“Basis” is Important to an S Corporation
Losses can be hard to take – so if you think your S corporation will show a loss for 2013, now’s the time to plan to make sure you’ll get the full tax benefit. Read more
Posts
A Job Change Can Change Your Taxes
Planning to change employers this year? As you look forward to starting your new job, you’re probably not thinking about taxes. But actions you take now can have an impact next April – and beyond. Read more
It’s Tax Planning Time
It’s midyear 2013, and if you haven’t thought about your 2013 tax situation yet, it’s time to do so. By now, you should have a good idea of what your 2013 income and deductions will be. There are several very significant tax changes this year, and you need to start planning now if any of them will affect you. Don’t procrastinate or you could end up paying more tax for 2013 than necessary. Contact us to schedule your midyear review.
Summer Job Tax Information for Students
WASHINGTON – IRS SPECIAL EDITION TAX TIP 2013-10 – When summer vacation begins, classroom learning ends for most students. Even so, summer doesn’t have to mean a complete break from learning. Read more
You Can Correct Tax Return Mistakes
What should you do if you find that you made a mistake on your 2012 tax return after it’s been filed? Perhaps you find that you missed a big deduction. Perhaps you receive a late notice of income you earned. Or perhaps you receive a corrected Form 1099 from your broker. The answer is Read more
Simplify Your Tax Recordkeeping
Did you spend hours pulling together your tax records in preparation for filing your 2012 tax return? It doesn’t have to be that way. Avoid the problem next year by taking a few simple steps now. Read more
Are You Giving the IRS an Interest-Free Loan?
Will you be among the thousands of taxpayers who get a big tax refund this year? While most Americans happily accept their tax refund checks, smart taxpayers understand that refunds actually cost them money. Here’s why: Read more
From the IRS: Seven Facts to Help you Choose the Right Filing Status.
The filing status you choose when you file your 2012 tax return will affect the tax breaks you’ll qualify for, your standard deduction amount, and ultimately the amount of tax you’ll pay. Are you single, head of household, married filing jointly, or married filing separately? Read more
Five Tips if Your Name Has Changed
“WASHINGTON – IRS Tax Tip 2013-21” – If you were married or divorced and changed your name last year, be sure to notify the Social Security Administration before you file your taxes with the IRS. If the name on your tax return doesn’t match SSA records, the IRS will flag it as an error and that may delay your refund. Read more
Dependents: What Are The Tax Rules?
Most taxpayers believe that a “dependent” is a minor child that lives with them. While that is essentially correct, dependents can include parents, other relatives and nonrelatives, and even children who don’t live with you. There is really much more to the dependent deduction than you might at first imagine. Read more