Cómo obtener un ITIN de manera sencilla: Agente de Aceptación Certificado
El número de identificación personal del contribuyente (ITIN) es un número de procesamiento de impuestos emitido por el Servicio de Impuestos Internos (IRS). El IRS emite un ITIN a las personas que tienen un número de identificación de contribuyente de los EE. UU. pero que no son elegibles para obtener un número de Seguro Social […]
179D: Powerful Tax Incentives for Energy Efficient Projects
The 179D tax deduction offers a powerful financial incentive for installing qualifying building systems that reduce energy consumption. Energy-efficient construction projects that meet specific energy efficiency standards are ideal candidates for the 179D deduction. Also, energy efficient retrofits or rehabs of older buildings also qualify for the deduction. The rules even provide a financial incentive […]
How to Get A Home Office Tax Deduction
Navigating the home office tax deduction can greatly enhance your tax savings, especially for small business owners and self-employed individuals. To qualify, your home office must be the principal place of business, used exclusively for business purposes, and where you conduct administrative or management activities. This ensures compliance with IRS requirements and maximizes your tax […]
Understanding the Basics of Installment Agreements
IRS installment agreements are offered to taxpayers looking for a way to pay their taxes to the government in monthly amounts. Installment agreements are among the most popular programs requested by clients at our CPA firm. It is important to use installment agreements to pay taxes over time to avoid penalties and ensure timely payments. […]
Understanding Nonresident Alien vs Resident Alien
Nonresident aliens and resident aliens are required to comply with a variety of U.S. tax return rules. This applies to individuals coming to the U.S. on business, for education, for marriage or for other personal reasons. The rules are different for various visa types. In this article we will discuss what is a nonresident alien […]
Heavy Highway Vehicle Use Tax
The Heavy Highway Vehicle Use Tax is an annual federal excise tax on heavy vehicles operating on public highways. Anyone who is required to register large trucks and buses with a taxable gross weight of 55,000 pounds or more must pay the tax. Certain vehicles are exempted from this tax, including those used for non-highway […]
FBAR vs 8938: Which One Should I File?
The FBAR and Form 8938 are used to report foreign financial assets to the U.S. government. Both the FBAR and Form 8938 trigger large penalties for failure to file. While the function of the FBAR and Form 8938 is very similar, there are differences between the two forms. One has a higher filing threshold than […]
Accounting Services CPA for Small Businesses
What can an Accounting Services CPA do for your small business? This guide covers essential services like bookkeeping, tax minimization planning, tax planning, and financial statement preparation offered by CPAs to streamline operations, minimize taxes and support growth. Key Takeaways CPA firms provide comprehensive accounting services, including bookkeeping, financial statement preparation, and tax minimization planning, […]
Cancellation of Debt Income
Cancellation of debt refers to a debt being cancelled, forgiven or discharged for less than the full amount of the debt. The portion of the debt that you no longer have to pay is considered cancellation of debt income (COD). Cancellation of debt frequently occurs in conjunction with foreclosure or repossession of property, such as […]
Getting an ITIN the Easy Way: Certified Acceptance Agent
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the Internal Revenue Service. The IRS issues ITINs to individuals who are required to have a U.S. taxpayer identification number but who are not eligible to obtain a Social Security number (SSN) from the Social Security Administration. This includes non-United States citizens […]
DIY Cost Segregation: A Guide for Small Property Owners
Wondering how to save on taxes with your rental property? DIY cost seg allows small property owners to break down properties into components for faster depreciation. This guide explains the process, benefits, risks, and steps to perform a successful DIY cost segregation study. Key Takeaways DIY cost segregation allows property owners to accelerate depreciation on […]
Comprehensive Guide to Reverse 1031 Exchange: Rules, Steps, and Benefits
A reverse 1031 exchange lets you defer taxes by buying a new investment property before selling your old one. These exchanges are governed by specific regulations under the Internal Revenue Code. This article will explain the rules, steps, and benefits of using a reverse 1031 exchange to maximize your real estate investments. Key Takeaways A […]
Essential Guide to Nonprofit Tax Preparation and Filing Requirements
Nonprofit tax preparation is essential for maintaining your tax-exempt status. In this guide, we’ll walk you through IRS Form 990, how to choose the right version, and ensure accurate filing. You’ll also learn about key components, common challenges, and filing deadlines. Stay compliant and transparent with our comprehensive guide. Key Takeaways Nonprofits must understand and […]
Can You Go to Jail for Not Paying Taxes? Here’s What to Know
Yes, you can go to jail for not paying taxes, particularly in cases of tax evasion or fraud. Can you go to jail for not filing tax returns? The possibility exists, particularly if the failure to file is intentional and aimed at evading tax obligations. These situations involve deliberately avoiding tax payment. In this article, […]
Essential Steps for a Streamlined Bookkeeping Clean Up
Are your financial records and financial data in disarray? A bookkeeping clean up is your solution. This guide offers clear steps to help you organize your books, making it easier to manage your finances and reducing your stress levels. Key Takeaways Start with organized financial records to lay a solid foundation for accurate bookkeeping. Consistent […]
Is a Roof Qualified Improvement Property? Understanding Tax Deductions
Is a roof qualified improvement property? If you’re trying to determine if your roof repairs or upgrades to a commercial building can qualify for tax deductions under Qualified Improvement Property (QIP), this article will provide you with the answers. We’ll guide you through the criteria that the IRS uses to evaluate roof improvements for QIP […]
Top Startup CPAs: Essential Accounting Services for New Ventures
Wondering why your startup needs a CPA? Startup CPAs offer essential tax, financial management and compliance services, ensuring your business avoids financial pitfalls and that you stay out of IRS trouble. This article outlines the important accounting services they provide to help your startup thrive. Key Takeaways for Startup CPAs CPAs are important for startups […]
Essential Tips on Taxes for the Private Practice Therapist
Navigating taxes for a private practice therapist can be daunting, especially if your practice is new. But taxes are crucial for managing the finances of your practice and maximizing your income. This guide provides practical insights on tax deductions, tracking business expenses, and smart strategies to lower your tax burden, helping you save money and […]
Joint Tax Return Issues
Filing a joint tax return allows married taxpayers to take advantage of beneficial tax rates and potentially lower tax brackets when they file taxes together. When considering married filing jointly vs separately, it’s important to understand how this decision impacts tax benefits and liabilities. This means that the overall tax liability is often reduced when […]
Best Strategies to Handle an IRS Bank Levy Effectively
An IRS bank levy is a serious action the IRS can take to collect unpaid taxes by freezing and seizing funds from your bank account. If you’re facing a bank levy, understanding the process and knowing your options is crucial to protecting your finances. This article will guide you through what an IRS bank levy […]
Best Practices for Land Improvements and Bonus Depreciation
Looking to understand land improvements and bonus depreciation? This guide explains how you can use bonus depreciation to save on taxes for your land enhancements. Learn what land improvements qualify, how the process works, and steps to claim your deductions effectively. Get ready to optimize your tax savings and financial planning. Key Takeaways Land improvements, […]
Best Guide to Taxes for the Self-Employed
Confused about taxes for the self-employed? This article breaks down what you need to know. We explain self-employment taxes, the rates for 2024 and 2025, how to calculate them, and the deductions you can claim. By the end, you’ll have a clear understanding of your tax obligations and how to manage them effectively. Key Takeaways […]
Top Benefits of Outsource Restaurant Accounting Services
Managing finances can overwhelm restaurant owners, taking time away from core activities like serving customers and growing the business. Outsourcing restaurant accounting allows you to focus on what you do best, while cost-effective skilled professionals handle your financial tasks. This article will detail the key benefits of outsourcing restaurant accounting for your restaurant’s accounting needs, […]
IRS Fresh Start Tax Program: How to Achieve Tax Debt Relief
Are you overwhelmed by tax debt? The IRS Fresh Start Tax Program offers relief options tailored to your needs. This article explains how you can reduce your tax liabilities and outlines the steps to apply. Discover if this program could help you achieve much-needed financial relief. Key Takeaways The IRS Fresh Start Tax Program offers […]
IRS Certified Mail: How to Handle Important Tax Notices Effectively
When you receive IRS certified mail, it means the IRS is informing you about important tax issues. This article covers why you might receive such mail and the necessary steps to take right away. Key Takeaways IRS certified mail ensures important tax notices are officially delivered, allowing taxpayers to respond appropriately. Timely and accurate responses […]
Understanding Tax Preparer Rates: What to Expect in 2025
If you’re wondering about tax preparer rates in 2025, you’re not alone. Knowing what to expect can help you budget effectively for tax season. This article will break down the costs associated with hiring a tax preparer, including the factors that influence these rates and fees you might encounter. By understanding these elements, you can […]
Guide to Accounting for Ecommerce Business Owners
Accounting for ecommerce is crucial for online business success. In this guide, we’ll cover essential processes like tracking transactions, managing taxes, and handling inventory, and how accounting firms can provide vital services such as tax management and bookkeeping. Learn practical tips to ensure your ecommerce accounting is accurate and efficient. Key Takeaways Ecommerce businesses must […]
What to Do If I Haven’t Filed My Taxes in 3 Years
Haven’t filed my taxes in 3 years? It’s essential to take action quickly to avoid severe penalties and legal issues. This article will guide you through the immediate steps to get back on track, the consequences of not filing, and the options available to manage your tax debt. Additionally, filing your taxes is crucial to […]
What If an Estate Cannot Pay Taxes? Guide to Handling Tax Debts After Death
What if an estate cannot pay taxes? When an estate lacks funds to cover taxes, the executor must manage the debts and work with the IRS. If a deceased person owes taxes, it is crucial for the estate to settle any outstanding tax obligations to prevent financial burdens on loved ones. Beneficiaries might face delays […]
Top Outsourced Accounting Services to Streamline Your Business
Outsourced accounting is the practice of hiring third-party firms to handle your business’s accounting functions. A business accountant can help manage financial transactions, assist in tax filing, and provide valuable insights into the financial health of your business, making it easier for you to focus on your core business activities. In this article, we’ll explore […]
Expert Trucking CPA Services for Your Transportation Business
Running a trucking business involves unique financial challenges that require specialized solutions. This is where a Trucking CPA comes in. They help you navigate industry-specific tax laws, manage multi-state compliance, and optimize costs. In this article, you’ll learn how a Trucking CPA can streamline your financial management for better profitability and compliance. Key Takeaways Specialized […]
Mastering Estate Tax Portability Election: Optimizing Your Estate Plan
Portability is a term used in estate taxes and estate planning. It refers to the situation where a surviving spouse uses the deceased spouse’s unused exemption (DSUE). This means if one spouse doesn’t use all of their exemption, the remainder can be transferred to the surviving spouse, helping reduce overall estate tax liability. In this […]
Essential Realtor Tax Deductions You Need to Know
Want to lower your tax bill as a real estate agent? This guide covers essential realtor tax deductions like business expenses, home office costs, and travel expenses to help you maximize your tax savings. Key Takeaways Real estate agents can significantly reduce their taxable income through various deductions, including self-employment taxes, business expenses, and home […]
How to Easily File an Amended Return (Form 1040-X)
An amended return is necessary when you’ve made an error on your tax return, such as missing income or deductions. This guide will show you what an amended return is, when to file it, and the steps to complete Form 1040-X for correcting your original individual income tax return. Key Takeaways An amended tax return, […]
The Benefits of Hiring LLC Accountants for Your Small Business
Do you need LLC accountants for your business? These experts streamline your finances, tax obligations, ensure tax compliance, and help your business grow. They also provide financial analysis to help you make informed business decisions. Read on to learn how their services in bookkeeping, tax preparation, and financial planning can benefit your LLC. Key Takeaways […]
Effective Tax Lien Help: Top Strategies to Resolve IRS Tax Liens
Need tax lien help? You’re not alone. This article explains what an IRS tax lien is and outlines practical steps to resolve it. Whether it’s paying in full, setting up an installment plan, or negotiating a settlement, we’ll guide you through the process. Key Takeaways An IRS tax lien is a legal claim against your […]
Top Benefits of Professional Tax Audit Representation
A tax audit can be challenging. Tax audit representation involves professionals guiding you through the audit, protecting your rights, and reducing financial risks. This article covers the benefits of having expert support during an IRS audit. Key Takeaways Professional tax audit representation helps navigate the IRS audit process, ensuring compliance and protecting taxpayer rights. Common […]
Your Guide to Navigating RSU Taxation
Curious about how your Restricted Stock Units (RSUs) are taxed? RSU taxation happens when your RSUs vest, and understanding this process is key to managing your finances effectively. This guide will cover how RSUs are taxed and strategies to handle your tax liabilities. Key Takeaways Restricted Stock Units (RSUs) are taxed as ordinary income upon […]
Independent Contractor vs Employee: Key Differences to Know
Should you classify a worker as an independent contractor or an employee? This crucial decision impacts taxes, legal responsibilities, and benefits. This article explains the key differences to help you stay compliant and avoid costly mistakes. Key Takeaways Independent contractors operate as self-employed individuals managing multiple clients, while employees are directed by employers and have […]
Enrolled Agent vs. CPA: Choosing the Best Tax Professional for Your Needs
Tax season is here, and you’re probably wondering whether you should hire an Enrolled Agent (EA) or a Certified Public Accountant (CPA). Understanding the key differences between an Enrolled Agent vs CPA is crucial for making an informed decision. This article will break down the roles, qualifications, and areas of expertise of EAs and CPAs […]
Accounting for Law Firms: Proven Strategies to Boost Financial Health
Accounting for law firms is critical to managing finances, ensuring compliance, and enhancing profitability. This article explores essential strategies, including setting up financial infrastructure, managing trust accounts, choosing accounting methods, and leveraging technology. Mastering these aspects will help your firm stay financially healthy and compliant with tax and legal standards. Key Takeaways Master the fundamentals […]
Top Tips for Handling an IRS Notice of Deficiency
An IRS Notice of Deficiency informs you that you owe additional taxes due to discrepancies in your tax return. This document, also known as a ‘90-day letter,’ gives you 90 days to respond. In this article, we’ll explain what a Notice of Deficiency is, why you might receive one, and the steps you should take […]
IRS Notice CP2000: What is It?
What is IRS CP2000? IRS Notice CP2000 is one of the most common IRS letters that we see in our CPA practice. The IRS mails these notices to taxpayers when information from a third party source (such as a 1099 or W-2) does not match the information the taxpayer reported on their income tax return. […]
CPA for Independent Contractor: Top Services for Essential Tax Help
Navigating taxes and finances as an independent contractor can be daunting. A CPA (Certified Public Accountant) helps manage these tasks efficiently, ensuring you maximize deductions and stay compliant with tax laws. This guide will show how a CPA for independent contractors can save you time, money, and stress in your financial management. Key Takeaways Independent […]
Understanding Insolvency for Cancellation of Debt: A Simple Guide
Are you dealing with canceled debt and wondering how insolvency affects your tax situation? Understanding insolvency for cancellation of debt is crucial for managing potential tax liabilities. Under IRS tax regulations, cancelled debt can be excluded from taxable income under the insolvency exclusion when a taxpayer’s liabilities exceed their assets. This guide will explain what […]
Who Can Take Your Tax Refund and How to Protect It
Worried about who can take your federal tax refund? Federal and state agencies, as well as private creditors, may have the authority to seize it. This article will explain which entities can take your refund and how you can safeguard it. Key Takeaways Federal and state agencies can seize tax refunds to recover outstanding debts, […]
The Best Tax Strategies from a Short Term Rental CPA
Managing short-term rental taxes can be complex. A short term rental CPA helps optimize your income and ensures you comply with tax laws. This article will guide you through how a specialized CPA can assist with your rental tax strategies. Key Takeaways Understanding whether short-term rental income is classified as active or passive is crucial […]
Step Up in Basis at Death: Essential Guide for Inherited Assets
The step up in basis at death is an important provision within the tax code that can benefit those inheriting assets. It resets the value of inherited assets to their fair market value at the decedent’s death, reducing future taxes on capital gains. In this article, we’ll explain how this rule works, its benefits, and […]
A Guide to IRS Tax Penalties
The IRS imposes civil penalties in many situations. Penalties are meant to act as a stick to motivate the public to comply voluntarily with the tax laws. Tax penalties may be either civil or criminal. Civil penalties are financial Criminal penalties may involve jail time This article will focus what you need to know […]
HRA for Business Owners
What is an HRA? A Health Reimbursement Arrangement (HRA) is a type of employer-sponsored benefit plan that allows employers to provide tax-free reimbursement for medical expenses to their employees. Funded entirely by the employer, HRAs can be used to reimburse employees for a wide range of eligible healthcare expenses. These expenses include health insurance premiums, […]
What is Bill.com? Features and Business Benefits Explained
Bill.com is a cloud-based platform that simplifies bill payments, invoicing, and accounts payable for businesses by integrating with your accounting system. In this article, we will explore what is Bill.com, including its features and benefits. We will discuss how it can enhance your financial operations and improve efficiency. Additionally, we will go over the collaboration […]
Top Tax Deductions for S Corporations: Maximize Your Savings
Owning an S Corporation means you have access to tax deductions for S corporations that can lower your taxable income. Understanding these deductions is key to maximizing your tax savings. This guide will walk you through the main tax deductions available to S corporations, helping you make the most of your tax benefits. Key Takeaways […]
Qualified Educator Expenses and the Educator Expense Deduction
The IRS increased the expense deduction for teachers by $50. While this is not earth shattering, at least it is a step in the right direction. We like to share good news whenever we can. The Basics of the Educator Expense Deduction Teachers and other educators may now deduct up to $300 of out-of-pocket classroom […]
How Are Trusts Taxed? – Essential Guide to Trust Taxation
Trusts manage and protect assets for beneficiaries and are taxed differently based on their type. Grantor and non-grantor trusts have unique tax implications for income, distributions, and filing requirements, affecting both trustees and beneficiaries. This guide will explain how trusts are taxed, including practical insights into tax rates, potential benefits, and necessary compliance steps. Key […]
How to Get Your City of Chicago Business License
Starting a business in Chicago? You’ll need to get a City of Chicago business license first. This guide covers everything you need to know, from understanding the requirements to submitting your application. Key Takeaways A business license is mandatory for most businesses operating in Chicago, ensuring compliance with local regulations and standards. The application process […]
Top Strategies on How to Avoid Gift Tax
Want to avoid gift tax? This article will show you how. We’ll explore the annual gift tax exclusion, lifetime exemptions, and other effective strategies to help you transfer wealth without incurring gift taxes. Key Takeaways Understanding gift tax fundamentals is important, as the donor is responsible for payment, and exceeding annual exclusion limits impacts estate […]
IRS Hardship Program: Currently Not Collectible
We regularly meet with clients of our accounting firm who owe taxes to the IRS that they cannot afford to pay due to a financial hardship. Sometimes it is a tax bill for one year. Frequently it is a tax bill for multiple years. The IRS offers a number of solutions that provide tax relief to taxpayers […]
Guide to Tax and IRS Rules for Rental Real Estate | Tax Guidelines
The tax rules for rental real estate investors offer many tax advantages. Due in large part to the tax advantages, investing in real estate is very popular among people looking for an alternative source of income or side gig. Our Atlanta-based CPA firm probably sees more tax returns with real estate issues than just about […]
Top Reasons to Hire a Tax Strategist for Your Tax Planning
A tax strategist assists individuals and businesses to minimize their taxes. The tax plans that they develop are made to ensure that the client stays within the law and to minimize the risk of IRS audit. This article explores the essential roles of a tax strategist and the advantages of regular tax planning. Tax strategist […]
1031 Exchange Qualified Intermediary
Section 1031 Exchange for Real Estate Investors – The Basics of Replacement Property During a 1031 exchange, the IRS requires the use of a Qualified Intermediary (QI). The QI is responsible for documenting and managing the process of a 1031 exchange under Internal Revenue Code Section 1031. This article reviews the role of a QI […]
Can You 1099 a Family Member? A Guide to Paying Relatives in a Small Business
Benefits and Considerations of Hiring Family Members Hiring family members can bring numerous benefits to a small business, making it a popular choice for many entrepreneurs. One of the most significant advantages is the potential for tax benefits. By hiring family members, business owners can often reduce payroll taxes and claim dependents on their tax […]
Mastering the IRS Offer in Compromise: Reducing Tax Debt
Are you overwhelmed by tax debt and looking for a solution? An IRS offer in compromise (OIC) might be the lifeline you need. This program allows eligible taxpayers to settle their tax debts for less than the total amount owed. In this article, we’ll explain what an OIC is, how to determine if you qualify, […]
How to Negotiate with the IRS: Resolving a Tax Debt
Understanding Tax Debt Relief Tax debt relief refers to the various options available to individuals and businesses struggling to pay their tax obligations. The IRS offers several programs and services to help taxpayers manage their tax debt, including installment agreements, offers in compromise and tax penalty abatement. Understanding these options is important for taxpayers who […]
IRS Form 8300: Cash Sales over $10,000
IRS Form 8300 is the form that businesses use to report the receipt of cash payments over $10,000. It applies to the purchase of both goods and services. Generally, businesses must file Form 8300 within 15 days after receiving cash payments over $10,000. We recommend that Form 8300 be filed online through electronic filing, rather […]
Top Tips for Managing a GA State Tax Lien
A GA state tax lien is a legal claim on your property due to unpaid state taxes. This article will explain what a GA state tax lien means for you, how it’s filed, its effects on your property, and ways to remove it. Key Takeaways Georgia state tax liens are serious legal claims on property […]
How to Conduct a Georgia CPA License Search
Need to verify a CPA license in Georgia? This guide covers everything you need to conduct a Georgia CPA license search. We’ll show you how to access the state board’s website, use the verification tool, and understand the results. Key Takeaways The Georgia State Board of Accountancy oversees the licensing and regulation of CPAs, ensuring […]
Guide to IRS Statute of Limitations (CSED)
Understanding the IRS Statute of Limitations The IRS statute of limitations is an important concept for taxpayers to understand, as it determines the period during which the IRS can collect taxes, penalties, and interest from a taxpayer. The standard statute of limitations for tax debts is 10 years, beginning from the date the tax return […]
Georgia Tax Credits and Incentives
Southern Hospitality: How Georgia Welcomes Businesses with Tax Credits and Incentives In the heart of the South, Georgia extends a warm embrace not only through its famed hospitality but also by offering a collection of tax incentives and credits designed to foster business growth and innovation. The state’s generous offerings support Georgia businesses across a […]
Hobby Loss Rules: What to Do?
Hobby Loss Rules: Can You Deduct Hobby Expenses? The Internal Revenue Service (IRS) has specific rules regarding the deductibility of hobby expenses, known as the Hobby Loss Rules. These rules are designed to prevent taxpayers from claiming deductions for expenses related to activities that are not engaged in for profit. Taxpayers can deduct hobby expenses, […]
Divorce, Taxes and Conflict of Interest: Working with a CPA
Understanding the Divorce Process and Taxes The divorce process can be complex and emotionally challenging, and taxes are an essential aspect to consider. Understanding the tax implications of divorce can help you make informed decisions and avoid potential pitfalls. The divorce process typically involves several stages, including separation, divorce filing, discovery, and settlement or trial. […]
Guide to Your Georgia State Tax Refund Status
Wondering how to check your Georgia state tax refund status? This guide walks you through the process using the Georgia Tax Center portal, explains typical processing times, and highlights common reasons for delays. Read on to understand everything you need for tracking your refund efficiently. Key Takeaways Taxpayers can easily check their Georgia state tax […]
How to Obtain an Atlanta Business License
Starting a business in Atlanta? The first step is getting a business license. This guide covers the types of licenses, required documents, application steps, fees, and renewals. Here’s how to get your Atlanta business license. Key Takeaways Securing an Atlanta business license is mandatory for all businesses operating within city limits, ensuring compliance with local […]
Top IRS Audit Triggers and Data Analytics
Curious about what might trigger an IRS audit? This article delves into the key IRS audit triggers you should be mindful of. From discrepancies in your tax return and unreported foreign assets to the use of advanced data analytics tools by the IRS, we explore the top factors that could place you under IRS scrutiny. […]
Tax Debts and Bankruptcy
Does bankruptcy clear tax debt? It depends on the type of tax debt and specific conditions. This article will explain which tax debts can be discharged, the criteria to discharge tax debt, and the impact of different bankruptcy chapters on tax debt. Key Takeaways Bankruptcy can discharge certain types of tax debt, primarily income tax, […]
🎉WOOHOO!! We Made the Best of 2024 My Dunwoody List 🎉
Exciting News!!! Massey and Company CPA has been recognized as the best CPA firm in Dunwoody in 2024 by Atlanta Best Media! Thank you for the support of our clients and our amazing Team, who have made this possible. We are so thrilled with our growth over the past 10 years. Click HERE to meet […]
How to Qualify for Innocent Spouse Relief: A Simple Guide
Innocent spouse relief is an IRS tax provision that can protect you from your spouse’s incorrect tax filings. If you were unaware of errors on your joint tax return and are now facing unfair tax liabilities, this relief may be for you. In this guide, we will cover what innocent spouse relief is, who qualifies, […]
Are HOA Fees Tax Deductible? Your Ultimate Tax Guide
Are HOA fees tax deductible? For many homeowners, the simple answer is no; HOA fees are generally considered personal expenses and are not considered tax deductible. However, there are exceptions, especially if you use your home for business purposes or as a rental property. In this article, we’ll explore these exceptions and help you understand […]
Maximize Savings with the Foreign Earned Income Exclusion
The Foreign Earned Income Exclusion (FEIE) allows you as a U.S. citizen working abroad to exclude up to $126,500 of your foreign-earned income from U.S. taxes in 2024. Understanding how to qualify and make the most of this exclusion can significantly reduce your tax burden. In this article, we’ll break down the eligibility criteria, benefits, […]
Maximize Earnings with Augusta Rule for Tax-Free Rental Income
The Augusta Rule Tax lets homeowners rent their properties for up to 14 days a year without reporting the income. This article will explain how it works and how you can use it to earn tax-free income. Key Takeaways The Augusta Tax Rule allows homeowners to rent their properties for up to 14 days per […]
Ultimate Guide to Tax Write Offs for Vehicles Over 6000 lbs in 2024
If you’re a business owner, understanding the tax code related to the tax write off for vehicles over 6000 lbs is crucial. This guide explains how you can leverage Section 179 to deduct the cost of qualifying vehicles, potentially saving thousands on your taxes. Read on to learn about eligibility criteria, the types of vehicles […]
In-Kind Donation: A Comprehensive Guide for Nonprofits
An in-kind donation is a non-cash gift of goods or services to a nonprofit, reducing expenses and providing vital resources. In this article, we’ll explore the different types of these donations, their benefits, challenges, and how to effectively manage them. Key Takeaways In-kind donations, which include goods and services, provide nonprofits with critical support, allowing […]
How to Access Your Tax Return Transcript
An IRS tax return transcript is a summary of key details from your tax return. Whether you need it for loan applications, financial aid, or resolving tax issues, knowing how to access it is important. In this article, we will explain what a tax return transcript includes, why you might need one, and the steps […]
Leasehold Improvements: Tax Implications for Landlords & Tenants
Leasehold improvements are changes made to rental properties to meet tenant needs. These can include new partitions, flooring, and fixtures. This article explores the benefits, tax implications, and who typically covers the costs of leasehold improvements. Key Takeaways Leasehold improvements are custom modifications made to enhance leased spaces, tailored to tenant specifications, significantly impacting property […]
How to Handle a CP14 Notice from the IRS
An IRS CP14 notice means you owe taxes to the IRS. This guide will explain why you got the notice and what you need to do next. Key Takeaways A CP14 notice from the IRS indicates outstanding tax debts and includes details such as the amount owed, reasons for the balance, and instructions for payment. […]
Understanding What Is a Single Member LLC: A Quick Guide
What is a Single Member LLC? A Single Member LLC, or limited liability company, is a business structure that provides one owner with liability protection and tax benefits, merging the simplicity of a sole proprietorship with the advantages of a corporation. This article will examine its definition, operation, tax treatment, comparisons with other structures, and […]
Do Venmo and Other Cash Apps Report to IRS for Personal Use?
Curious if Venmo, Zelle, Cash App, PayPal and other payment apps must report your personal transactions to the IRS? The short answer is no, payment apps on phones do not report personal payments. However, the scenario for payment apps changes when it comes to business payments. Venmo and Your Tax Return Handling tax reporting for […]
Essential Guide to W9 vs 1099
W9 vs 1099: Understanding Differences for Contractors. Understanding W9 and 1099 forms is essential for both businesses and contractors, especially when considering the differences in w9 vs 1099. The W9 form collects taxpayer details, and the 1099 reports payment data for taxes. This article will clarify their differences, roles, and how to use them correctly. […]
Mastering QuickBooks Online Receipt Capture | Your Ultimate Guide
QuickBooks Online Receipt Capture is an essential feature that helps businesses easily manage and store their receipts. By automating the process of recording and attaching receipts to transactions it ensures accuracy and saves time. This article will guide you through how to use QuickBooks Online Receipt Capture effectively, its benefits, and troubleshooting tips. Key Takeaways […]
How Far Back Can the IRS Audit? Know Your Limits
How far back can the IRS audit your tax returns? Generally, it’s three years, but certain circumstances can extend this period to six or even indefinitely. In this article, we will explore these audit timeframes and what triggers them, helping you understand how to keep your records in order. Key Takeaways The standard IRS audit […]
Mastering Nonprofit Bookkeeping: Best Practices and Essential Tips
Nonprofit bookkeeping is crucial for ensuring financial transparency and compliance in organizations committed to a mission rather than profit. Unlike for-profit accounting, it requires careful tracking of funds in line with donor restrictions and regulatory requirements. This guide will walk you through the essentials of nonprofit bookkeeping, from understanding key financial statements to implementing best […]
What is a Cost Segregation Study?
What is cost segregation? Cost segregation is a federal income tax strategy that allows property owners to accelerate depreciation deductions, ultimately enhancing cash flow and deferring tax payments. A cost segregation study is a strategic tax savings tool that allows companies and individuals who have purchased, constructed, expanded, or remodeled any kind of real estate […]
The Ultimate Guide to Construction Accounting
Construction accounting involves unique practices such as job costing, revenue recognition and managing overhead costs that are specific to each project. For construction companies, understanding these methods is essential to ensure financial health and tax compliance. This article will explain the core principles of construction accounting, the key differences from regular accounting, and best practices […]
Top Benefits of Hiring a Real Estate Tax Accountant
Wondering if a real estate tax accountant can boost your investment returns and minimize taxes? In this article, we’ll show how these specialists handle complex tax laws and keep you out of tax trouble. Key Takeaways Real estate tax accountants possess specialized knowledge of tax laws and strategies specific to real estate, enabling them to […]
Tax and Immigration
The Connection Between Immigration and Taxes Immigration and taxes have a lot to do with each other. In fact, taxation and immigration go hand in hand throughout the USCIS immigration process, creating various tax obligations for immigrants. With over 11 million undocumented immigrants in the US (according to a recent study of the Migration Policy […]
The Complete Guide to Filing Taxes for a Deceased Person
Filing taxes for a deceased person can be complex. This article explains how to file their final tax return, report income, and claim deductions. It also covers the responsibilities of the personal representative, the importance of selecting the correct filing status, and the potential consequences of failing to file a final return. Additionally, the article […]
IRS Audit Guide (Updated for 2024)
IRS Audit: What to Know, What to Do in 2024 Taxpayers are selected for an IRS audit for a variety of reasons. Some taxpayers are chosen due to a document mismatch, such as a return that is missing 1099’s or W-2’s. The IRS computers usually spot missing documents based on the social security number (SSN) […]
Solar Tax Credits
The United States and much of the world is turning from fossil fuels to alternative forms of energy. According to an August, 2023 article in the New York Times, this shift is found even in areas dominated by the oil and gas industries. To a certain extent, this shift is encouraged in the United States […]
Reasonable Compensation, Payroll and Distributions for an S Corp Owner
Many small businesses are formed as S corporations. S corps have been around for many years. Their popularity has a lot to do with the fact that s corporations offer both tax savings and a high degree of liability protection in the event of a lawsuit. While S corps are very popular, the issue of […]
Tax Planning Strategies for Financial Success
Tax planning is the overall topic of our recent podcast with The Shift Spot, a peer advisory community of fellow business owners who are passionate about making radical shifts in their businesses and lives. Tax planning is the selection of legal options to minimize or eliminate taxes. Tax planning includes optimizing the structure of transactions […]
Divorce and Taxes: How to Protect Yourself
Divorce and taxes are the important subject of our live event with Pacific Cascade Legal, a premier family law firm in Oregon and Washington. We discuss how divorce impacts joint tax liability, when there might be relief granted for separation of joint liability, and other important tax considerations when navigating divorce from your spouse. […]