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ATTENTION S CORP SHAREHOLDERS!! Anyone remember when the Tax Cuts and Jobs Act(TCJA) was first enacted? Or, even know what it is, lol? If you don't remember, it was the biggest rewrite of the tax code in decades. One of the fallouts from the TCJA is the increased scrutiny by the IRS of S Corporations and their shareholders. The IRS has been especially interested in several tax liability issues regarding distributions, officer loan rep...
Do you feel the time ticking away? 2023 is quickly approaching, and now is the time to do some year-end tax planning. Did your business have a good year? Did you get hit with some unexpected expenses, and now you're rebounding from the recent losses? Did you just launch your business, and you're struggling to make it off the ground? Whatever your situation, there's time before the end of the year to make moves that could save you a bund...
Do you want to be your own boss? Is everyone you know talking about being self-employed? Well, if you have been hearing the term self-employed used a lot lately, I bet you may be wondering what being self-employed means and if it could be right for you. Self-employment is when you work for yourself instead of an employer. You don’t have an employer who pays you a regular salary or wage, and you don’t receive a W-2 at the end of the ...
Have you ever wondered about the difference between standard and itemized deductions? You're not alone! I recently discussed a trend our office has seen over the last several years. Taxpayers who had always itemized are now taking the standard deduction. A gentleman raised his hand and said, "I hate to admit it, but I'm not sure I really know the difference between standard and itemized deductions." I've always said that if one pers...
*Updated 11/26/24 Let’s face it—tax season doesn’t exactly spark joy. But here’s the thing: when you take a little time to organize your financial records, it can save you so much stress (and money) down the line. I can’t count how many times I’ve seen disorganized records lead to missed deductions, filing mistakes, or penalties. On the flip side, organized records make tax planning so much easier and, dare I say it, even...
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