ID and Tax scams are on the rise and we want to make sure you are protecting yourselves. Your privacy and the security of your personal data is very important to us. We will never hire, bring on new clients, or request any information through other 3rd party applications or…
2019 Tax Season: Dates and Tips for Filing Taxes During the Government Shutdown
It’s that time of year again: tax season. While filing season lasts from the end of January to mid-April, the IRS strongly encourages people to file early and electronically. The first day to file taxes in 2019 for Tax Year 2018 is Monday, January 28. Prior to that date, taxpayers…
Government Shutdown and Tax Refunds – When to File, When You’ll Get Your Refund
With the start of a new year comes the start of tax season. Employers hand out W-2s and 1099s, and taxpayers start organizing tax forms. But with the current partial government shutdown in effect since December 22, 2018, there’s one question on every taxpayer’s mind right now: will the government…
New Heavy Equipment Rental Excise Tax in Indiana for 2019
Starting January 1, 2019, Indiana will implement a new excise tax on the rental of heavy equipment and construction equipment. The new Indiana excise tax will be assessed on equipment that is rented without an operator and from a location in Indiana, and the tax will be 2.25% of the…
How Taxes Change After Major Life Events – Marriage, Divorce, and With Children
Life happens. And since taxes are one of the only things that are certain in life, it’s best to know how to prepare and plan for tax changes after major life events. Some of the biggest changes to your taxes come after marriage, the birth of a child, and after…
Cryptocurrency Tax Reporting: What to Know About Bitcoin and Taxes
When you use cash to make a purchase in person, you hand over the dollar bills to the clerk. You give up the possession of the bill in exchange for the good or service you’re purchasing. You can no longer use this specific dollar bill for another purchase; it is…
IRS Red Flags that Trigger an Audit
What is an Audit by the IRS? The IRS website defines an audit as “a review/examination of an organization’s or individual’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct.” The IRS conducts audits…
Year-End Tax Planning Checklist for Small Business Owners
When Does the Tax Year Start and End? The IRS defines a “tax year” as an annual accounting period for keeping records and reporting income and expenses. There are two types of tax years you can use to determine the end of the tax year: Calendar year: 12 consecutive months…
How to Become a Sole Proprietor
What does “sole proprietor” mean? A sole proprietor is someone who owns an unincorporated business by himself or herself. The business and owner are legally the same. The business is not a taxable entity; all assets, liabilities and income are treated as belonging directly to the business owner. The advantages…
Audit vs Review vs Compilation: How Small Business Financial Statements Differ
CPA firms are a great resource for small business owners to get help organizing their financial reporting. When a business owner applies for a loan or wants to get a new investor on board, the business owner should have the appropriate financial statement prepared to accurately reflect the business’ financial…
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