by somichcpa | Feb 3, 2020 | Individual Taxes, Tax Tips
The IRS primer every voter should know Every year the IRS publishes instructions to prepare your Form 1040, individual tax return. The publication for 2019 is a whopping 108 pages! On page 103 of the IRS booklet is a summary of collections (income) and spending...
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 | Jan 16, 2020 | Individual Taxes
5 Surprising Taxable Items 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...
by somichcpa | Jan 9, 2020 | Corporate Taxes, Individual Taxes
New mileage rates announced by the IRS Mileage rates for travel are now set for 2020. The standard business mileage rate decreased slightly to 57.5 cents per mile. The medical and moving mileage rates also decreased to 17 cents per mile. Charitable mileage rates...
by somichcpa | Jan 3, 2020 | Business, Corporate Taxes
Your bookkeeping system is the financial heart and lifeblood of your business. When set up and operating properly, your books help you make smart decisions and seamlessly turn your financial data into useful information. Here are four key characteristics to build and...
by somichcpa | Dec 17, 2019 | Corporate Taxes
When tracking and planning your business objectives, it’s easy to focus your analysis on two reports — the income statement and balance sheet. But one of the primary keys to your business’s success relies more on how you handle the money flowing in and out of the...
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 | Oct 24, 2019 | Uncategorized
Each year the IRS opens thousands of investigations looking for possible tax fraud. In 2017 alone, the Criminal Investigation (CI) arm of the IRS identified $2.5 billion in potential tax fraud with a 91.5 percent conviction rate. While the IRS takes tax fraud...
by somichcpa | Oct 11, 2019 | Financial Planning, Individual Taxes
According to Credit Karma, over $40 BILLION of unclaimed property is currently being held by state governments. That’s a staggering amount of money — enough to buy half of the National Football League franchises. Not included in that figure is property sitting...
by somichcpa | Oct 1, 2019 | Financial Planning, Individual Taxes, Uncategorized
With the school year underway, suddenly the realization sets in that graduation isn’t too far away for high school seniors. Here are five things each graduate should understand before their big graduation day: Debt needs to be managed carefully.It is way too...
