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 …
Tax Central
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 …
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 …
Payment Options When You Can’t Pay Your Taxes
If this year, you need to consider some payment options to help pay your taxes, you are not alone. Although most American taxpayers (74% in 2020) receive a refund when they file income tax returns, many end up owing. And of those who owe, many don’t have the means to pay by the return due …
Charitable Contributions and Tax Deduction Peculiarities
Most charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A. That is, except for the special 2020 and 2021 provisions that allow up to $300 of cash donations as a deduction for non-itemizers. ($600 for married taxpayers filing jointly for 2021.) Charitable contributions can take many forms, and some …
Charitable Contributions and Tax Deduction PeculiaritiesRead More
There’s a Special Tax Benefit for Inheritances
Did you know? There’s a special tax benefit for inheritances. You may hear people use the term “Stepped-Up Basis”. This is a tax provision that can be quite beneficial to people who inherit property. It allows beneficiaries of an inheritance to reduce or even avoid taxes when selling inherited property. When an individual sells property, …
