Do you know how to calculate estimated tax payments? You owe quarterly payments if you receive any income from which the tax isn’t already withheld (which is most paychecks). Because the IRS will charge fees for underpayment it’s important to pay the correct amount. Many of our clients use us to help estimate their payments…
Your teenager needs a summer job and it just so happens that you have some clerical work at the office that needs to be done. Sounds like a perfect match? It might be just that. There may be some cost advantages available if you’re a sole proprietor and considering hiring your child as an employee…
My grandparents have a vacation house along the coast that they rent to friends and acquaintances from time to time. Like many other property owners, they think it’s a great way to generate a little extra income. While this may be true, people often overlook the vacation rental tax rules that are associated with earning…
Is your activity a hobby or business? Do you want to write off expenses from your hobby? Do you want to turn your hobby into a business? Tax-wise, it can be beneficial to turn your hobby into a business because you can write off losses and expenses. The IRS has a checklist for determining the…
The new tax law has dominated political discussion for months and will likely continue to do so well into 2018. Consequences, both intended and otherwise, are still unclear. But for now, these are the big changes for both individuals and companies. In general, the changes to individual provisions expire at the end of 2025, but…
Congress is enacting the biggest tax reform law in thirty years with the Tax Cuts and Jobs Act. One that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go…
Improving accuracy in Excel spreadsheets over time becomes difficult as formulas tend to get longer and less accurate. Often times when we use Excel formulas, we do them as a one-time thing to solve the immediate need. You may copy and paste that same formula somewhere else and the inaccuracies continue. This quick tip for…
A popular type of corporation is the S-Corporation business entity type. Legally, there is no difference between a C-Corporation and an S-Corporation. However, for tax purposes, the two are very different. An S-Corporation business entity is just a corporation that has made an “S-election” for tax purposes. S-Corporations can be a popular entity choice for…
Historically the C-Corporation business entity is one of the most commonly used entity types. If you or someone you know own a company that has been around more than 30 years, chances are it’s a C-Corporation. The past 25 years or so have given rise to several new types of entities (such as LLCs and…
What is an LLC company type? The acronym stands for Limited Liability Company. The LLC combines the tax advantages of a partnership with the liability protection advantages of a corporation. The LLC company type has become an extremely popular entity choice for new businesses since its creation in the 1990s. Advantages of an LLC company type All…