The New Advantages of Married Filing Separately

Tax Returns Couples who have filed their tax returns jointly for their entire marriage may find that it is more beneficial to file separately in 2021. The COVID-19 stimulus bills passed by Congress in the past two years have introduced new factors such as Economic Impact Payments (EIP) and Recovery Rebate Credits (RRC), which mayContinue reading “The New Advantages of Married Filing Separately”

Buying or Leasing a Business Vehicle – Which is Better?

Buying a vehicle for business use can come with sizable tax benefits—if you meet thequalifications. Tax law treats vehicles differently than other business assets and expenses, so business owners need to understand current regulations to ensure they qualify for deductions. Below we will explore the possible tax benefits and limitations when you buy or leaseContinue reading “Buying or Leasing a Business Vehicle – Which is Better?”

Year End Issues to Consider

When we work with clients we have certain questions we ask.  This year we used a more formal checklist to make sure we covered all our basis around: Assets & Debt Tax Planning Issues Cash Flow Insurance Estate Planning Here is a copy of the checklist – What-Issues-Should-I-Consider-Before-The-End-Of-The-Year-2022 +++++++++ Stay current on the latest tax andContinue reading “Year End Issues to Consider”

Some inherited assets are tax and are not.

In 2021, the federal estate tax doesn’t kick in unless an estate exceeds $11.7 million. The Biden administration has proposed lowering the exemption, but even that proposal wouldn’t affect estates valued at less than about $6 million. Some states have lower thresholds and also tax inheritances. If you inherit an IRA from a parent, taxesContinue reading “Some inherited assets are tax and are not.”

The IRS Might Want a Cut of Your Credit Card Rewards

The only thing more satisfying than earning credit card rewards is spending those rewards on something special. If you understand your credit card rewards programs and spend wisely, you can maximize your rewards for more free flights, gift cards, and cash.  But will the IRS come knocking if you don’t report those rewards on yourContinue reading “The IRS Might Want a Cut of Your Credit Card Rewards”

Getting current on unfiled returns

We find that taxpayers do not file tax returns for one or more years for various reasons such as missing records, personal hardship or just simple neglect.  This can overwhelming. Fortunately, there are ways to approach the problem of unfiled returns. Here are a few things you should know about getting current with your unfiledContinue reading “Getting current on unfiled returns”

12 Steps for Closing an LLC Before Year End

If you’re thinking of closing your LLC before the year ends, you may be feeling overwhelmed. And you are probably wondering what you must do to exit the business without leaving any loose ends behind. Indeed, there is more to shutting down a business than merely ceasing to sell products and services. The exact actionsContinue reading “12 Steps for Closing an LLC Before Year End”

10 things accountants want clients to know.

We surveyed hundreds of accountants about what they want their clients to know. Here are the most common responses. We see many disastrous returns prepared by ill-trained preparers When selecting a preparer, many people shop price and not experience. There are some companies that put their newly hired preparers through a six-week, evenings-only tax course,Continue reading “10 things accountants want clients to know.”

When is a hobby actually a business?

During the pandemic, we’ve had a lot of clients pick up an income producing hobby. Having hobby income does impact your taxes. There is the issue with sales tax and that is a confusing mess of thousands of tax jurisdictions. But today, we are going to focus on income taxes and how your hobby (andContinue reading “When is a hobby actually a business?”

Just in time for Halloween – Zombie Expenses

At My Fiscal Office we starting using the term zombie expenses to refer to those expenses our clients don’t realize they are paying month after month. For example, one of our client’s Amazon Prime account was compromised and haunted by “zombie” accounts. Simply by unearthing and cancelling the “zombie” accounts, this client is now saving hundredsContinue reading “Just in time for Halloween – Zombie Expenses”