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 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?

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 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 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...

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...

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...