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Staying Organized at Tax Time

Mon, Feb 26th 2018
Organizing your tax records makes it that much faster to get your records into our office so your return can be prepared and filed well before the deadline. Of course, it helps you find the financial documents you need throughout the year as well. Whether you’ve already filed your tax return or are about to, here are some tips to get organized.  Go with the flow (of your tax return) Try organizing your records in the same order as they are required to fill out your 1040 individual tax return,... Read More »

Keeping Up With Your IRA: Tax Season Checklist

Mon, Feb 19th 2018
If you're one of the millions of American households who owns either a traditional individual retirement account (IRA) or a Roth IRA, then the onset of tax season should serve as a reminder to review your retirement savings strategies and make any changes that will enhance your prospects for long-term financial security. It's also a good time to start an IRA if you don't already have one. The IRS allows you to contribute to an IRA up to April 18, 2018 for the 2017 tax year. This checklist will... Read More »

Online Auction Sellers Could Have Tax Obligations

Tue, Feb 13th 2018
Many people today are turning to online auctions as a way to connect with potential buyers for all kinds of things -- clothing, electronics, cars, antiques, collectibles, and even used household items. Depending on the situation, you could have tax obligations if you sell items in online auctions. Is It a Business? The IRS draws a distinction between what it calls "the Internet equivalent of an occasional garage or yard sale" and an "online auction seller business." Example: Larry is moving and... Read More »

Compensation? Or Dividend in Disguise?

Mon, Feb 5th 2018
When your C corporation has a profitable year, do you take more salary or pay yourself a year-end bonus? Since you are pivotal to your company's success, paying yourself more in the good years only makes sense. Increasing or decreasing your compensation from year to year based on company performance can also help manage your company's cash flow -- and the amount of income taxes it has to pay. Tax Impact A corporation may deduct compensation as a business expense if it is reasonable in amount.... Read More »

TODAY Marks the Start of the 2017 Tax Filing Season

Mon, Jan 29th 2018
If you are an individual tax client, you should have received your 2017 Client Tax Organizer in the mail. Please review the organizer carefully and get in touch if you have any questions. To prepare and submit your return by the applicable deadline, we need to receive the information requested in your organizer no later than March 1, 2018. As we prepare your return, additional information may be required by our office, so it is best to submit your records as soon as possible and not wait until... Read More »