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....

COVID 19: Where was your Accountant?

COVID 19: Where was your Accountant?

Luck is what happens when opportunity meets preparation. How many people heard this from their fellow business associates about a month ago: “You are so lucky to get the PPP money, you were so lucky to get the SBA EIDL loan, you are so lucky to be able to stay in...

COVID-19 SBA Disaster Loans

COVID-19 SBA Disaster Loans

’ll save the jokes for later and cut to the chase.  The quickest option to get money fast for your business is from your bank.  They have many more flexible programs than the SBA Disaster Loan Program.  In any event, these are all LOANS, and you must be creditworthy,...

COVID-19 Stimulus Tax Updates

COVID-19 Stimulus Tax Updates

I spent the weekend cooped up with a case of beer and guides to the tax law changes from the stimulus package that just passed Congress and was signed by President Trump. I expect that the fiscal fallout from the crisis will last a decade or more. Here is a pretty...

COVID and This Tax Season

COVID and This Tax Season

    While the world has been losing its marbles this past week, we at S&K CPAs have been bouncing back and forth from feverishly working on our clients’ tax returns and paying attention to what fresh changes there have been to the tax situation this...