How to Avoid Receiving Letters From the IRS
Every year the IRS issues millions of tax bills to taxpayers 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...
Should I File My Taxes Separately From My Spouse?
At least a hundred times per 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, Married filing...
What Different Entity Types Mean for Your Business
America is built on entrepreneurial chutzpah. Starting one’s own business may not be for the faint of heart, but knowing how to structure that business does not have to be the stuff of nightmares. The choice of forming a sole proprietorship, a partnership, a...
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 got small refunds or owed just a little. However, due to changes in the tax withholding tables, many owed $10K or more. Tax planning can do...
Buying or Selling a Home – How Does This Affect Your Taxes?
Buying or Selling a Home can impact your taxes in several ways Did you know that 673,000 homes were sold last year? That means over a million people had a major life change that most likely affected their taxes. At S&K CPAs, we see this all the time. If you are...
Should Your Business Be an S Corporation?
Here's Something to Think About To answer this question, we should first ask, “What is an S corporation?” An S corporation is a company, that is organized as a corporation or limited liability company (LLC), and elects S corporation status with the IRS by filing form...
The Tax Lady and the New Child Tax Credit
Exciting News About the Tax Lady (and the new Child Tax Credit) The Grim Reaper and I are excited to announce that we are expecting our first child! To those of you whispering that my enlarged belly results from gluttony and lack of exercise, well that’s just hurtful...
IRS Guidance on Businesses that Qualify for New Deduction
New IRS Guidance on the Businesses that Qualify for the New 20% Pass Through Deduction I don’t often enjoy plane rides, especially when I’ve been downgraded out of first class and end up in BWI instead of Dulles (American Airlines sucks). However, one redeeming...
Largest Tax Reform in 25 Years… Are You Ready?
New Tax Law Goodies for Individuals
In our last post, the Grim Reaper made us painfully aware of the bad parts of the new tax law for individuals. Since our obligation to him from that unfortunate lawsuit is done, we can move on to the goodies in the new tax law for individuals. First, tax rates for...