‘Cheating’ On Your Taxes

In 2016 the IRS uncovered an estimated $387 billion in underreported income. Underreported income includes revenue not reported to the services or deductions taken that are disallowed. This figure alone shows the wide spread “cheating” taxpayers commit to reduce their tax liability. The most common cheats include: -Not reporting tips -Working under the table -Falsifying business expenses -Under-reporting cash business …

What is estate tax, and how does it work?

What is estate tax, and how does it work?

The estate tax is used to generate tax revenue from the transfer of wealth between deceased family members and their heirs. It is paid by the estate, not by the heirs in most cases. Your estate is the total value (at your date of death) of possessions left behind. An executor appointed by the court is placed in charge of …

Filing Statuses

The IRS allows taxpayers to file returns as single, married filing jointly, married filing separately, head of household, or qualifying widow(er). Your marital status on December 31st determines your marital status for the entire year. If you were married during 2018, whether is was January 1st or December 31st, you are considered married for the whole year. Same applies for …

Security of Online Software

We often recommend our tech savvy clients to use Quickbooks Online. Some clients are concerned with the security of online software. With breaches like Equifax, the general public is skeptical to trust online providers. However, Equifax’s data was not encrypted, something almost all online accounting and finance providers do. Quickbooks Online uses 256-bit encryption to prevent unauthorized entities from reading …