Basic Tax Planning Strategies Accelerate deductions. One time tested strategy for small businesses is to accelerate deductions into the current year. As a business gets closer to the end of the year it may be beneficial to accelerate or accumulate deductions for the current year. The way this is accomplished is by paying or accruing […]

Mid Year Tax Planning and Review Individuals. As we enter into summer and the middle of the year this is the time for individual taxpayers to check on their income tax withholding as well as estimated income tax payments. Taxpayers should check their year to date pay stubs to see if they are on target […]

Newsletter – May 2013 Income Recognition When reporting income on a tax return you must report your income based on a method of income recognition. There are two basic types of income recognition: Cash Basis and Accrual Basis. Most individual taxpayers report their income on cash basis whereas businesses can report their income based on […]

Newsletter – April 2013 Estimated Tax Payments If you are self-employed or if you have a significant investment income you may be required to pay quarterly estimated tax payments. Typically if you expect your current year income tax liability to exceed $1,000 you will be required to make estimated tax payments. If your current year […]

Newsletter – March 2013 Amended Tax Returns If you make a mistake or an error on your tax return you may amend the return. Any type of mistake may be corrected as long as it corrected within a certain time frame. Normal three years statute of limitation For the majority of amended tax returns you […]

Tax-time refund offers to AVOID! This upcoming tax season beware of two offers that many tax preparation companies offer to many of their clients. One of those offers is the Refund Anticipation Check (RAC) and the other offer is the Refund Anticipation Loan (RAL). Both of these offers should always be avoided. Refund Anticipation Check […]

THE AMERICAN TAXPAYER RELIEF ACT OF 2012 With the fiscal cliff now behind us we can look forward to the future with a new set of tax laws. Many of these laws are not really new but are extensions of current tax laws that have now been made permanent. This new tax legislation is called […]

YEAR END CHANGES As we approach the end of the year there are many tax law changes that you should be aware of. Many of the changes are still not solidified but there are quite a few that are for certain to take affect January 1, 2013.  The following are some that may be of […]

CHARITABLE CONTRIBUTIONS It is the time of the year for giving. With holidays upon us it is not just a time to give to family and friends but also a great time to give to our favorite charity. When you give to family and friends there are usually no tax consequences. However, when you give […]

TAX SHELTERS When you hear the words tax shelter what are the first thoughts that comes to your mind? Maybe you think something illegal such as tax evasion or maybe you think of some complicated investment to avoid taxes. For many people these are the first thoughts that come to mind. These are common misconceptions […]

CHOOSING AN ENTITY When you first explore starting your own business one of the first decisions you are going to make is the type of entity structure for your business. An entity structure is the legal structure of your business for legal, accounting, and tax purposes. It is usually one of the first steps in […]

CANCELLATION OF DEBT INCOME The proliferation of foreclosures, short sales, and other discharges of debt in the past few years have resulted in large tax bills for taxpayers because in many cases the debt that was cancelled is taxable income. The type of debt that is cancelled includes credit card debt, commercial loans, and mortgages. […]