Tag: tax return

10 Money Saving Tax Tips

Last Updated: Jan 23, 2014 Are you paying more taxes than you have to? Author and CPA John Vento provides some advice to help you maximize your post-tax return savings. April fifteenth is fast approaching. Have you filed your taxes yet? If you’re like most Americans, you’re probably still scurrying around trying to get all […]

Taxes and Homeowners Associations: A Confusing Combination

If you own a home in a planned community or development there is a good chance you are a member of a homeowners’ association (HOA).  One perplexing aspect of HOA management is following the tax reporting requirements of the IRS.  Some common questions our office receives are “Must our HOA file a tax return?”  “What […]

Last Minute Changes That Can Affect Your 2010 Tax Return

The close of 2010 ended an era of major changes in federal tax legislation. Last year witnessed at least four pieces of legislation that made significant changes to the tax rules for individuals and businesses.  And just when we thought taxes couldn’t get more complicated, Congress slipped the Tax Hike Prevention Act of 2010 into […]

Business Owners:  Lower Your Red (Audit) Flags

If you are the sole owner of an unincorporated business and have not elected to be treated as a corporation for tax purposes, you are considered a “sole proprietor.”  Sole proprietors report their business income and expenses on Schedule C, Profit or Loss from Business.  Schedule C then becomes part of your individual tax return, […]

Home Office Deduction Danger

If you are the sole owner of an unincorporated business and have not elected to be treated as a corporation for tax purposes, you are considered a “sole proprietor” for tax purposes.  Sole proprietors report their business income and expenses on Schedule C, Profit or Loss from Business.  Schedule C then becomes part of the […]

Giving to Caesar: Taxing Ministers

Preparing a minister’s tax return can prove challenging for everyone involved: The minister who must keep records, the church secretary who prepares the W2 forms, the church leadership who determines minister compensation, and the tax professional who prepares the return and advises for the future.  My goal in this article is to help ministers prepare […]

Caution: Home Office Deduction

If you are the sole owner of an unincorporated business and have not elected to be treated as a corporation for tax purposes, you are considered a “sole proprietor” for tax purposes.  Sole proprietors report their business income and expenses on Schedule C, Profit or Loss from Business.  Schedule C then becomes part of the […]

Use Tax: The WV Stealth Tax

If your business has ever been audited by the WV State Tax Department the result may have included a very expensive vocabulary lesson.  It is a lesson that forever stamps the phrase “Use Tax” into your, the owner’s, lexicon. Most business owners are very familiar with the proper collection and remittance of sales tax.  One […]

HOA’s Must File Taxes

If you own a home in a planned community or development there is a good chance you are a member of a homeowners’ association (HOA). One perplexing aspect of HOA management is the tax reporting requirements of the IRS.  I have discussed this topic several times in the past. Still, it continues to generate more […]

IRS Collections: Liens and Levies

As the saying goes “The Taxman Cometh.”  Step by step he approaches: Hard-soled shoes slapping pavement, a trench-coat spotlighting shadows.  Penalties and interest mount as he searches for those who have not filed returns and those who have underpaid their taxes.  There are many ways he can find you.  Maybe an amount reported on a […]