When you start a new job or experience a major life change, your employer will give you a tax Form W-4 to fill out. Clients often ask how they should complete the form and how many allowances they should claim…
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California is known for a lot of fun and unique things, but in the taxes and accounting world, California is known for high taxes, and their capital gains tax is no exception. In today’s article, I’ll explain everything you need…
When checking your tax return status using the IRS’ “Where’s My Refund” tool, you might see a message referring to Tax Topic 152. But what does that mean? In today’s post, I’ll explain what Tax Topic 152 really means and…
The 2% rule for itemized deductions is a concept that used to apply to certain types of miscellaneous expenses in excess of 2% of your adjusted gross income (AGI).
If you’ve submitted your tax return and have been checking your online IRS tax transcript, you may have noticed an IRS Code 150. So what does Code 150 mean? Read on to find out. What is Code 150? After submitting…
If you’re a small business owner, you’re likely working tirelessly to grow your company. As your business expands, you’ll want to carefully consider whether it’s time to hire your first employee. In today’s post, we’ll explore ten questions you should…
If you’re a small business owner, you’re likely aware of the home office deduction. But did you know there’s another tax break you can use that involves renting your home to your business? In today’s post, I’ll tell you how…
Here in the United States, we have a pay-as-you-go federal tax system, which means you have to pay your income taxes throughout the year as you earn your money. If you’re a small business owner, this usually means you make…
If your income is over the threshold allowed to open or fund a Roth IRA, then today’s post is for you! I’ll explain how you can get around this problem with a strategy called “backdoor Roth IRA.” And don’t worry;…
Can you deduct 20% of your net rental income from your income taxes? If your real estate investment brings in qualified business income (QBI), then you probably can!