If you are considering divorce, the timing, from a tax perspective, can be crucial. Many new tax laws that have been enacted have a tremendous impact on divorcing couples, especially couples with a high net worth. And though taxes may be the last thing on your mind during this difficult and tumultuous time in your[…]
A new provision of the Tax Cuts and Jobs Act of December 2017, titled Section 199A, stipulates that owners of sole proprietorships, S corps. or partnerships can deduct up to 20% of the income earned by the business. The idea behind Section 199A is to afford the owners of these types of businesses their own[…]
As we have shared before, the IRS changed the withholding tables earlier this year after the passage of the Tax Cuts and Jobs Act of 2017. As a result, a recent poll of members of the Pennsylvania Institute of Certified Public Accountants (PICPA) revealed that a large majority of their clients needed to adjust their[…]
If you were unable to make your tax payment by April 17th, you may be nervous about what to do. We recommend that you work with our office and stay in contact with the IRS about your options and payment plans. It is critical that you do not ignore the situation and go into delinquency.[…]
The Tax Cuts and Jobs Act was the biggest overhaul of the tax code in three decades and provides significant opportunities for the self-employed. But, as always, there are a few areas that require an explanation from the IRS. How does this impact small business owners and entrepreneurs? For 2018, it is believed that[…]
You picture life in retirement. You’ve saved and invested. Your financial life is simple and uncomplicated. While this is a dream for many, it can also turn out to be a mirage. The truth is that your tax and financial picture may become more, rather than less, complicated in retirement. With minimum distributions from tax-deferred[…]
What Can I Deduct From My Taxes When I Own a Business?
By diamondcpas Business Taxes, Entrepreneurs Jan 24, 2018
We recently blogged about business deductions but want to provide you with some more information based on the questions we are fielding from clients this year. New business owners and entrepreneurs may have a great opportunity to deduct very specific expenses. Small business owners and entrepreneurs often start out with different goals. Some start[…]
How to Send an Invoice Through QuickBooks Online
By diamondcpas Business Accounting, Helpful Tax Tools Sep 12, 2017
QuickBooks is one of the most popular bookkeeping software packages that small businesses use. Small business owners and employees work hard for their money, but there will be no money unless an invoice is sent. Our clients have many things to do and as important as it is, creating and sending invoices normally isn’t one[…]
How good a tax return is depends on the quality of information and documentation along with the expertise used when putting it together. The more organized you are, the simpler and easier the tax process should be. An Excel spreadsheet is an excellent tool to help keep you organized and they could help you make[…]
Why You Want An Accountant Who Handles Personal and Business Tax Issues
By diamondcpas General Jul 30, 2017
If you are starting a business or growing an existing enterprise you may feel like you need an accountant who specializes in business taxes. Likewise, if you are a couple, individual or family you may be searching for a Newtown accounting firm to work just with your individual circumstances. The truth is, you want an[…]