Our Blog & News
This Month’s Posts:
Save Taxes With a Cost Segregation Study If You Own Your Office Space
This year’s most interesting tax season observation has to do with a strategy available for people who own real estate that helps them save more taxes in the early years. As the price of real estate continues to increase, more business property owners are having Cost...
I-Bond Update: Interest Rates Dip to 4.3% for the Next Six Months
We first wrote about I-Bonds in an article included with our November 2021 Newsletter I-bonds are a great place to park some extra money if you are worried about the short-term prospects for the stock market and are nervous that increasing interest rates will cause...
IRS Warns Business Owners to be Careful of ERC Promoters
From IRS News - IR-2023-49 In a further warning to people and businesses, the Internal Revenue Service added widely circulating promoter claims involving Employee Retention Credits as a new entry in the annual Dirty Dozen list of tax scams. For the start of the annual...
Preferable Mortgage Terms with the Berkshire Bank Doctor Program
Our friends at Berkshire Bank have launched a loan program for doctors recently with great rates! The Doctor Loan Program is designed for healthcare professionals who are purchasing their Primary Residence. Practicing doctors must be out of...
Virtual Currency Tax Considerations
Over the past few years, we have seen a significant increase in clients trading virtual currencies such as cryptocurrencies. Investopedia defines virtual currencies as follows: “A virtual currency is a digital representation of value only available in electronic form....
Change to 529 College Plans Starting in 2024
Beginning in 2024, excess funds held in a 529 college savings plan will be eligible to be rolled over to a Roth IRA. For families who funded 529 college savings plans for their children and did not fully exhaust the accounts while utilizing the funds for qualified...
New for Amended Tax Returns
Federal amended tax returns filed electronically for tax years 2021 or later can now opt for direct deposit of requested refunds. Previously, refunds for federal amended tax returns were only sent by paper checks. The IRS estimates that this change will speed up the...
Quick Link to “Where’s My Refund?”
For taxpayers waiting on their federal income tax refund, the IRS link below can provide an update on the status of the tax refund: https://www.irs.gov/refunds For taxpayers looking to get an update on the status of a federal amended tax return, the IRS link below...
Last Month’s Posts:
Upcoming Tax Deadlines in April 2023
Don’t forget – these are the upcoming tax deadlines for 2022 Individual (1040) tax returns: Saturday, April 15 Deadline to file FinCEN Form 114 for Foreign Bank and Financial Accounts (FBAR) Tuesday, April 18 Deadline to file personal (1040) tax returns for taxpayers...
Understanding Business Travel Deductions
From IRS Tax Tip 2023-15, February 7, 2023 The following information is available on a section of the IRS’ website called Current Tax Tips at: https://www.irs.gov/newsroom/irs-tax-tips. Whether someone travels for work once a year or once a month, figuring out...
March 15TH Deadline For S-Corporations And Partnerships To File And Fund, Or Extend
Just a reminder that the deadline to file your S-Corporation and Partnership tax returns is March 15th. If those tax returns won’t be completed by then, make sure to file an extension by March 15th. Not filing a tax return or extension for your S-Corp or Partnership...