by Karen Baksa | Jul 2, 2024 | Corporate Taxes, Individual Taxes, Tax Tips
There’s usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you always file an amended return? Here are some things to consider. Errors in the IRS’s favor Errors...
by somichcpa | Nov 16, 2023 | Business, Individual Taxes
Thankfully it’s not too late to try and minimize your taxes for 2023. If you haven’t scheduled a tax planning session, now is a great time to do so. Here’s how a tax planning session can potentially help your situation: It can make a difference. This is...
by somichcpa | Oct 11, 2023 | Corporate Taxes, Individual Taxes
Think twice about automatically paying the amount due on a notice Here are several quotes from actual IRS correspondence that serves as evidence that our national tax collection agency is not always right: Thank you for your correspondence. We currently do not have a...
by somichcpa | Sep 6, 2023 | Individual Taxes
There are many tax benefits built into home ownership. Here is a review of the most common. The home gain exclusion. When you sell an asset for a profit, it creates a taxable event. If the asset, though, is your primary residence, you can exclude up to $250,000...
by somichcpa | Aug 30, 2023 | Individual Taxes
Taxes can affect many areas of your life. Here are some common situations when you’ll want to schedule a tax review. Something changed in your life. A change in your life could mean significant changes in your tax status. Some of these changes include:Getting...
by somichcpa | Mar 24, 2022 | Financial Planning, Individual Taxes
Interest rates are expected to increase this year in response to inflation that is running at a 40-year high. How will you be affected? Any interest rate revision can cause a ripple effect throughout the economy. Accordingly, the Federal Reserve’s actions probably...