- About Us
- Small Business Taxes
- Tax & Accounting Services
- Contact Us
Recently a new client came to us. The Internal Revenue Service ("IRS") was looking for $262,532 in back taxes. This was from the sale of their home two years ago.
Attorneys that handle real estate closings must report the proceeds on IRS Form 1099-S, Sale of Real Estate Property. There is an exception to this however. If the seller of the real … Continue reading »
There are plenty of taxpayers that prepare their own individual returns each year. This is not always a bad thing, but when you make just one small mistake, you may risk owing more to the IRS than when you started.
1. Know Your Tax Bracket This is where every taxpayer needs to start. What is your tax bracket? If you don't know this number, just pull out your tax return from last year. Look at the taxable income and look up the rate that is located in the tax tables. This will help you when looking at realizing capital gains or losses, exercising and selling stock options, or dealing with the Alternative Minimum Tax.
The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for small business paid for with various revenue raisers. Here's a brief overview of the tax changes in the new law.