Why Getting a Tax Refund Is Not Necessarily Good

Everyone loves getting a tax refund, right?  Not us! We’ll explain why; but first let’s cover some basics about filing deadlines and refund timing. Preparing, Filing and Acceptance of Returns There are several steps your tax professional goes through with your return. Here is a very rough,

Read more

Stock Compensation Plans

If you are one of the rising number of employees receiving some form of stock compensation through your job, you know how confusing it can be to understand how each type works and the varying tax considerations you need to be aware of.  Here’s a quick description

Read more

The Augusta Rule: How to Receive Tax-Free Income

What is the Augusta Rule? The Augusta Rule, known to the IRS as Section 280A, allows homeowners to rent out their home for up to 14 days per year without needing to report the rental income on their individual tax return. Originally created to protect residents of

Read more

Protect Yourself from Tax Scams

There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax season and target virtually everyone. Stay alert to the ways that criminals pose

Read more

TCJA: Understanding Changes to Mortgage Interest Deductibility

The Tax Cuts and Jobs Act of 2018 changed both the type of mortgage interest that can be deducted as well as the amount of interest that can be deducted. Acquisition Debt vs. Equity Debt Acquisition Debt is incurred in acquiring, constructing, or substantially improving any qualified

Read more

Setting Up a Business – 2

As 2020 rolls in right around the corner, you may be thinking of things like New Year’s resolutions and dreams you’ve had year after year.  One big dream that a lot of people have is starting a business. Deciding to start your own business is a big

Read more

Complying with FBAR: Foreign Bank and Financial Accounts

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to

Read more

Due Diligence Requirements

As your tax professional, we may be asking you additional questions next year that are required by the Tax Cuts and Jobs Act. Tax preparers must collect new information from clients who qualify for any of the following tax credits: Earned Income Tax Credit (EIC) Child Tax

Read more