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So Long To The Tax Deduction For Investment Expenses

Under the new tax reform law, investment expenses are no longer deductible as a miscellaneous itemized deduction. This means, for example, that if you have an investment account and are paying fees to have it managed, those fees are no longer…

Is a Roth Conversion Right for You? But Be Careful, They Can No Longer Be Undone!

Roth IRA accounts provide the benefits of tax-free accumulation and, once you reach retirement age, tax-free distributions. This is the reason why so many taxpayers are converting their traditional IRA account to a Roth IRA. However, to do so,…
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Big Changes to the Kiddie Tax

Years ago, to prevent parents from transferring their investment accounts into their children’s name to avoid taxes, Congress created what is referred to as the kiddie tax. This counteracted the strategy of taking income from the parents’…
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Should I Use a Credit Card to Pay My Taxes?

With tax filing season out of the way, paying off those tax bills that weren't paid by April 18th is the next major concern for people. While there are a few options for payment agreements if you can't afford to write a check for the full amount…
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Good and Bad News About The Home Office Tax Deduction

“Home office” is a type of tax deduction that applies to the business use of a home; the space itself may not actually be an office. This category also includes using part of a home for storing inventory (e.g., for a wholesale or retail…

Got a Letter from the IRS?

If you have received an IRS envelope from the Internal Revenue Service (IRS) in your mailbox that does not contain a refund check, it will probably cause an increase your heart rate likely increased. But Don’t panic, though; most of the issues…
Using QUickbooks
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Don't Have a Budget? QuickBooks Online Can Help

The hardest part of creating a budget is getting started. QuickBooks Online provides tools that can jump-start the process. You know you should have a budget. You’re aware that it can help you stay on track with your company’s income…
Convention Expense
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Choosing Your Accounting Method Under New Tax Laws

Businesses today must take a closer look at their accounting methods. Since the passage of new tax laws, with changes to thresholds for choosing accounting methods, all companies need to take an inward look at their current accounting methods…
Tax Due Dates

May 2018 Individual Due Dates

May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required…