Federal income taxes seem ever-changing and shrouded in a veil of vague rules and complicated math. Tax season offers relief for some, as they anticipate extra funds for the year. But for others it is a time of stress as they wonder how much they owe the federal government. But what if the veil
Why Are Taxes So Complicated?
In a number of industries, language serves as the barrier of entry. If you study law, then codes, laws, and court cases become second-nature. If you join the military, your concept of the alphabet can change over the course of boot camp. And even if you just jump into a startup, there's undoubtedly
How To Know If I Owe More Taxes
In December 2017, tax Cuts and job cuts were enacted in the United States by the department of revenue. This resulted in a change in the direction employers take to determine the amount of income tax that is to be deducted from your salary. Many Americans did not know that the W-4 forms required an
Missed the Deadline? What to Know if You’re Filing Your Taxes Late
You might be wondering whether or not you're about to face federal penalties for failing to file your tax returns by the due date. If that's the case, A) you should contact our CPAs right away, but B) don't panic. Here's some of the facts you should to know. First, penalties apply if you owe any
Don’t Forget to Report Your Miscellaneous Income!
Taxpayers must report all income they earn and receive in a year on their tax return. Often times, however, people neglect to report several types of miscellaneous income. For instance, self-employment income where no 1099-misc is received, bartering income, gambling winnings, and prizes. Do I
Can a Country Club be Deducted as a Business Expense?
Understanding which of your expenses are eligible for deduction is obviously important when filing taxes. In general, country clubs (and other social club memberships) are not deductible, however that's not true of all elements that make up a membership. Publication 463 clearly states that any
Services to Outsource to Scale Your Business
Most small business owners start their business with the intent to scale -- in many ways, it's show you know the business is proving successful. Even if you start your business from a hobby, if it's going to be sustainable, it needs to scale. To do this, you need to use part of the profits to
Why Assets, like a Company Car, are Considered Nondeductible Expenses
A nondeductible expense is something you cannot claim when you file your taxes. Now, some people get confused as to what can and cannot be deducted, especially if they hope to get some money back. Some clients have incorrectly claimed something which resulted in issues including penalties and