If your request for the First-Time Penalty abatement fails the next course of action is Reasonable Cause Penalty Abatement. The taxpayer or Enrolled Agent would submit a written request for penalty relief based on a reasonable cause. Accepted Reasons for Penalty Abatement: Natural or man-made disasters. A taxpayer’s death, serious illness, incapacitation. Tax preparer errors. Bookkeeper/accountant… Read More
It is not uncommon for a taxpayer to fall behind in their taxes. They may have started a new business did not pay estimated taxes during the year, or self-employment income has increased substantially from the prior year. Or, one spouse was unaware that the other spouse had not been paying the taxes. Whatever the… Read More
When business owners talk about the excitement of running their company, the joy of doing payroll almost never comes up. Payroll is meticulous, labor intensive, and riddled with the chance to make costly mistakes. That’s why more and more owners are outsourcing the task. In addition to buying the increased expertise in an atmosphere of… Read More
You foster strong relationships with your customers through exceptional service and value. But a thank-you gift never hurts. In addition to the goodwill you earn as a gift-giver, you also earn a small tax deduction from the IRS. A very small tax deduction, which is limited to a maximum of $25 for each client. The… Read More
Did you know that a windfall refers to a piece of fruit that is blown from a tree? You get all the benefits of a nice snack with none of the climbing or stretching and picking. Most of us know about windfalls in connection with money—that unexpected good fortune that puts a large sum of… Read More
Right now, the idea of thinking about tax filing season may sound as welcome as the hiss of air leaking from your swimming pool raft. But planning ahead may keep you from getting soaked later. So if you’re considering anything more complex than a standard deduction, this is a good time to take a look… Read More
The Internal Revenue Service and tax software people lead you to believe that your filing is getting easier and easier. Meanwhile, the tax laws remain dense and complex. The distinction is that the simple and fast way isn’t always the best way. So why should you pay to have someone file your tax return? The… Read More
QuickBooks is a powerful program used by small to mid-sized companies. It is a program used by many different industries. QuickBooks usually needs to be tweaked a bit to work with your industry. Attorneys are unique due to the American Bar Association’s specific accounting rules for the use of retainer (IOLTA) accounts. When setting up… Read More
Health Savings Accounts are one of my favorite investment vehicles. There are many advantages, as you will see. With most Americans having high-deductible health plans, and not able to take medical deductions on Schedule A (itemized deductions), HSAs are the way to go! A health savings account (HSA) is an account created exclusively for the… Read More
You’re a smart person when it comes to your money. You stay within your budget, you plan for the future, you have an emergency fund for that day when your hot water heater leaves you cold. So why would you pay someone file your tax return? The top reason according to CPA Practice Advisor is that… Read More