Are tax penalty notices putting a damper on your holiday? Are you concerned about an imminent account levy by IRS, the state or locality? Get help at minimal expense at a fraction of the total saved.
If your income is less than $66,000 then it is easy to file your tax return on your own. This service is free and available online. See these resources for details. Early indications I’ve read from comments by other tax accountants of the promised ‘post card return’ indicate that this approach would result in a […]
New Jersey’s seafood producing companies that can generally be classified as growers or harvesters(1). The Tax Cuts and Jobs Act offers an opportunity for tax savings to all pass-through businesses, and we expect that many of our seafood producers will qualify for this 20% income exclusion provision. In addition, the new tax law contains a provision for […]
California Senator Kamala Harris, ranked as one of the top 2020 possible presidential candidates, proposed repealing the 2017 tax reform law and replacing it with a $6,000 tax credit or direct payment to middle-class and poor individuals and families. After reading the press release from a Harris’ office, I felt that this plan made more sense than […]
High risk The highest risk of audit is born by the US President who is automatically audited by the IRS every year. President Trump says this is very unfair. Any taxpayer who omits an income item filed by a third party (a W2 form by an employer or a bank interest filing, for example) faces […]
Use your full legal name consistently on all tax forms to save time and headaches. Listen to the podcast.
(This inform is not updated to reflect 2019 proposed regulations so should be presumed to be partially obsolete). This podcast discusses the two main issues controlling a Health Reimbursement Arrangement in a sole proprietorship. Spoiler alert: it is possible but there are no income tax benefits for the business owner so it rarely makes sense […]
The Treasury Department’s current proposal to index cap gains would certainly save a lot of money for some people. News coverage refers to the proposal as “Tax Cuts 2.0”. This single proposal would cut federal income taxes by $102 billion over the next decade. 86% of the savings would go to top 1% wealthiest people. […]
Please read this if you are required to provide a letter from a Certified Public Accountant. I am pleased to provide accountant’s letters for various purposes. It may be a verification for litigation support or another type of legal proceeding, a bank loan or employment issue. The American Institute of Certified Public Accountants calls this an “Agreed-Upon Procedure” […]
This is a sample high-value agreement for small business accounting services that incorporates cost-saving technologies and procedures to save time and money while maintaining a high level of professional service (revised July 22, 2018). Contents: A) Communications B) Work Process C) Fees D) After End of Agreement E) Miscellaneous Provisions Thank you for choosing me […]