Income Tax Deductions vs. Tax Credits
Which One Is Better? While a deduction can reduce the amount of taxable income, credits can directly reduce the amount…
The Inflation Reduction Act: Electric Vehicle Credits
Are you considering buying an electric vehicle in 2023? The rules have recently changed, due to the passage of the…
What Is An Audit?
The word “audit” can be thrown around a lot in casual conversation. When an accounting professional uses it, it means…
SECURE Act and Required Minimum Distributions Proposed by IRS Regulations
When the SECURE Act went into effect on January 1, 2020, there were many open questions from tax professionals and…
Checklist for Clean Books
Keeping your business’s books clean all year long can help to provide more accurate financial statements and reports as well…
Estimated Tax Payments – Do They Apply To You?
There are two ways to make income tax payments to the IRS throughout the year: through the withholding amount on…
Do You Have a Bank Account in a Country Outside of the United States?
Do You Have a Bank Account in a Country Outside of the United States? Your foreign bank accounts may also…
Where’s my IRS Refund?
Did you know the IRS provides a tool on their website that allows taxpayers to check their refund status? The…
Learning About S Corporation Shareholder Basis
If you have ownership in an S corporation, it is important to have a general understanding of basis. This number…
Do You Need to File Schedules K-2 & K-3?
A Look at Requirements, Exceptions/Relief, Filing Issues
Starting with the 2021 tax year, IRS forms K-2 and K-3 are new schedules that may need to be included…