Three Mistakes Business Owners Make Selecting Pension Plans
Staying with SIMPLE plans.SIMPLE plans are a relic of the 1990’s. You can consider them the poor man’s 401(k). They allow for employee salary deferrals and have an employer matching component, but they come from an era when real 401(k) plans were expensive to setup...
To Roth, or not to Roth? – a Taxing Dilemma
For Your 401(k) Retirement Savings Plan, Which Powerful Benefit Would You Prefer? An immediate tax break with a Traditional account Tax-free withdrawals with a Roth account Even better, what if you didn’t have to choose? Roth vs. Traditional 401(k)s: A Taxing Dilemma ...
Why You Should Have a CPA Firm Prepare Your Taxes
CPA’s and EA’s (Enrolled Agents) at S&K CPAs have a commitment to continuing education on new tax laws. I reviewed the 2018 tax returns for a small construction contractor prepared by an uncertified preparer. The business was profitable, so I expected...
Three Mistakes Real Estate Agents Make With Their Taxes
Not having a system to collect their deductions. Real estate agents hustle more than almost any other profession. In the morning, they might work on promotional materials in the office, show houses to prospective buyers in the afternoon, and attend...
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...