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Planning on selling your company in the near future? Many people dream of starting their own company, but if you’re one of the few who has turned their dream into reality, you know that it didn’t happen overnight. Making your business a success involved plenty of research, preparation, and hard work. However, of those considering …
Your new tax forms are on their way! The tax season is just around the corner. In fact, it begins January 24. Just 4 days from today. Documents reporting income, sales and other items needed for your 2021 tax return should be arriving soon. Here are some of the common tax forms to be on …
If you’re debating a reverse mortgage to free up money, this article may help. With inflation on the rise and medical care costs escalating, you may wonder what options are available for seniors to keep up with rising costs? Especially if they have a home mortgage and their retirement income is fixed. Often a fixed …
Considering how to fund an IRA for your nonworking spouse? There may be options if you qualify. One of the fallouts of the pandemic is that millions of people have left of the workforce. Women with families are taking the greatest hit of unemployment. And the worse of it is that while unemployed, these workers …
Use IRS Letters 6419 and 6475 to help reconcile your tax return in 2021. Early in 2021 Congress passed the American Rescue Plan. This plan included a provision that increased the child tax credit amount and upped the age limit of eligible children. Normally, the credit was $2,000 per eligible child under age 17. However, …
We’ve been singing, “For He’s a Jolly Good Fellow” ever since Scott Nissen, EA returned from Arizona with his newest credentials. Our very own Scott Nissen, Enrolled Agent (EA), from Bellingham, WA was among 116 tax professionals who recently earned the elite National Tax Practice Institute™ (NTPI®) Fellow designation from the National Association of Enrolled …
Debating if your business needs to file form 1099-NEC or 1099-MISC? Let’s discuss the requirements of each. Reasons to File Form 1099-NEC If you use independent contractors to perform services for your business – the answer is yes for form 1099-NEC. For each contractor that you pay $600 or more for the year, you are …
The question “What is tax basis?” comes up in a tax accountant’s office weekly. For tax purposes, the term “basis” refers to the monetary value used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000. If you then sell those …
Mental decline, including Dementia and Alzheimer’s disease are among the health issues that people understandably fear the most. Cognitive decline is devastating for the patient as well as for their loved ones. This is one of the few diseases where the family will often bear witness to the deterioration. And more challenging, they are often …
