A Tip on passing down your vacation home: Establish a Family Limited Partnership Family Limited Partnerships are powerful estate planning tools that enable the smooth and tax-efficient transfer of business ownership from one generation to the next. If you own…

REFUND STATUTE EXPIRING: DON’T MISS OUT! If you have not filed your 2018 tax return and have a refund coming, time to claim that refund is running out! The IRS estimates that more than 1.35 million taxpayers have not filed…

ACCOUNTING FOR RESTAURANTS   Operating a restaurant is a dream for many, but there is a lot more to it than meets the eye. There are far more restaurants that fail than succeed, and that’s frequently because entrepreneurs spend more…

Employees Working out of state   Some employees are still working at home and will keep doing so in the future. If you have employees working out of state, this can create additional tax and payroll challenges. State income tax…

Employee Retention Credit Deadline July 31 As a reminder, employers whose business has been financially impacted by COVID- 19 can take advantage of the Employee Retention Credit, a refundable tax credit designed to encourage businesses to keep employees on their…

The Internal Revenue Service(IRS) issued its annual inflation adjustments at the end of October for tax year 2021, revising more than 60 tax provisions, including tax rate schedules, standard deduction amounts, and more. The standard deduction for married couples filing…

Due to the COVID-19 pandemic triggering trillions of dollars worth of government stimulus spending, some economists predict that taxes will have to increase to help pay for these stimulus measures and to shore up the government’s coffers. This could mean…

Don’t Procrastinate, File Now to Prevent Tax Bill Overlap With the new tax return deadline of July 15, 2020, many Americans felt relief and possibly pushed tax prep to the bottom of their to-do list. All week we’ve been sharing…

Don’t Wait To Know What You Owe for Taxes In 2018, 56% of US taxpayers had additional money owed for taxes. At this rate, roughly one out of every two tax filers paid more money to the government at tax…

  Don’t Just Sit There! Start Getting More Tax Refund Now! You are home for an undetermined amount of time. Use it to gather your tax receipts and deductibles for more return on your tax refund. On average, Americans will…