Why Most Internal Bookkeepers Fail

Why Most Internal Bookkeepers Fail

Running a business without financial information is next to impossible.  You can never figure out if you’re making a profit.  You never know how much money is in the bank.  Big tax bills are an annual and unwelcome surprise. You may suspect your bookkeeper is failing,...

How to Avoid Receiving Letters From the IRS

How to Avoid Receiving Letters From the IRS

Every year the IRS issues millions of tax bills for items of income not reported on tax returns.  For example, if a taxpayer received a pension distribution during the year, but did not report the distribution as income, the IRS sends a bill for the taxes on the...

What Tax Planning Can Do for You

What Tax Planning Can Do for You

Last tax season more than a million taxpayers got nasty surprises when filing their income tax returns.  In prior years, they received small refunds or owed just a little.  However, due to changes in the tax withholding tables, many owed $10K or more. Tax planning can...

Three Tax Mistakes Real Estate Agents Make

Three Tax Mistakes Real Estate Agents Make

While many parts of the economy have seen a massive slow-down because of the Coronavirus pandemic, the Washington, DC-area real estate market has hardly faltered. If you are a local real estate agent, chances are you are busier than ever.  Don’t let your busy routine...

Should I File Separately From My Spouse?

Should I File Separately From My Spouse?

Many times each year, clients ask us if they should file separately from their spouses to pay less in income taxes.  To define this issue a bit, married couples can file their tax returns using one of two statuses: Married filing jointly or Married filing separately....