From the nielsen law group Tag

Tax FAQ Series: How much can I contribute to my IRA, 401K, or SEP?

This amount changes each year. For 2019, the limits are as follows: IRA: $6,000 per person ($7,000 if age 50 or older). 401K: $18,500 per person ($24,500 if age 50 or older). SEP: $56,000 […]

Tax FAQ Series: What is the deadline to contribute to my retirement plan?

IRA/ROTH/401K – The day your tax return is due – usually April 15th. If you filed an extension, then you have until October 15th. SEP – the tax deadline of the employer (check with […]

Tax FAQ Series: Are business & personal taxes the same?

The Tax Code allows you to report business activity on your personal return using a Schedule C or on a separate business return. Either way you’re providing a “Business” return. When you use a […]

Should my 1099 income be reported to me personally or to my business?

If you receive income reported on Form 1099-MISC, then you’ll want to report that income under your “EIN” or tax ID number, not your social security number. If you end up with a 1099 […]

My state doesn’t have a state income tax. Am I still required to file a tax return for my business?

In some cases, yes. Some states that don’t have an income tax, still require that your business file a tax return. Texas for example, has no state income tax, but still requires businesses to […]

What are “Adjusting Journal Entries,” sometimes called “General Journal Entries” or “General Journal Adjustments”?

A company’s financial records are intended to track all transactions and provide company management with the ability to manage the business. The tax return information on the other hand is strictly used for tax […]

Tax FAQ Series – Calling the IRS to Request a Change – Isn’t It Simple?

What about contacting the IRS – can’t you just call them and let them know the change? In theory, yes. But it’s a very complex process. In order to contact the IRS, we have […]

Tax FAQ Series: Is it important for you to handle both my personal and business tax returns?

Yes, we believe it is. Here are 2 important reasons why. Your refund will likely be larger. Your audit risk will likely be smaller. The US Tax Code has evolved since 1861 when the […]

Tax FAQ Series – Why is there an amendment fee? I just need to change one simple thing.

You know the situation – your return is prepared then you find (or someone sends you) one more piece of tax data that needs to go on your return. You contact us and find […]

Tax FAQ Series – All About Estimated Tax Payments

What are Estimated Tax Payments? Let’s start with what they’re not. If you receive a W-2 wage from your employer or pay yourself a W-2 wage from your own business, there will likely be […]