5 Reasons IRS Will Audit You

Top reasons audited 1) Math errors: 2) Miscalculating tax credits: 3) Not reporting some income: 4) Taking losses: 5) Using Round numbers: Our focus is on you as we quickly and accurately uncover all tax deductions and tax credits available to you in order to minimize...

New Child Tax Credit & ODC

New Child Tax Credit & ODC The new Child Tax Credit increased from $1,000 to $2,000 per qualifying child, the credit applies if the child is younger than 17 at the end of the tax year, the taxpayer claims the child as a dependent, and the child lives with the...

Tax Tip Bonus Depreciation

Tax Tip Bonus Depreciation This one change in the tax law made it the best time ever to start your own business.  The new tax law increased the amount you can write off for equipment from 50% to 100% in the year it was purchased, now qualifies on new or used...

Hire your child to save taxes

Hire your child to save taxes Is your child looking for a summer job? – look no further than your own company. A business owner can shift income from business earnings to their child’s wages tax free while at the same time, saving them thousands of tax dollars....

Choosing the Right Business Structure

Choosing the Right Business Structure You have an idea and you are ready to make your move.  You have a cool name for your business and you are ready to go make it work.  At this point, don’t get in a hurry – we suggest you slow down and really consider how you want...

Should I give my kid an allowance?

This is highly debated and often one person’s theory differs from another.  Do you give an allowance?  If you do give an allowance, why do you do it and what are the benefits?  If not, what tools do you use to teach them financial responsibility? We have all been at...

CHARITY – Will the New Tax Law Reduce Donations?

Rightfully so, many have expressed concern that their contributions from donors may go down under the rules passed with the new tax law.  After all, deducting your donations just got harder. With a new standard deduction that is practically double what is has been...

If You Are Audited – Who will Represent You?

If You Are Audited – Who will Represent You? Any tax professional with an IRS Preparer Tax Identification Number (PTIN) is authorized to prepare federal tax returns. However, tax professionals have differing levels of skills, education and expertise. An important...

Military Pension Update

MILITARY PENSION    Military Pensions are no longer subject to WV state income tax effective January 1, 2018. Those who have served in the Armed forces, reserves and National Guard members who retire in West Virginia will no longer have to pay state income tax on...

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