Is that email or text from the IRS: a scam!

Tuesday, September 26, 2023
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls...... Read More

Trust Fund Recovery Penalty: Who can it be personally assessed against?

Monday, September 25, 2023
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies...... Read More

Survive an IRS audit: be prepared

Tuesday, September 19, 2023
The IRS recently released its audit statistics for the 2022 fiscal year; fewer taxpayers had their returns examined compared to prior years. But even though a small percentage of returns...... Read More

Claiming big first-year real estate depreciation deductions

Monday, September 18, 2023
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as...... Read More

Do you qualify for a Spousal IRA?

Tuesday, September 12, 2023
When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. An IRA...... Read More

DOs and DON’Ts: deducting business meal and vehicle expenses

Monday, September 11, 2023
If you claim deductions for business meals or auto expenses, expect the IRS to review them closely. Sometimes, taxpayers have incomplete documentation or try to create records months (or years)...... Read More

Can seniors deduct Medicare premiums on their taxes?

Tuesday, September 05, 2023
If you’re 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the coverage you want. The premiums can be costly, especially for...... Read More

Small Business Retirement saving options

Monday, September 04, 2023
There are a few choices to look about if you're thinking about creating a retirement plan for yourself and your staff but are concerned about the cost and administrative requirements...... Read More

Reduce the impact of the 3.8% net investment tax

Tuesday, August 29, 2023
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition...... Read More

2024 amounts for Health Savings Accounts

Monday, August 28, 2023
The IRS released guidance providing the 2024 inflation-adjusted Health Savings Accounts (HSAs) amounts. HSA fundamentals An HSA is a trust created or organized exclusively for the purpose of paying the...... Read More