S-Corp Analysis
After sitting with clients the last few weeks, I realized I have been discussing the same topic over and over. The reoccurring topic, how to structure your business? After going over the pros and cons of most business structures with clients, we have found most businesses will benefit from an S-Corp the most.
Vacation Home Rules for Losses
Generally, if you rent out a vacation home to tenants while you’re not using it personally, you can deduct expenses to offset taxable income from the rental. This includes expenses such as mortgage interest, property taxes, repairs, utilities, insurance, etc. In fact, you may even be able to deduct a loss for the year if expenses exceed income.
Tax Tips for Those Affected By Hurricanes
Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect people throughout the US. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike they not only cause wind damage but...Read More →
A New W4, How Does It Help You?
Most taxpayers have had questions the last two years regarding their federal withholdings on their tax returns. The withholding tables were adjusted after the big tax change (Tax Cuts and Jobs Act) and it left taxpayers questioning if they were going to get a refund or not like in the past. The IRS has finally provided a solution to those questions and it comes in the form of a new W4.
How to Store Your Receipts
I can tell you there is not one thing in the world that scares accountants more than the dreaded shoebox full of receipts. I’m going to tell you how technology can help you eliminate this process of filing hard copy receipts and start keeping digital receipts.
Tax Changes for 2019 Tax Year
One of the biggest changes in the history of the tax code took place starting for the 2018 tax year. A lot of people were caught off guard with the changes made and didn’t know what to expect. For the 2019 tax year, we are trying to get one foot out in front to make sure everyone knows what to expect.
Overview of the Qualified Business Income Deduction
One of the most frequently asked questions we get is about how the tax cut helped business owners. So, in order to simplify the understanding of what the business deduction is, we have put together our short version
Was Your Refund Not What You Hoped For?
One major topic discussed during the 2018 tax season was the decrease in refunds people were seeing, or even worse, owing when they usually get a refund. This came as quite a surprise to most of the population as the new tax reform was promising to cut taxes for most of the population.
The Difference Between a Contractor and an Employee
The difference between a contractor and an employee differs based on a few basic criteria. The designation is important when determining who pays payroll taxes.