amend your tax return if you find an error?
If you own a home you probably itemize your deductions on your tax return. But what if you do not itemize? Can someone using the standard deduction still get a tax break?
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Tax Savings for Non-Itemizers - Can't itemize? There are still tax breaks for you
More income is subject to Social Security in 2021 and new benefit amounts have been announced. Plus lots of great ideas to save you, your family and your business money is in this month's letter.
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Client Update Newsletter: November 2020
Looking to plan ahead? Here are initial figures from the IRS regarding the upcoming, 2021 tax year.
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IRS Releases Key 2021 Tax Information
Birthday eve... @docndi cheers to another beautiful year. My “perfect verse over a tight beat”. Cheers to more ridiculous successes , good health, this woman is amazing y’all! #happywifehappylife #scorpios😤 #coupleretreat #californialove
Looking for some ideas to make filing your taxes less cumbersome? Here are some tips.
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Tips to Organize Your Tax Records - Creating order out of chaos
As Congress debates tax law changes, and we watch the give and take like its a bad soap opera the clock keeps ticking towards the end of the tax year. So what can you do? Here are some time tested tax reduction ideas.
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Lower Your Taxes THIS YEAR! - Here are 6 ideas that most people can use
Behold, how good and how pleasant it is for brethren to dwell together in unity!
To my true brothers in the fold! Happy founders day! #everythingblack #ohafiawardance #hbcu #bethunecookman #mightyoe #quedawg #omegapsiphifraternityinc
Every day is a gift from God! You already got what it takes. #hardworkpaysoffs #bekobe #gratitude #becauseofgod #awholeworldoutthere #smallbusiness #taxguru
The tax code is filled with age triggers. Some are beneficial, while others can create a tax increase surprise. Outlined here are some of the important age triggers everyone should know.
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Age (not death!) and Taxes - Age does matter, when it comes to tax obligations
Turn your home office into a tax deduction. Also read about common IRS surprises, how to use depreciation to manage your business's profit margin and ideas to help your kids with virtual learning.
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Client Update Newsletter: December 2020
Here are 15 ideas that may reduce your tax bite for this year. But act soon as the year-end is fast approaching.
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15 Year-End Tax Tips
With the setting of contribution limits to qualified retirement plans for 2021, now is a good time to plan for your upcoming retirement contributions.
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Plan Your 2021 Retirement Contributions
Unlike fishing, phishing has no limits and can hurt anyone it touches. As one of the top 12 IRS tax scams, you do not want to take this bait. Here is what you need to know.
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Gone Phishing?
Are you capturing all the tax benefits built into homeownership? Here are the most common.
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Your Home. A Bundle of Tax Benefits.
Here are the standard mileage rates for 2021.
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2021 Mileage Rates are Here! - New mileage rates announced by the IRS
Taxes are complicated. Asking for help is not. Call for an appointment.
Covid-19 Relief Program is here for small businesses
Lets make 2021 EPIC!!!
Plan now to make your 4th quarter estimated tax payment.
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Reminder: Fourth Quarter Estimated Taxes Now Due - Now is the time to make your estimated tax payment
More stimulus payments are on the way! Also ready about the latest PPP loan update, find out how much you can contribute to your retirement fund in 2021 and see Uncle Sam's New Year's resolutions.
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Client Update Newsletter: January 2021
Another round of stimulus payments will greet many of you in January thanks to a new COVID relief package enacted by Congress in December. Here's what you need to know about the new legislation.
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Tax Planning Insights: January 2021
You can now deduct expenses paid with PPP loans on your tax return. There's also a new round of funding for additional PPP loans if your business is struggling. Read about what it means for you.
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Tax & Business Newsletter: January 2021
A recent voter initiative in California overrules the state's desire to make all Uber and Lyft drivers employees. This puts a spotlight on all workers to know the difference.
Are You a Contractor or Employee? - Knowing the difference is very important
Be on your guard as the IRS identity theft season starts in late January. Here's what you need to know.
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IRS Identity Theft Season Begins Now
Quiz: Has illegal income always been taxable?
So many 1099's. How do you keep them all straight? Here is a quick review of the most common 1099's to help you prepare to file your tax return.
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Alert: Look for New 1099 NEC - Your 1099's are coming soon
After a long pilot program, the IRS is making its identity theft PIN program available to all taxpayers. Here is what you need to know.
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IRS Identity Theft Program NOW OPEN! - New one-time use PIN option available for all
Learn about a new tool to protect your tax return from would-be thieves. Plus find out how you are giving away the most valuable thing you own!
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Client Update Newsletter: February 2021
There are a few areas within the tax code that can cause an unpleasant surprise when encountered. Thankfully they do not happen too often. Here are six you should know about.
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Oops! I Wish I Knew That.
Read about three time-tested steps you can take to start implementing your 2021 tax planning strategy. Here's what you need to know.
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Tax Planning Insights: February 2021
As tax season gets underway, here are several new business-related tax provisions that could help cut your tax bill in 2020. Also read about the pros and cons about starting a business with a friend.
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Tax & Business Newsletter: February 2021
The IRS often sees the transfer of funds as a loan, whether there is a loan agreement or not. This also means there is an implied term and interest payment. When the IRS says a transaction is a loan, what interest rate do they use? Enter AFRs. Here is what you need to know.
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Understanding Tax Terms: AFRs
Quiz: When was federal income tax introduced?
Now is the time for taxes AND reviewing your Social Security earnings report.
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Review Your Social Security Earnings Report
Fair market value is often one of the IRS's go-to items when auditing you. Here is what you need to know.
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Defending Fair Market Value
Get answers to common tax questions and read about the new world of bank reconciliations. And why not have some fun with a resurgence of these classic or newly popular board games.
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Client Update Newsletter: March 2021
Prior to filing your tax return, take a moment to review it for accuracy. Here are some hints.
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Tax Return Review Hints
Major life changes can be stressful, not least because they often affect your taxes. Here are several ways that your tax situation can change due to major life events.
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Tax Planning Insights: March 2021
A surprise tax break for the unemployed is creating havoc on filing tax returns this year. Here is what you need to know.
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ALERT! 2020 Tax Date Delay AND Unemployment Income Now Tax Free - What you need to know
Should you hire a contractor or an employee? Read about getting your worker classification right to avoid trouble with the IRS. Also find out how to engage with your customers on social media.
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Tax & Business Newsletter: March 2021