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Posts Tagged ‘Tax Return’
Shred Week A Huge Success
Borgida & Company Clients Save the Planet While They Clean Up!
Dozens of clients joined in for our first “Shred Event” last week. Eight very full, heavy bins full of old financial documents, checkbooks, tax returns, etc. were shredded as relieved clients unloaded years of unneeded documentation. Over 1,800 pounds were collected last week.
Many people didn’t realize that by shredding their information, they are actually taking part in a “green initiative”. Shredded material gets recycled; and by using less … Continue reading »
The Difference Between a C Corporation and a Subchapter S Corporation
Business owners can maintain their corporation as a regular or “C” Corporation. Alternatively, if they are eligible, they may want to make a Subchapter S Election. Both are treated as separate legal entities. Here are the differences however:
C Corporation
While a C Corporation is a separate legal entity, it is also a separate taxable entity. The corporation will pay income taxes on any taxable income reported.
Where’s My Refund?
In an annual reminder to taxpayers, the Internal Revenue Service announced today that it is looking to return $153.3 million in undelivered tax refund checks. In all, 99,123 taxpayers are due refund checks this year that could not be delivered because of mailing address errors. Undelivered refund checks average $1,547 this year.
4 Ways to Help Your CPA and Reduce Your Taxes
Here are 4 ways to Help Your CPA and Reduce Your Taxes:
1) Have a Year End Planning Meeting with Your CPA
This meeting can be in person or over the phone, it really doesn’t matter. The only thing that matters is that it happens. Most individual income taxpayers are on the cash basis. This means, with some limited exceptions, for a taxpayer to take advantage of a tax strategy, it needs to happen in that tax year. … Continue reading »
The Difference Between Short-Term and Long-Term Capital Gains
The sale of a capital asset will result in a capital gain. Depending on the holding period of this asset, the gain will either be short-term or long-term. Long-term gains have a lower, preferred income tax rate. The holding period begins on the day the asset is purchased, as measured by the trade date, to the day the asset is sold. Assets that are inherited are deemed to be held long term.
