» Tax Preparation

When Should Your Business Hire an Accountant?

The amount of time you want and need to personally invest in your business’s accounting will be the driving force behind when you should hire an accountant. Depending on the stage of your business’s developmental plan, there are several times whe… Read More

Filing Your Taxes: Is It Better to File Jointly or Separately?

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… Read More

What You Should Know about the IRS’ Mailbox Rule

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… Read More

2021 Tax Dates and Deadlines (When Will You Get Your Refund?)

The most important question many taxpayers are asking right now is: “When will I get my refund?” The IRS announced on January 15th it will start accepting tax returns filed in 2021 (for tax year 2020) on Friday, February 12, 2021. The IRS is star… Read More

Understanding Tax Form 1099 and the new 1099-NEC

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… Read More

W-2 Deadline Passed and still no W-2? [What should you do?]

Employers must give their employees a Form W-2, Wage and Tax Statement, if the employee worked anytime during the prior year. The W-2 is the form that shows the amount of income you received in the prior year and how much of your income was withheld… Read More

How to Determine the Cost Basis of Gifted Stock

Determining the cost basis of gifted stock or other needed information for tax purposes can be confusing. Oftentimes, a well-meaning family member, like grandma, will buy stock for a loved one when they are a small child and give it to them when they… Read More

The Home Office Deduction [a detailed review]

If you use part of your home for your business, you may qualify to deduct the expenses incurred for the business use of your home, including a home office. This deduction is for business owners regardless of whether they rent or own their home. If yo… Read More

Stimulus Payment: Who is Eligible for this Tax-Free Check?

The IRS expects to start distributing the stimulus payment checks to eligible low to middle-income Americans in the next three weeks. Millions of Americans have started receiving their stimulus payments this week. The stimulus checks will be distribu… Read More

Coronavirus (COVID-19) Stimulus Payment: What You Need to Know [FAQ]

Last week, Congress passed the largest recovery package in US history. The President signed into law the Coronavirus Aid, Relief and Economic Security Act (or CARES Act) on March 27, 2020. The CARES Act promises coronavirus stimulus payments of $1,20… Read More

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