Five reasons that you don’t know about tax-free stocks

Posted Leave a commentPosted in Accounting, Small Business, Taxes

Our government taxes most kinds of income. The exceptions list of tax-free income is short. One of the least known sources of tax-free income is gains on qualified small business stock ownership. Gains on qualified small business stock is completely exempt from tax. So why haven’t you heard this before? Here are five good reasons: […]

Text messaging for income tax filing

Posted Leave a commentPosted in Computers and Internet, Security, Taxes

We notice that a growing portion of our tax clients prefer to communicate by text message over other methods like live in-person, telephone, fax, email, and video call. It is clear that texting is the #1 tax communication method now, exceeding the combined use of all other methods. The IRS and state tax authorities do […]

Tax filing trends indicate future direction for professionals

Posted Leave a commentPosted in Financial Planning, IRS, Tax Planning, Taxes

We are only half way through the tax filing season but so far the IRS reports that tax filer behaviors are significantly different than a year ago. The number of tax returns filed has dropped by more than 12% and the number of paid preparer returns (often including the more complicated tax returns) dropped even […]

Strippers draw attention to changing tax law

Posted Leave a commentPosted in payroll, Small Business, Taxes

Who would have guessed that strippers would be on the cutting edge of changing tax law? The laws that distinguish between contractors and employees are changing in some states. California’s strippers are in the spotlight. Yesterday strippers protested the new state law in San Diego. They like the independence of being classified as contractors yet […]

Break down the tax filing process

Posted Leave a commentPosted in Accounting, Taxes

Any complex task is easier when broken down into small pieces. Tax filing is no different. While there are plenty of different options, we break it down and pull out the best methods. Ways to collect information: BEST: Cell phone scanner with tax organizer OK: Flatbed scanner batch documents ALTERNATE: Photos or papers Ways to […]

Does Pennsylvania sales tax apply?

Posted Leave a commentPosted in Accounting, Pennsylvania, Small Business, Taxes

The best official publication for determining if sales and use tax applies is this “Retailer’s Information” guide from the Commonwealth. For help setting up sales tax in QuickBooks Online, just call for on site or remote setup help or for help setting up desktop version see this article by Charlie Russell.

Five types of tax shelters

Posted 1 CommentPosted in Tax Planning, Taxes

There are five categories of tax shelters that benefit many individual U.S. taxpayers and account for most of the tax savings available to us. Four of those categories of tax shelters are potentially on the chopping block this month with Congressional tax reform discussions. This post is simply a brief overview of the five categories […]

A business cannot deduct personal auto expense

Posted Leave a commentPosted in Small Business, Taxes

Again today a business owner asked me to deduct his auto mileage expense on his business tax return. That’s not how it works! A partnership, S-Corp or C-Corp generally can not deduct the cost of personal auto expense. There are workarounds but we need to discuss and actually set it up. I covered the topic […]

Getting your taxes filed is as easy as sending a text!

Posted Leave a commentPosted in Taxes

Clients increasingly prefer to contact me and send tax documents via text message. That’s fine. SMS text messages and attachments are considered secure for most purposes. I just want you to know that there is a more secure delivery method available if you prefer. I offer, at no charge, a secure online portal for transmitting and […]