by somichcpa | Jan 28, 2020 | Individual Taxes, Tax Tips
Tax filing season has officially begun and now is the time to start getting your tax records organized. If any of the following situations pertain to you, consider filing your taxes as soon as possible. You’re worried about tax identity fraud. One of the most popular...
by somichcpa | Dec 13, 2019 | Individual Taxes, Tax Tips
One way to head off fraud during tax season is to get your free annual credit report now. Credit reports often have errors in them; this quick checkup can be the first indication that some form of identity theft has taken place on your account. The good news is that...
by somichcpa | Sep 26, 2019 | Individual Taxes, Tax Tips
Each year, the IRS audits over 1 million tax returns. With agency resources shrinking, the IRS is more selective when choosing tax returns to audit. Knowing what the IRS is looking for can help you understand and reduce your audit risk. Here are five of the biggest...
by somichcpa | Sep 20, 2019 | Financial Planning, Individual Taxes, Retirement Planning, Tax Tips
Too often taxpayers receive tax surprises at year-end due to actions taken by mutual funds they own. What can add insult to injury is the unsuspecting taxpayer who recently purchases the shares in a mutual fund only to be taxed on their recent investment. How does...
by somichcpa | Jul 12, 2019 | Individual Taxes, Tax Tips
The more things change the more they stay the same. This is especially true when it comes to reviewing your tax situation. Mark your calendar to review these essential items each year to ensure you are not missing something that could cause tax trouble when you file...
by somichcpa | Jul 10, 2019 | Corporate Taxes, Tax Tips
A new deduction is available to businesses with qualified business income (QBI). While that’s great news, new deductions (especially ones with lots of rules) can bring anxiety and confusion. Never fear! Ensuring you receive a maximum deduction will come down to...
