Do You Owe Tax on That Inheritance? You just learned that Aunt Millie left you $40,000 in cash in her will. You’re delighted with the news and then comes the question “Do I owe tax on that”? In most cases,…
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How to Recession-Proof Your Business for 2020
Recession-proof Your Business Before the Next Downturn Most financial experts and business economists agree that the U.S. is due for a recession. In June 2019, a survey conducted by the National Association for Business Economics estimates the risk of a…
How to Take Income from Your Small Business
Do you know the best way to take income from your small business? When many folks talk about a business owner’s income, they mention the word “salary”. Not every business owner takes a salary. Many factors influence how business owners…
Posted in General Tax Tips & News, QuickBooks tips
Is Summer Camp Tax Deductible in 2019?
Do you know if your child’s summer camp is tax deductible? The short answer is it could provide you with a tax credit, which is more useful than a summer camp tax deduction. A tax deduction allows you to reduce…
IRS Reduces Penalties for Taxpayers Under-withholding taxes
The IRS lowers under-withholdi penalty to 80% In March, taxpayers who under-withheld their federal tax in their paychecks got a reprieve from the IRS. The agency recognized that many taxpayers were confused about the amount they needed to withhold. Last…
Posted in General Tax Tips & News
Deduction Changes for 2018 Personal Taxes
Recent Tax Reform Alters Personal Deductions for 2018 The IRS made major changes to personal deductions for 2018 taxes. The new regulations eliminate or reduce several popular deductions. As an offset to these changes, the rules also increase standard deductions.…
Posted in General Tax Tips & News
2019 Business Tax Deadlines for VA, MD, and DC
January is a good time to record the due dates for important business taxes in the coming year. We list below important due dates for Virginia, Maryland, and the District of Columbia. If you need additional information, we also…
2018 Year-End Tax Strategies for Small Businesses
4 Year-End Tax Strategies for Small Businesses November is a great time to take stock of your company’s year-end tax situation. You still have time to make some adjustments to minimize taxes. The Tax Cuts and Jobs Act (TCJA) included…
SEP Retirement Account Can Lower Business Owners Taxes
SEP: A Terrific Tool to Increase Retirement Savings and Minimize Taxes Self-employed business owners can reduce their taxes and greatly increase retirement savings with a Simplified Employee Pension (SEP) IRA. These plans are one of the best retirement plans available…
Home Office Tax Breaks Lost Under New Rules
New tax laws slash tax deductions for home offices The media gave lots of attention to how the Tax Cuts and Job Act (TCJA) changed corporate and personal tax rates. Few headlines focused on the significant changes TCJA made to…