IRS Free File may cost you

If you are reading this, you probably know that a large part of our business is preparing and filing (through electronic filing) tax returns. In other words, we are in the tax return preparation business. Therefore, you may reasonably think that of course we would be skeptical of the $15 million set aside in the Infrastructure …

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Daughters, weddings and taxes

My oldest daughter recently got engaged to be married. This was so exciting in a variety of ways. I know that she and her fiancé loved when I sat them down and explained the realities of taxation as a newly married couple. Who knew weddings and taxes go together! Don’t miss: Tax relief for victims …

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Tax relief for victims of Arizona storms

I usually believe that I am up to date on most news (not pop culture – that I am definitely not up to date on!), but I admit that I did not even know that the state saw severe weather between July 17 and July 18, prompting tax relief for victims of Arizona storms. Don’t …

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Comfort letters make your CPA uncomfortable

Have you applied for a loan recently? Or tried to refinance an existing loan? Increasingly, it appears lenders and mortgage brokers are requesting information from you as the borrower, to request of us, your CPA. We call these comfort letters, though in actuality the proper term is verification letters. Don’t miss: Look at the size …

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Look at the size of your K-1

Are you wondering about the status of your tax return? Wondering why it is not yet done? Have you reached out to your preparer, and you are told some version of this “We are waiting on your K-1”. Don’t miss: Time running out on COVID IRS penalty relief A K-1 is the form that is …

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Time running out on COVID IRS penalty relief

Hopefully COVID is at least waning and as it does, COVID relief provided through the IRS will be waning as well.  Like COVID, such relief from IRS isn’t over quite yet, but the deadline for COVID IRS penalty relief is closing in fast. Don’t miss: Closing your business for good On August 24, 2022, IRS …

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Closing your business for good

Shutting down your business can be overwhelming. There’s legal paperwork to complete, liabilities to pay and assets to distribute. If you don’t fulfill these requirements, you are risking potential disputes and unnecessary fees. These are the steps The IRS recommends you make when closing your business. Don’t miss: Educator expense deduction increased Final tax return …

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Educator expense deduction increased

Teachers provide so much of their time, money and energy to go above and beyond to make sure their students are taken care of. Many teachers often buy the classroom supplies that make learning successful. Still, most teachers are not reimbursed for the money they spend on teaching materials and classroom supplies. But for 2022, …

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Fantasy football and your tax accountant

Even with the fall tax deadlines upon us, we do still have somewhat of a personal life. Or what you might call some un-nerdlike hobbies. Although an argument could be made for turning fantasy football into a nerd Olympics. Don’t miss: Recreational vehicle use tax Our hobbies run the gamut – just like they do …

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Recreational vehicle use tax

If you are thinking about purchasing a recreational vehicle there may be an additional tax liability when purchased from an out-of-state vendor, called use tax. Here’s what you need to know about the recreational vehicle use tax. Don’t miss: Child tax credits return to normal What is use tax? Use tax is a tax on …

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