It helps to understand the tax lingo used by tax professionals when discussing taxes. Reading tax-related articles or trying to decipher tax form instructions can be more than frustrating when you don’t know what the acronyms mean. And it can be next to impossible to understand tax strategies if you are not familiar with the …
Tax Blog
Michelle Long is a Licensed Enrolled Agent (EA)
Nissen and Associates is proud to announce that Michelle Long is a licensed Enrolled Agent (EA). Having completed her exams earlier this year, Michelle received her EA certificate in April 2022 and we could not be happier for her! Congratulations Michelle! Michelle’s responsibilities include business, individual and non-profit tax return preparation, auditing, and bookkeeping. She is …
Do You Qualify For a Small Business Home Office Deduction?
Considering if your small business is able to qualify for a home office deduction? If you are a business owner and use part of your home for business, you may qualify for the office-in-home tax deduction. This deduction reduces both income and self-employment taxes. While the term “home office” is used to describe when a …
Do You Qualify For a Small Business Home Office Deduction?Read More
Tax Issues When Converting A Home Into A Rental
While there are a number of reasons to consider converting a home into a rental, there are also tax issues need to be dealt with. Home values are through the roof. Demand for housing exceeding the available inventory. Current interest rates are at an all time low. It’s no wonder homeowners are converting their existing …
Before Selling Investment Property, Seek Tax Advisor Recommendations
These days, many individuals nearing retirement and holding investment property are considering selling investment property due to the lucrative real estate market. While it may seem like a perfect time to offload those property assets and reap the profits – make sure that you talk to your tax advisor before taking the plunge, or you …
Before Selling Investment Property, Seek Tax Advisor RecommendationsRead More
Electric Vehicle Credits Phasing Out
Considering purchasing an electric vehicle and expect to receive federal electric vehicle credits along with the purchase? Be sure to do your homework first. There is a phaseout based on a manufacturer’s sales of electric vehicles that impacts the credit available to the purchasers of the vehicles. Many popular manufacturers like Tesla and General Motors …
Congratulations to Michelle Long for passing the EA exam!
Congratulations to Michelle Long! Michelle Long will soon be able to add a set of initials after her last name. Recently Michelle took and passed the final exam (of 3) required for the Enrolled Agent certification. However, currently she’s waiting (along with everyone else) for the IRS to acknowledge her achievement and send her the …
Congratulations to Michelle Long for passing the EA exam!Read More
Tax Reporting Issues Concerning Foreign Income
Since the pandemic, more people than ever are working remotely and telecommuting worldwide. And with the variety of work locations, especially concerning foreign income, comes tax reporting issues. One or more of these may be relevant to your situation. The following tax reporting issues, which you may not be aware of, apply to individuals. In …
Do You Need To File Estimated Tax Payments?
Wondering if you need to file estimated tax payments? Consider the fact, they are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties. Who needs to file estimated tax payments Employees …
