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Tax

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…

3008, 2023

Tax Identification Number Basics

By |2023-08-28T12:27:38-07:00August 30th, 2023|Tax|

Tax Identification Number Basics A tax identification number, or TIN, is an avenue the IRS uses for tracking. They are all 9 digits long. Except for social security numbers, they are all issued by the IRS. In this article, we will go over the basics of tax identification numbers. Who Needs One Individuals, businesses, non-profit organizations, trusts, and estates all require a unique tax identification number. These are needed for filing your tax return [...]

2807, 2023

10 Common Tax Questions Answered

By |2023-07-28T13:22:10-07:00July 28th, 2023|Tax|

10 Common Tax Questions Answered Taxes are confusing and seem clouded with complex rules and constantly changing laws. It can be hard to find a straight answer to basic questions. In this article, we will answer 10 common tax questions. 1. Where Can I Find Free Help? Tax preparation fees can add up very quickly. But there are many resources for free tax services. Depending on your income and the complexity of your return, [...]

2106, 2023

Disaster Tax Relief

By |2023-06-20T13:21:25-07:00June 21st, 2023|Tax|

Disaster Tax Relief The IRS has special provisions for disaster tax relief. This is only for areas that the federal government confirms as disaster areas. But how can you take advantage of this? Learn more about disaster tax relief in this article. Who Qualifies For the 2012-2025 tax years, any lost or damaged property must be the result of a federally declared disaster to qualify as a deduction. Some of these events may include [...]

1705, 2023

Form W-2G Basics

By |2023-05-11T11:26:27-07:00May 17th, 2023|Tax|

Form W-2G Basics Form W-2G, is the form gambling establishments use to report your winnings as income to the IRS. In this article, we will go over the basics of what is involved if you receive Form W-2G. Form Contents First, you must get familiar with what is on Form W-2G. In boxes 1 and 2 you will find your total winnings and the date(s) of those winnings. Box 3 specifies the type of wager [...]

103, 2023

International Tax Treaties

By |2023-02-28T13:01:44-07:00March 1st, 2023|Tax|

International Tax Treaties International tax treaties are agreements between two countries. The purpose of these treaties is to prevent issues such as double taxation and tax evasion. These treaties can also be known as Double Tax Agreements or DTAs. In this article, we will go over the basics of how international tax treaties work. Eligibility International tax treaties apply to residents of foreign countries. The treaty will reduce the U.S. tax burden for residents [...]

2309, 2022

Foreign Tax Credit

By |2022-09-27T13:54:54-07:00September 23rd, 2022|Tax|

Foreign Tax Credit The foreign tax credit is a type of tax credit the IRS provides to some taxpayers. It helps to prevent double taxation. In this article, we will explain how the foreign tax credit works and how to properly claim it. Tax Credit vs. Tax Deduction First, it is important to understand the difference between tax credits and tax deductions. A tax deduction only lowers your taxable income. This means you are [...]

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