[This post is part of a multi-part series on the new 199(A) deduction. Be sure and check out our blog during the second week of each month to see the next case study. If you are looking for the basics of what this deduction is, please check out this post.]
Today’s case study is going to look at how the 199(A) deduction is different for a dual-physician couple than a single-income family. Continue reading
[This post starts a multi-part series on the new 199(A) deduction. Be sure and check out our blog during the second week of each month to see the next case study. If you are looking for the basics of what this deduction is, please check out this post.]
Today’s case study is going to look at how marital status impacts the 199(A) deduction for physicians who earn their income as 1099 contractors. Continue reading
In the world of rising health care costs and figuring out with plan is best for you, Health Savings Accounts (HSAs) should be on your radar. These accounts have a truly triple tax benefit.
In last year’s Tax Cuts and Jobs Act, Congress lowered the corporate tax rate from 35% to 21%. To level the playing field for pass-through businesses, they created a new deduction. The goal of this post is to explain the basics of this deduction, so that you can learn how it may apply in your situation. In upcoming posts, we will look at the details of some real cases to help you understand how the different elements of 199A may affect you. Continue reading
In this month’s video, I shared some strategies for getting organized with your tax records. One of the most common groups of clients that seem to have trouble getting and staying organized are those that have 1099 income. The main reason for this is that some additional deductions are now available to you. If you find yourself in that situation, I may have a solution for you. QuickBooks offers a couple of services that help you track your income and expenses. Continue reading
With back to school, fall sports schedules, and life in general, you might feel like you’re sitting in the middle of a merry-go-round and can’t get off. While we can’t help pack Susie’s lunch or take Billy to football practice, we can help you get your tax records organized.
She gives you some tips to help get your tax records organized now, and keep them organized, so that when year end rolls around, you can enjoy Christmas break with the kids instead of shuffling through paperwork for tax season.
Whenever our clients are expecting their first child, they often come to me wondering what impact this will have on their taxes. As with most things in the tax world, the answer is, “It depends.” There are a few tax items that this little bundle of joy will impact, but much of that has to do with your income level and other aspects of your specific situation. Continue reading
In this month’s video, I described two of the most common IRS notices, the CP2000 and CP501. While these two are the most often received, they are far from the only notices sent. The IRS has a whole host of letters that they send depending on the exact situation. To help you be better prepared for the dreaded letter that may show up in your mailbox, let’s look at some other IRS notices. Continue reading
I would bet my paycheck that we receive at least 2-3 IRS notices a week for clients (and that’s on a slow week), but getting a notice shouldn’t cause panic. While it is important to look at each notice, it is even more important to know what you are reviewing. In this month’s video, Continue reading
In this golden age of technology, there isn’t much you can’t do online: from buying clothes, ordering food, heck, even getting an eye exam – all without ever speaking to a person. So if you can do all of these incredible things from your couch, why in the world should running your business be any different? Continue reading