TAX PREPARATION
Did you know that every 4 out 5 tax returns contain errors, and those errors may be causing you to overpay on your income taxes.
TAX PLANNING
Our clients receive proactive advice on tax reduction strategies based on income, expenses, individual needs, and goals.
BOOKKEEPING/PAYROLL
Running a business is already a time consuming and overwhelming feat. Don’t allow your bookkeeping and payroll obligations distract you from what you are good at…
Schedule D-Capital Gains and Losses
Schedule D Schedule D is a tax form that you use to report the gain or loss incurred from the disposal of a capital asset. In this article, we will discuss the basics of filing a Schedule D. Basic Terminology Before we go over how the schedule works, we need to make sure we understand some basic terminology. These terms include: Capital Asset: A capital asset is anything you own or use for pleasure or [...]
Schedule E: Supplemental Income and Loss
Schedule E: Supplemental Income and Loss Schedule E calculates the supplemental income or loss to report on your main tax return. In this article, we will go over the basics of Schedule E so you can better prepare for tax season. The Basics Schedule reports supplement income or losses not earned income. Supplemental income typically refers to passive income. The most common type of passive income is rental income. However, you are limited on [...]
Schedule B Basics
Schedule B-Interest and Ordinary Dividends Schedule B is an attachment to your Form 1040 that calculates your interest and ordinary dividends to see if you will owe taxes on your earnings. In this article, we will go over the basic Schedule B requirements and filing information to help you determine if you need to utilize one. The Basics Schedule B reports any interest or dividends you earn during the tax year. The Schedule has [...]
Minimum Income Tax Filing Requirements
Minimum Income Tax Filing Requirements Depending on your situation, you may or may not be required to file income taxes. If your income is less than the standard deduction you are not required to file an income tax return. For single filers, this amount is $12,000, if you are married filing jointly this amount is $24,000. However, even if your income falls under this amount there may still be some situations when you may [...]
Cryptocurrency Taxation
Cryptocurrency Taxation Cryptocurrency taxation has come to the forefront of headlines due to a recent IRS announcement. The IRS is sending out 10,000 letters to taxpayers who did not report cryptocurrency income or gave incorrect reports. This leads many to question, what is involved in cryptocurrency taxation? IRS Notice 2014-21 The IRS addressed cryptocurrency taxation in Notice 2014-21. In this notice, the IRS states that the tax rules that apply to other types of [...]
Estate Tax
Estate Tax Estate tax is an often-misunderstood form of taxation. In this article, we will try and clear it up. We will go over the basics of what estate tax is and how it works with inheritance and gift tax. Estate Tax Basics Estate tax is a tax on the portion of a deceased person’s estate that exceeds a set amount. This amount changes each year. In 2019 the estate tax limit is $11.4 [...]