11 Tax Deductions for Small Business Owners If you own a small business, you’re likely looking for ways to make every dollar stretch further. Given inflation, labor shortages, supply chain issues and the lingering effects of the COVID-19 crisis, you probably have…
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Tax relief for natural disasters: What you need to know
Natural disasters that once seemed predictable and confined to certain regions are now striking everywhere. Property owners face questions of preparedness and recovery in communities that always seemed safe. While disaster victims turn to the Federal Emergency Management Agency (FEMA) and state…
3 tips to help clients claim R&D tax credit
Innovation is the lifeblood of any economy. Since Benjamin Franklin tied a key to a kite string, American entrepreneurs, inventors, researchers and tinkerers have probed the limits of science to discover new concepts and create new products. That’s why research and development…
How to avoid common mistakes made by tax preparers
“I’m only human,” the old song goes. “Born to make mistakes.” And yes, for tax preparers, mistakes on taxes will happen. But errors can’t be accepted or expected. The rush of tax filings and documentation crossing your desk might make “efficiency” seem…
Capital gains tax: What is it and how does it work?
For your clients, investing in stocks or real estate can be an effective way to build wealth, but there’s a tax downside when they sell those assets. The bite taken from the profits by capital gains taxes can be sizeable, depending on…
5 tips for preparing your tax returns faster
Tax season is a stressful time for taxpayers and their accountants. However, there are ways to make it less, well, taxing for everyone involved. Prepare your clients for Tax Day by sharing the following five tax return tips for making the entire…
What is tax-loss harvesting?
Investing always comes with some degree of risk, and the simple truth is that some investments don’t work out. While no one wants to take a loss, there is a benefit to a losing investment — at least when it comes to…
4 types of cryptocurrency tax events
You’re a diligent tax preparer. To you, dollars and cents tell stories of tax brackets, reportable income, deductibles and refunds. But now, a client who holds cryptocurrency walks in the door, and you have questions. Is it an asset? Is it income?…