S Corporations and PPP Loan Forgiveness

Attaining S corporation status has certain tax advantages. S corporations are treated as pass-through entities for tax purposes and the protection of shareholder assets. However, the relief acts passed in response to the COVID-19 pandemic revealed some potential problems with how income passed to individual shareholders is taxed. Two of the most relevant issues are […]

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Planning Ahead for Tax Credits and Deductions

Everybody wants to pay as little in taxes as possible. Most people use software or hire an accountant to help them find all the deductions they can subtract from their taxable income and all the credits they can subtract from their final bill. But most tax breaks require you, the taxpayer, to plan ahead. Even […]

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How Nonprofits Should Handle Tax Form 990

Form 990, Return of Organization Exempt From Income Tax, is the IRS’ method of evaluation to make sure your nonprofit is financially honest and legitimate. The form is required for tax-exempt organizations to file each year to remain compliant with the regulations and requirements set by the IRS. Form 990 requires expenses to be separated […]

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I Sell Tangible Products Online – Do I Now Have to Remit Sales Tax?

South Dakota v. Wayfair – Selling Online in Florida —- Do I Need to Collect Sales Tax? The June Supreme Court decision, South Dakota v. Wayfair, is fairly complex, but can be boiled down to some fairly simple terms for determining if and how this will affect your business. Currently, remote retailers are not required […]

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IRS Issues New Guidance for Calculating Wage Levies

For those having their wages levied by the IRS, the levies are sent to the tax debtor’s employer via Form 668-W, Notice of Levy on Wages, Salary, and Other Income. This form contains six parts. Prior to the Tax Cuts and Jobs Act (TCJA), the employer was required to give the employee the Statement of […]

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Spring Cleaning: When Can You Purge Your Old Financial Records?

Feeling the urge to purge? Summer’s coming, so it’s likely you’re wrapping up your spring cleaning before your summer fun begins. April 17, 2018 was the deadline for individuals and C-corporations to file their federal income tax returns for 2017 (or to file for an extension). Before you throw out your old financial records, however, […]

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The New Tax Law: How it Will Affect You

On December 22, 2017, President Trump signed the new tax reform bill, the Tax Cuts and Jobs Act, into law. This new tax law brought big changes for both individuals and companies. In general, the changes to individual provisions expire at the end of 2025, but the corporate changes are permanent. While new the new […]

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Get in the Habit of Year-Round Tax Planning

Addressing your tax liability effectively requires tax planning throughout the year. Those business owners who reap the most benefits consider their taxes year-round, rather than waiting to focus on tax payments only a few weeks before the filing due date. A typical small business qualifies for roughly a dozen tax deductions. For example, you can […]

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4 Tips to Claiming Higher Education Tax Credits

As the summer ends, many students are gearing up to go off to college. It’s an exciting time for recent high school graduates and returning students alike, but as we all know, higher education comes at a price. To help offset some of these expenses, the Internal Revenue Code offers two federal income tax credits […]

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