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Divorce and Taxes: Alimony and Tax Implications Divorce is a challenge for the vast majority of couples, and it’s made more complex by financial entanglement and the presence of dependents. When a marriage is dissolved, assets must be allocated, finances must be separated, and support payments – either alimony, child support or both – must […]

For frequent donors, charitable contributions can quickly add up to sizable deductions, but the rules can be complex – like most tax rules. There are qualifications to consider – concerning the type of donation and type of receiving organization – as well as giving limits. When itemizing deductions at the end of the tax year,

Thinking about starting a business? There is plenty to do before you can open your doors to customers, and finding a good bookkeeping service and tax professional is at the top of the list. A lot of the pre-launch tasks for starting a business require extensive forecasting and planning. It’s a lot for a new

Real Estate Professionals: Qualifying for Passive and Investment Tax Benefits Real estate investment is a popular vehicle for wealth building, but unless a taxpayer qualifies as a “real estate professional,” there are additional tax liabilities to consider. As such, it’s worth it for people working in real estate to determine whether they qualify under the

Tax Credits Available for Families with Children Family matters are also tax matters to a large degree. As soon as dependents are added to the household – normally children – several tax credits may come into play. Together, these credits can significantly reduce a family’s tax burden, but only if they’re leveraged properly. A tax

Sale of a Principal Residence: Tax Concerns, Gain Exclusions and How an Accountant can Help Buying or selling a home is a major transaction – likely the most impactful that families will ever engage in. And, of course, major transactions come with major tax ramifications. It’s important for home sellers to be aware of and

The Basics of Contributing to a Traditional IRA Individual retirement accounts (IRAs) have been around for 50 years, and during those decades, they’ve provided taxpayers with an alternative (or supplement) to 401(k)s. Today, IRAs are a popular option among the self-employed and anyone else who doesn’t have access to an employer-sponsored plan. Here, we’ll address

The Corporate Transparency Act: What it Means for Your Business and How to Prepare A standout part of the Anti-Money Laundering Act of 2020, the Corporate Transparency Act (CTA) requires domestic companies (or foreign companies registered to do business in the U.S.) to engage in a new wave of information reporting. Specifically, reporting companies must

Form 1099-NEC and Form 1099-MISC: What to Report and How to Report It Businesses already have a pile of tax documents to submit every year, but here comes another. Form 1099-NEC is now a regular part of the tax preparation process for companies since its reinstatement in 2020. Form 1099-NEC is used to report non-employee

Taking Money Out of a Business: The Dos and Don’ts The IRS pays close attention to any transactions between businesses and individuals, including the company’s owner, partners, and any shareholders. These transactions may be classified into one of several categories, some of which trigger a taxable event. With the expert guidance of a reputable bookkeeping