Tax FAQ Series: Can You Provide General Information Regarding Retirement Plans?

Note that a good investment/financial advisor is very knowledgeable on this front and should be able to guide you in the specifics of using retirement accounts (along with a variety of other investment vehicles) […]

Tax FAQ Series -Should I use a Schedule C or a Schedule E?

There are a lot of options when it comes to reporting income and expenses. Schedule C’s and Schedule E’s are the most familiar to taxpayers (and many tax preparers). But, BEWARE. These forms are […]

Tax FAQ Series – I owe taxes for a previous year, but I am getting a refund for the current year. What should I do?

You can just pay the difference. When you’re entitled to a refund, the IRS will first check to see if there are any amounts due for prior years and apply the refund to those […]

Tax FAQ Series – What should you know about filing prior year returns?

Filing a prior year return start the Statute of Limitations clock – as a general rule, the law allows the IRS to audit any return up to three years back from the date it’s […]

Tax FAQ Series – If I file an extension does that mean I can wait to pay my taxes?

No, an “extension” is a request for more time to file your return, not an extension of time to pay your taxes. Taxes are generally due by April 15th, and in some cases, by […]

Tax FAQ Series: I have rental properties, where should I report those?

In almost every situation, it is ideal to report rental properties on a business return, not your personal return (Schedule E). If you have more questions and would like to schedule a free consultation, […]

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 […]