Tax Tips

In recent years, the economy has been having its share of ups and downs.  When businesses and private citizens want to secure financing from financial institutions to make large purchases, the economy can greatly influence the bank’s willingness to loan funds.  In an unknown or down-turned economy, the installment sale lends itself as a great al

For most standard wage earners, preparing for your tax filing is fairly simple.  You receive a Form W2 in the mail and unless you have other rental properties or other complications, your return is relatively straightforward.  But for the freelancer, things aren’t quite as simple.

Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return.

We’ve all heard it before.  That voice on the other end of the line that states that she or he is from the United States Treasury Department and you have an unpaid debt that needs to be settled, or else …  With the reduction in their workforce, the Internal Revenue Service has been authorized to utilize private debt collectors.  This has further

Most of us have heard of the term Alternative Minimum Tax, Alt Min Tax, or AMT.  But what is it?  Alternative Minimum Tax is a tax system that parallels the standard tax systems and adds an additional level of taxation to baseline income tax for certain individuals, corporations, estates and trust.  Traditional tax is adjusted for certain items

We’ve all thought it…  Sitting on the beach in a tropical place while attending a quick meeting via your laptop before hitting the waves in the afternoon sun.  Many people imagine that all they must do is get a work Visa, wave good-bye to family and friends and head to sunnier shores for a bit.  Before you jump ship, or hop a plane, there are im

The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level).

Recent changes to the Individual Income Tax Code eliminated deductions for casualty losses (storm damage) beginning in Tax Year 2018, unless the President declares a Federal Disaster Area.  Prior to the Tax Changes, individuals could claim certain personal casualty losses not compensated by insurance or otherwise as itemized deductions, includin

When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about.

Meals, entertainment and transportation may cost businesses more under the TCJA