Feb 1, 2020 | Article | Tagged: Tax Tips
The 2019 tax season is upon us. And as usual, it means finding bills, accumulating paperwork, thinking about everything you did last year and trying to figure out ways to keep that darn tax bill to a minimum.
Our goal is to make sure you do not pay Uncle Sam any more than necessary.
Aug 1, 2019 | Article | Tagged: Tax Tips
In prior years the home office deduction was somewhat risky. The IRS seemed to audit that deduction frequently and there were complications due to apportionment of expenses between personal and business and depreciation on your home.
Feb 1, 2019 | Article | Tagged: Tax Tips
Small businesses can reduce their tax bills significantly. Huge Opportunities if planned properly! The new tax law which begins January 1, 2018, includes many opportunities and significant benefits for small businesses. The law fundamentally changes many of the tax...Feb 1, 2019 | Article | Tagged: Tax Tips
Throughout the year we pick up new clients – many from other accountants. We always review the prior work to see if there is anything that was missed or can be done to better your situation. One of the recurring things we notice is that many accountants and tax...Nov 1, 2018 | Article | Tagged: Tax Tips
S Corporations have always had unique issues with respect to health insurance for owners. The Affordable Care Act (ACA) created more complexity for S Corporation owners. Here are the basic rules: Group health insurance non-discriminatory plans that cover all eligible...Aug 1, 2018 | Article | Tagged: Tax Tips, Warnings
DO YOU HAVE A FOREIGN BANK ACCOUNT OR INCOME PRODUCING PROPERTY? In the past several years, the IRS has been vigorously pursuing taxpayers who fail to comply with foreign reporting requirements. The IRS has instituted banking treaties with almost all sovereign...Nov 1, 2017 | Article | Tagged: Business Tax, Tax Tips
Kallas bookkeepers and tax preparers are trained to look for every dollar we can to reduce your taxes. One way to reduce sales tax is to deduct tax-exempt sales, discounts, and giveaways. Tax-exempt sales are allowed when a charitable organization or a governmental...Aug 1, 2017 | Article | Tagged: Employment Law, Tax Tips
For a business owner, unemployment taxes are not thought of as an important item to be concerned about but in recent years, the UIA (Unemployment Insurance Agency of Michigan) has instituted a new web-based computer system and as a consequence, has increased its...May 1, 2017 | Article | Tagged: Tax Tips
If you are a parent or grandparent who is thinking ahead and want to save money for your minor children and grandchildren there are a few ways to save that come with some tax benefits The easiest way to save money for a child or grandchild is to set up a simple bank...Feb 1, 2017 | Article | Tagged: Business Tax, Tax Tips
If you have the U.S. equivalent of $10,000 in a foreign bank in any day of 2016 you must file FinCen form 114. Remember to tell your tax preparer. If you have the U.S. equivalent of $50,000 in assets located in foreign countries on the last day of the year or more...
