There’s income and then there’s taxable income. With the IRS, it’s not always as straightforward as you’d like. Below are five commonly asked questions accountants are asked when it comes to taxability of income in…

The IRS recently announced key tax figures for 2020, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next…

Wages and self-employment earnings are taxable, but what about the random cash or financial benefits you receive through other means? If something of value changes hands, you can bet the IRS considers a way to…

There are new requirements for landlords to qualify for the Section 199A deduction in 2019. First, if you use the property yourself a substantial part of the year and rent only occasionally, you cannot take…

Looking to reduce your tax liability for 2019? Here are six tax-saving ideas that you can still execute before we turn the page to 2020.   1. Bundling The Tax Cuts and Jobs Act doubled…

Upcoming Tax Deadlines January 15 – Due date for the fourth installment of 2019 individual estimated tax. January 31 – Due date for employers to provide W-2 statements to employees, and also file Forms W-2…

No Check — Where’s Your Proof? What you need to do NOW! Year-end is a good time to ensure you have proper documentation to substantiate your tax deductions. This is important as many banks start…

Step One: Don’t Do it Alone Sleuthing your way through a tax audit by yourself is not the same as fixing a leaky faucet or changing your oil. Here are reasons you should seek professional…