More than nine million people may qualify for tax benefits but didn’t claim them by filing a 2021 federal income tax return. Many in this group may be eligible to claim some or all of the 2021 recovery rebate credit, the child tax credit, the earned income tax credit and other tax credits. These and other tax benefits were expanded… Read More

Knowledge is a taxpayer’s first line of defense against scammers who pretend to be from the IRS with the goal of stealing personal information. Here are some facts about how the IRS communicates with taxpayers: The IRS doesn’t normally initiate contact with taxpayers by email. Do not reply to an email from someone who claims to be from the IRS because the IRS email address… Read More

Ok. So, you ask what a tax accountant is. The short answer, a Tax Accountant is someone who has been train in preparing income tax returns and is an Accountant. Thus, the term Tax Accountant refer to someone that specialize in the tax laws, rules, and regulations. Ideally, a Tax Accountant training must include any… Read More

In real-time,  accurate accounting records tell you cash-on-hand and how good of a job you are doing managing and growing your business.   Why should I keep records? Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your… Read More

The IRS encourages taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics includan visit IRS.gov/getready for online tools, publications and other helpful resources for the filing season. Here are some key items for taxpayers to know before they file next year. Changes to the charitable contribution deduction Taxpayers… Read More

There are hundred of choices available to filing your tax returns. You can file with a CPA. You can have a Tax Accountant or have a Tax Preparer file your tax return. You could also file your taxes online with a tax software vendor such Turbotax, TaxAct, H & R Block, TaxSlayer, Jackson Hewitt or even… Read More

What small business owners should know about the depreciation of property deduction Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time they use the property. It is an allowance for the wear and tear, deterioration or obsolescence of the property. Small… Read More

Intuit Corporation, whose stock symbol NASDAQ: INTU maker of Turbotax and QuickBooks have perhaps the best software on the market. They are the market leader. Approximately four (4) million people use Turbotax to prepare their Income Tax Returns. The software is phonemically easy to use and awesome. No question about this. Here is what concerns us.… Read More