Blog
You’re Being Audited!! Now What???
May 4th, 2021
You received a letter from the IRS notifying you of a tax audit. Now what? First thing, take a deep breath. Being audited can be scary, but it does not need to be. Know what an IRS audit is and is not, understand what the IRS expects from you, and pr…
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What Happens if You Miss a Quarterly Estimated Tax Payment?
April 29th, 2021
If you miss a quarterly estimated tax payment, you may need to pay penalties and interest. Estimated tax payments are due each quarter for federal and state income taxes. Also, they are used to pay self-employment tax. Most people who work as an empl…
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Common Tax Scams to Be Aware of in 2021
March 30th, 2021
Scammers catch people unaware and rob them of millions of dollars every year. Many behind these scams are well organized and search for easy prey. During times of crisis, like the pandemic, they prey even harder on less suspecting people. In this art…
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E-sports Earnings: Is Game Streamers’ Income Taxable?
March 26th, 2021
Electronic sports, or e-sports, income is taxable to gamers who make money from participating in online gaming. Professional gaming has taken off in the past few years with some even making millions! The IRS defines income broadly. Any income receive…
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Filing Your Taxes: Is It Better to File Jointly or Separately?
March 24th, 2021
For most married couples, you have two options on how to file your taxes: jointly or separately. For a few married people, filing as head of household can be the best option. If you file your taxes jointly, you report all your income and deductions o…
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Selling the Family Home? Tax Rules on the Sale and Transfer of Assets
March 22nd, 2021
Selling the family home and wondering how the sale is going to affect your taxes? The good news is for most homeowners, when it comes time to sell, the profit is now tax-free. To qualify for the tax-free exclusion of profit from the sale of your home…
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IRS Issues Bonus Depreciation Regulations for Partnerships
March 17th, 2021
In 2017 as part of the Tax Cuts and Jobs Act (TCJA), Congress made major changes to the bonus depreciation rules affecting partnerships. For open tax years, partners should assess carefully whether they want to adopt the final regulations or the 2019…
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What You Should Know about the IRS’ Mailbox Rule
February 19th, 2021
Have you ever driven by a post office in the middle of April and wondered why there were so many people waiting in the checkout line? Chances are it was Tax Day! Some US Post Offices even stay open later to allow taxpayers additional time to get thei…
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Are Life Insurance Payouts Taxable?
February 17th, 2021
When thinking about your estate and beneficiaries, it can be easy to overlook taxes. But, for the people that do have life insurance and think about these things, one of the most common questions is: Are life insurance payouts taxable? First, congrat…
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Understanding Tax Form 1099 and the new 1099-NEC
February 10th, 2021
Starting with the 2020 tax year, the IRS has reintroduced tax Form 1099-NEC. The IRS made these changes to bring clarity to deadlines for reporting self-employment income. In the past, 1099-MISC has been used. This means starting this year, businesse…
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