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 21, 2023 | Uncategorized
A silver lining to continued interest rate hikes by the Federal Reserve is being able to earn more interest on cash stashed in your savings accounts. How much interest, exactly, you can earn depends on where you do your banking. Consider these tips to earn as much...
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 | May 31, 2022 | Business, Corporate Taxes
As social distancing turns convenience into necessity, the number and types of activities moving to the internet is exploding. It’s important to remember that these virtual events often trigger real-world tax implications. Here are some things to keep in mind:...
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...
by somichcpa | Mar 24, 2022 | Individual Taxes, Tax Tips
Leveraging the kiddie tax rules With careful tax planning, you can use the kiddie tax rules to reduce your tax obligation. Here’s what you need to know. Background The term kiddie tax was introduced by the Tax Reform Act of 1986. The rules are intended to keep parents...
by somichcpa | Mar 24, 2022 | Individual Taxes
Here’s how to get your overpayment as soon as possible. Delayed tax refunds, penalties for not filing 2020 tax returns on time that were actually filed on time, and timely tax payments being flagged as late are just some of the headaches taxpayers are grappling...
by somichcpa | Feb 24, 2022 | Individual Taxes
Wages and self-employment earnings are taxable, but what about the random cash or financial benefits you receive through other means? If something of value changes hands, you can bet the IRS considers a way to tax it. Here are five taxable items that might surprise...
by somichcpa | Feb 8, 2022 | Uncategorized
With tax season now officially underway, here are several tax documents that may be easy to miss in your mailbox or inbox: Child tax credit letter. From July through December 2021, the IRS paid out 50% of projected child tax credit payments to qualified households....
