by somichcpa | May 28, 2019 | Corporate Taxes
The IRS continues to focus their audit activities in key small business areas. The wise business owner is well advised to be able to defend the following five areas to keep the IRS at a comfortable distance: Business or hobby? Be ready to provide proof your business...
by somichcpa | May 24, 2019 | Individual Taxes
Too many people downplay the threat of identity theft because it hasn’t been witnessed or experienced firsthand. This false sense of security can leave you exposed, especially during tax season. Here are some tips to keep your identity safe from scammers: Be...
by somichcpa | May 16, 2019 | Individual Taxes, Tax Tips
The tax term head of household is one of the more misunderstood tax phrases inside the U.S. tax code. However, if your situation warrants head of household status, there are two big tax benefits. First, a higher standard deduction. Second, lower effective tax rates...
by somichcpa | Mar 6, 2019 | Corporate Taxes, Individual Taxes
The tax season is in full swing and there are a few steps you can take now to speed up the filing process. Even if you have already filed this year this information can be helpful when planning your tax strategies in the future. The faster your return is filed, the...
by somichcpa | Mar 4, 2019 | Corporate Taxes, Individual Taxes, Tax Tips
Get Ready! Here Comes the New 1040… We are all in for a wild ride as we navigate the biggest tax overhaul in 30 years on a new Form 1040 with six new schedules. Now that the new Form 1040 is finalized, here are three main takeaways for this tax season: The main...
