Many taxpayers develop a long-term relationship with their accountant – one that can stretch out for decades. In that time, the accountant may essentially take ownership of their client’s financial information. That’s a big responsibility with potentially big financial ramifications, so the natural question is – what do people do when their accountant suddenly
Death of a Taxpayer: How Tax Information is Handled for the Deceased When a taxpayer dies, there are tax-related loose ends that must be tied up, especially if that taxpayer earned income during the final year of their life. The process here can be complicated and will involve several forms – all of which
Sole Proprietor or Partnership? Don’t Forget Self-Employment Taxes If you operate a business as a sole proprietor or in a partnership, you’ll need to set aside additional income (and time) to satisfy your self-employment (SE) tax obligations. SE taxes are added to your income tax, but there are deductions that only the self-employed can
