Category archives for: Joe Wright, CPA

14 interviews with some of the most influential #entrepreneurs of our time

As a business owner, sometimes it feels like the weight of the world is on your shoulders. It is your money and time on the line. It is your business decisions and the risks you take on that will help define your future. We compiled a list of interviews of some of the most successful […]

Time for Baby Boomers to Pay Up

All you baby boomers who have been stashing away tax-deferred retirement savings, take note: it is getting close to the time to start withdrawing funds from those accounts and, of course, paying taxes on those withdrawals. This includes distributions from traditional IRAs and 401(k)s. The same Internal Revenue Code that allowed you to save tax […]

Hobbies and Income Tax

Millions of U.S. taxpayers engage in hobbies such as collecting stamps or coins, refurbishing old cars, making crafts, painting or breeding horses, and the list goes on. Some hobbies will actually generate income, and some will even evolve into businesses. The tax treatment of hobbies with income is quite different than that of a trade […]

Preparing Your Own Tax Return? That May Not Be a Wise Decision

We hear a lot about the complexity of the tax code these days and a lot of rhetoric from Washington about simplifying it. The tax code was originally written simply to bring in money (taxes) to pay for government costs. But over the years, Congress has used the tax code more and more as a […]

Did You Know Gambling Can Increase Your Health Insurance Costs?

If you are a recreational gambler, there is a quirk in the tax law that can actually cause you to pay more for your health insurance if you have gambling winnings, even if the overall result from gambling for the year is actually a loss. How can this be? Well, you know how tangled a […]

Avoid These 4 Common Small Business Accounting Mistakes

When you decided to open for business, you had a vision for the future. You identified a need and came up with a solution you could provide and sell, and you invested your time, your money, your knowledge, and your drive to make it into a reality. The only problem in this scenario, if you’re […]

Are You In Compliance With Your Multi-State Income Tax Filings?

We all know that we must file individual and business entity federal tax returns when specified income thresholds are met, and we will also need to file a return for our resident state if it has an individual or business entity income tax filing requirement. But what may be overlooked is the possible requirement to […]

Find Your Unclaimed Money

Each year literally billions of dollars go unclaimed from federal and state governments, financial institutions and companies no longer generating activity. These can include tax refunds, savings or checking accounts, stocks, uncashed dividends or payroll checks, traveler’s checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life […]

September 2016 Individual Due Dates

September 1 – 2016 Fall and 2017 Tax Planning Contact this office to schedule a consultation appointment. September 12 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 […]

September 2016 Business Due Dates

September 15 –  Corporations File a 2015 calendar year income tax return (Form 1120 or 1120-A) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension. September 15 – S Corporations File a 2015 calendar year income tax return (Form 1120S) and pay any […]

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