19 Sep

TaxPro Posted in Tax No comments

IRAs-Individual Vs Roth IRA and how they can help you save taxes?

Individual Retirement Arrangements (IRA) An IRA account is a tax-favored personal savings arrangement for your retirement. There are two popular types of IRAs, traditional and Roth IRA. An IRA can be set up with the bank or any financial institution. Traditional IRAs The contribution limits to IRAs for those under the age of 50 inRead more about IRAs-Individual Vs Roth IRA and how they can help you save taxes?[…]

09 Sep

TaxPro Posted in Business Formation No comments

Six Tax Tips for New Business Owners

Six Tax Tips for New Business Owners Starting a business is a big step in your career. In addition to developing, marketing and selling your product /service an important step is to understand the tax compliances which are critical for your business’s success. Below are few quick tips that you may find useful as aRead more about Six Tax Tips for New Business Owners[…]

05 Aug

TaxPro Posted in Tax No comments

How meals and entertainment expenses will be taxed in 2018?

The Tax Cuts and Jobs act has newer rules for deducting business meals and entertainment expenses. According to prior 2017 tax law, most meals and entertainment expenses were 50% deductible for tax purposes. We have received many questions about how meals and entertainment expenses will be taxed and impact on your businesses. In general, mostRead more about How meals and entertainment expenses will be taxed in 2018?[…]

04 Aug

TaxPro Posted in Tax No comments

How to claim a parent as a dependent on your tax returns?

How to claim a parent as a dependent on your tax returns? The Tax Cuts and Jobs Act made major changes to the tax law for dependent exemptions. The following are few important key points for claiming dependents on your tax returns. 2018 Tax law changes Under the 2017 tax law, youRead more about How to claim a parent as a dependent on your tax returns?[…]

19 Jun

TaxPro Posted in Tax No comments

How to get a transcript or copy of a prior year tax return?

How to get a transcript or copy of a prior year tax return? As per IRS guidelines, taxpayers are required to keep copies of tax returns for at least three years. If you are unable to locate copy of your tax return you can either Request a copy from your Tax Preparer OR Request aRead more about How to get a transcript or copy of a prior year tax return?[…]

04 Mar

TaxPro Posted in Tax No comments

Happy to receive a big tax refund, think again…

Happy and excited to receive a big tax refund check, think again… That’s because receiving a big tax refund is actually a bad thing… A big tax refund indicates you are paying too much in taxes…. The # 1 mistake which most taxpayers make is overpaying taxes. A big tax refund signals unplannedRead more about Happy to receive a big tax refund, think again…[…]

24 Feb

TaxPro Posted in Tax No comments

Advantages of S corporation

Advantages of S corporation S Corporation A business may elect to be an S Corporation (S Corp) by filing form 2553. This will provide additional tax benefits for the S Corporation as there is no taxation at the corporate level. All profits and losses will pass through at the shareholder level. Restrictions on S Corporation The followingRead more about Advantages of S corporation[…]

05 Feb

TaxPro Posted in Payroll No comments

Here’s what you can do if you do not receive your W2 past February

***The below guidelines are applicable if you have not yet received your original W2 or a corrected W2 has not yet been received by the tax filing deadline. Most employers would have already mailed out W2 forms to their employees. If your employer is out of business or if you did not receive your W2Read more about Here’s what you can do if you do not receive your W2 past February[…]

01 Feb

TaxPro Posted in Tax No comments

How to check status of your 2018 tax refund ?

It is very easy to check the status of your refund online via the IRS website. Please check the following link https://www.irs.gov/refunds. Frequently asked questions about tax refunds How long are the processing times for paper filed and electronic tax returns? As per IRS website the normal processing may take as long as three weeks. MostRead more about How to check status of your 2018 tax refund ?[…]

30 Jan

TaxPro Posted in Tax No comments

When will I receive tax refund check? IRS refund schedule 2018

IRS refund schedule 2018 One of the most frequently asked questions during the tax season to a tax preparer is ‘ when will I receive a tax refund check’. While the processing times may vary, IRS has issued general guidelines on refunds. It is usually 21 days from the date it is received. ForRead more about When will I receive tax refund check? IRS refund schedule 2018[…]