Tax Accounting

Rules and regulations surrounding state sales and use tax refunds are complicated. We can help you understand them.

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption.

You can modify your withholding at any time during the year, or even several times within a year. To do so, you simply submit a new Form W-4 to your employer.

The deduction is also limited to 50% of W-2 wages paid by the taxpayer that are allocable to domestic production gross receipts.

If you’re covered by Medicare, you know it can be confusing. You may not know that, if you qualify, you can deduct costs on your tax return.

Just because your tax return has been filed doesn’t mean you don’t still have questions. Here are some answers to frequently asked questions.

Starting a new business can be a hectic, exciting and expensive time. Be aware that not all start-up expenses can be deducted on your tax return right away.

Are you interested in joining the growing ranks of plug-in electric vehicle owners? Find out about the federal income tax credit you might be able to claim.

In most cases, refunds are routinely sent to taxpayers within a few weeks. However, there may be delays or worse!

Are you selling your principal residence? You may be able to exclude up to $250,000 of gain. Here are the tax rules for home sales.

Here are the latest audit statistics, as well as some tips on how to survive an IRS examination.

Before deciding where you want to live in retirement contact us so you can avoid any unpleasant tax surprises.

If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity.

Understand the special Federal income tax return filing and payment relief deadlines.

What your Not-For-Profit needs to know regarding the new stimulus bill.

Watch out for schemes tied to economic impact payments.

IRS will mail letters urging individuals or married couples who did not file an income tax return to use the Non-Filers Tool to claim their Economic Impact Payment.

The IRS issues final rules in the tax calculation of business meals and entertainment after questions raised regarding Tax Cuts and Jobs Act.

Many small business owners are looking forward to the end of 2020. It’s been a year of significant hardship and stress. Here are 16 ideas to help reduce costs without sacrificing quality in the new year.

There are still good reasons to review your estate plan and possibly update it to reflect the current federal estate and gift tax regime as well as life events.

Goodbye, 2020. Hello, tax season. Individual taxpayers have until April 15, 2021, to pay Uncle Sam for taxes owed for 2020.

Good news! Business taxpayers may still be able to take actions to lower their federal income tax liabilities for 2020, as well as for future years. Consider these ideas before you file last year’s return.

The new provision creates a temporary but meaningful tax incentive to spend more on business-related food and beverage costs.

Small business owners who received PPP funding through the CARES Act may not be able to deduct expenses on their small business tax returns.

Are you in the market for a new vehicle? However, not every electric vehicle qualifies for the credit. Here’s what you should know before you complete the sales paperwork on a new electric vehicle

What can not-for-profit organizations expect in 2021 and beyond? One recent report, "11 Trends in Philanthropy for 2021," offers some answers.

On Thursday of last week President Joe Biden signed the $1.9 trillion coronavirus relief package, entitled the New American Rescue Plan Act, into law. The bill is geared to help individuals as well as businesses.

The IRS and the U.S. Department of Treasury announced yesterday that the 2021 income tax filing deadline has been extended from April 15, 2021, to May 17, 2021.

Entrepreneurs often have questions about whether business expenses for a start-up can be deducted in the year they’re incurred or paid — or whether they must be capitalized and deducted over time

Here are two important COVID-related tax breaks that every self-employed individual should consider before filing Form 1040 for 2020.

Prenuptial agreements and domestic law vary from one state to another but nearly every state has laws that prevent one spouse from entirely disinheriting the other.

Closing a business has important federal income tax implications that owners should understand. Here’s what owners of companies need to know.

Do you own a vacation home that’s classified as a rental property for tax purposes? Here’s what you need to know.

The American Rescue Plan Act (ARPA) includes major, but temporary, changes to the longstanding federal income tax child and dependent care credit.

Not-for-profit organizations should pay particular attention to two extended provisions: a tax break for donors of smaller charitable gifts and one that will be advantageous to big donors.

The massive economic stimulus and government spending law, which was signed on December 27, 2020, extends several energy-related tax breaks.

Many companies choose not to combine real estate and other assets into a single entity. There are valid and potentially beneficial tax reasons for holding real estate in a separate entity as well.

Changes in the new law may require divorcing individuals to take a different approach to splitting assets and setting maintenance payments than under prior law.

If your business was forced to close due to the pandemic, you may be itching to get back in the game. There’s been a recent uptick in the number of people starting small businesses.

For many families, the tables may turn, and adult children provide financial support for their parents. That may entitle you to some meaningful tax breaks. Here are the details.

If you may have hired a household employee to help with the added responsibilities here’s what you need to know about the tax implications of a household employee.