What is the Kansas SALT Parity Act? Starting with the tax year 2022, Kansas allows S-Corporations and Partnerships to elect to pay state income taxes through the business entity, so that the entity can use this as a tax deduction. They do this in lieu of the owner paying personal income taxes on the passthrough […]

You know you’re supposed to file a tax return, but sometimes it drops to the bottom of the to-do list. It’s a big chore to collect all of the documents and then sit down and actually prepare your tax return. It can be an all-day event. You may need to hunt down some tax data. […]

When a taxpayer enrolls in health insurance through Healthcare.gov or a state health insurance exchange, they’ll receive Form 1095-A, a Health Insurance Marketplace Statement. All of their health insurance costs and coverage are reported on the 1095-A, along with any Affordable Health Act subsidies that they received. At the end of the year, they need […]

I don’t know the cause of this phenomenon, but a lot of people seem to get frustrated with tax software and start making stuff up to put in their tax returns. Maybe it’s because the deadline is approaching and they don’t have time to collect all of their tax documents. Or maybe the tax bill […]

Top Tax Return Mistakes Made by Self Preparers For a lot of landlords depreciation is a real problem. Landlords often don’t have a complete understanding of depreciation and aren’t able to detect when an error has been made. It turns out that this isn’t just a self-preparer mistake, but a lot of paid preparers also […]

Top Tax Return Mistakes Made By Self Preparers With the advent of consumer-friendly tax software, it’s incredibly easy to prepare your own tax return. Many of my clients first reach out to me because they’ve been self-preparing and made an error that has resulted in an IRS notice or audit. As it turns out, unreported […]

Top Tax Return Mistakes Made By Self Preparers With the advent of consumer-friendly tax software, it’s incredibly easy to prepare your own tax return. Many of my clients first reach out to me because they’ve been self-preparing and made an error that has resulted in an IRS notice or audit. You’re self-employed, you have decent […]

MISTAKE #1: Completing a Paper Tax Return by Hand Top Tax Return Mistakes Made By Self Preparers With the advent of consumer-friendly tax software, it’s incredibly easy to prepare your own tax return. Many of my clients first reach out to me because they’ve been self-preparing and made an error that has resulted in an […]

The deadline for filing 1099-NEC is January 31 of each year. What is 1099-NEC and why do I care about it? When a business hires an independent contractor and pays them $600 or more, it is required by law to file a 1099-NEC reporting non-employee compensation. This form is how the IRS knows that person […]

You may have noticed that some business owners like to buy a new truck or heavy SUV each year to save on their taxes. Have you found yourself wondering how spending money on a truck really saves money? What are the elements that come into play? Depreciation – All vehicles can be depreciated over 5 […]