If you've decided to start a business, one of the most important decisions you'll need to make is choosing a legal entity. It's a decision that impacts many things--from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you could face. Even [...]
If you've ever used--or provided services for-- Uber, Lyft, Airbnb, Etsy, Rover, or TaskRabbit. then you're a member of the sharing economy and it could affect your taxes. The good news is that if you've only used these services (and not provided them), then there's no need to worry about the tax implications. However, [...]
If you discover a mistake on your tax return after you've already filed, don't panic. In most cases, all you have to do is file an amended tax return. Here's what you need to know. Taxpayers should use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended (corrected) tax return. An [...]
A reminder that September 16 is the last day to timely file 2018 partnership and S corporation tax returns that were extended from the March 15 deadline. Please send us your tax information ASAP.
It's hard to believe that another tax season is nearly here! In an effort to save a few trees, we will no longer automatically mail tax organizers to clients. Instead, if you are an existing client and would like to receive a tax organizer showing your prior year tax figures (very useful for gathering [...]
Open enrollment season on www.healthcare.gov has begun and lasts through December 15. Although 2019 will be the first year that those without coverage are not penalized, it is of course a very good financial move to obtain health insurance, and you may well qualify for subsidies to do so. Health insurance premiums for the [...]
Corporations electing subchapter S tax treatment were originally designed to pass corporate income, losses, deductions, and credits through to the owners of small corporations. S corporations must limit the number of shareholders to 100 and can only have one class of stock (although there may be voting and nonvoting common stock), imposing restrictions on [...]
The IRS has issued 128 pages of proposed regulations clarifying the application of the new 20% pass-through income deduction. The main takeaway is that the regulations are quite pro-taxpayer. For instance, the law states that the 20% deduction is not available to businesses "where the principal asset is the reputation or skill of one [...]
The South Carolina educational tax credit for exceptional needs children is rather unique. It is a credit that a taxpayer may purchase (via donation) and receive a dollar-for-dollar reduction in South Carolina income tax (up to 60% of the current year tax liability). Furthermore, the donation qualifies for a federal charitable tax deduction. So, [...]
In our continuing series on major provisions of the new tax law, today we focus on the deductibility of moving expenses. It's pretty simple really. Under the prior law, all moving expenses were deductible if the move was job-related and a distance test was met. Under the new law, moving expenses are no longer [...]
