Guides

Business Entity Basics

What Is a Tax Deduction? Unlike a tax credit, which reduces the amount of tax owed, a tax deduction reduces the amount of income subject ...

So far, three sets of Economic Impact Payments (also known as “stimulus checks”) have been issued to eligible recipients as part of the pandemic relief ...

Installing solar panels earns you a federal tax credit. That means you’ll get a credit for your income taxes that has the potential actually to lower ...

“Tax Now” means you pay taxes on this item now, but you don’t have to pay the taxes on the accumulated amount when you retire. ...

What are tax Credits? Tax credits reduce your tax liability, which means they directly lower the amount of income tax you owe for the year. ...

In-Home Support Services (IHSS) income is given to taxpayers who are providing care to individuals who would otherwise require care in a hospital, nursing facility, ...

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home ...

Foreign Reporting Quick Guide Our firm supports many international clients as well as clients with international activity. The guide below outlines the different form types ...

Failure to File vs. Failure to Pay Penalties Many taxpayers assume if they file an “extension” they will not be hit with penalties from the ...

As a business owner, you now have a lot of deadlines to keep track of. By missing deadlines, you are more likely to have penalties ...

Frequently clients don’t bring us the 1099Gs for the state refunds and we are held up waiting to get the EINs and addresses that would ...

1099-C Form 1099-C (Cancellation of Debt) is used to declare amounts of $600 or more that is forgiven or canceled by a lender or creditor, including ...

What is it? Section 179 of the U.S. internal revenue code is an immediate expense deduction that business owners can take for purchases of depreciable business equipment instead of capitalizing and ...