Unemployment Compensation
Is your unemployment Income Taxable? A lot of it depends on how much other income you have that year. Ask your CPA to do tax projection and tax planning for you. You may end up with payment plans or those…
Household employees and employment taxes
Did you know that if you have a household employee (this is most commonly nannies or people that are employed inside your household doing household tasks on a permanent basis) that you really should be withholding and paying self-employment taxes…
Penalty and RMD’s on retirement accounts
If you pull money out before retirement age, there is a 10% potential. You may want to consider or at least look and see if there's options for taking a loan from your retirement account rather than pulling the money…
IRAs (a secret tax ninja tool)
Today, I'm going to talk about a secret, so don't tell anyone, a secret tax ninja trick. It's called an IRA. There's self-directed IRAs, in which you can buy real estate inside your IRA, sell and gain on property…
How to write off your dog
Today I want to introduce you guys to somebody really special. Are you ready? She is the newest addition to the Tax Goddess family. It is a German shepherd. She's a six month old little girl. As you can see,…
Remember to pay yourself first
It's about paying yourself first! As business owners, we start a business, hire people, and get involved and these people become our family. We become involved and they become a part of making the success of the company. But when…
Non-business casualty and theft losses
One of our clients ran into a case the other day where he had a roof leak and there was about $25,000 worth of damage. His insurance company would not provide him any reimbursement. The taxpayer did not know that…
Protecting yourself from IRS audit and having an NDA for your business
Today at the IRS conference, I learned about how to protect yourself from audits or if you get into an audit— what would be the backup documentation that you're going to need. Bank statements and credit cards are not always…
How to choose a good tax return preparer
What are the types of questions that you should be asking anyone, if you're interviewing them to be your tax preparer? One of the very first question, and the most important question, is what is your tax preparer's aggression level?…
Paying your taxes and ensuring proper credit of the payments you’ve made
We've had a lot of cases recently where clients are sending in IRS notices because payments that they've made, estimated payments, quarterly estimates, even prepayments or payments on tax plans are not being credited. When you've got a payment plan…