Understanding Tax Terms: Contemporaneous Records Everyone needs to know what this means! If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find [...]

TAX PREPARATION Now is a good time to assess your current situation and address those lingering tax moves that may improve your tax picture for 2022. Here are five things to consider: Check on [...]

The New $7,500 Tax Credit That Isn’t. What you need to know A highly-touted tax credit in the recently-passed Inflation Reduction Act is meant to incentivize Americans to purchase electric [...]

The Audit The IRS reported audit rates continue to be low…very low. But that is now changing with thousands of auditors being hired for a post-pandemic scale-up of their reviews. So don’t [...]

Tax Planning Tips The tax code is about 75,000 pages long, so it’s not surprising there are many overlooked money-saving deductions hidden within it. And with the much higher standard deduction [...]

Homeowner Tax Rules Changing Home-related tax rules changing over the past few years have caught some taxpayers by surprise. When your mortgage company reports tax-related information to you and [...]

IRS Turning Off Some Automated Notices In a recent announcement, the IRS is telling taxpayers it’s turning off some of its automated notices. Here is what you need to know. Background: With [...]

New IRS Schedules for S Corps and LLCs

Plan Your Retirement Savings Goals for 2022 There’s good news for your retirement accounts in 2022! The IRS recently announced that you can contribute more pre-tax money to several [...]

Small Business Tax Return To-Do-List Eight ideas to make filing your tax return easier Consider these suggestions for helping to make tax season smooth sailing this year for your small business: [...]