The 2018 standard mileage rate for business driving will be 54.5 cents per mile which is an increase of 1 cent over the 2017 business mileage rate of 53.5 cents per mile.  Charitable miles will continue to deducted at 14 cents per mile and medical miles will increase by 1 cent to... READ MORE

If you sold bitcoins in 2017 for a gain – you will need to report the gains and losses related to the transactions if they were held for investment (similar to stock transactions).  If you have accepted bitcoins as payment for goods or services in your business, you mush... READ MORE

The Social Security Administration and the IRS have release some of the adjustments to their rates and limits for 2018.  Below is a table showing the amounts for 2016 – 2018 as adjusted for inflation.. Individua... READ MORE

The House of Representatives has released their version of a new tax bill. The new bill is a long way from passing as Democrats in the House won’t support it.  The Senate is working on its own tax bill and the final version will be mix of ideas between the House and Senate.  Here... READ MORE

As a CPA, I am often asked what items can raise a red flag with the IRS when filing your individual income tax returns.  I always tell my clients that an IRS audit is nothing to fear if you are properly reporting all of your income and you are only taking deductions and credits... READ MORE

The tax deal made at the end of 2015 made some temporary tax breaks permanent.  For individual tax payers this includes tax-free direct payouts from IRAs to charities, the $250 write-off of supplies for teachers and the option for tax payers to deduct sales tax instead of state... READ MORE

If you are considering starting your own business, you know that there are a lot of decisions to be made.  It is important that you consult with a tax professional to ensure that you make the right decisions for you.  We can assist with choosing the entity type (LLC, Sole... READ MORE

With the recent outbreak of wildfires, tornadoes, floods and other natural disasters, it is a good time to think about the storage of your important records.  In addition to your birth certificates, passports and other important personal items, you should consider protecting your... READ MORE

We have been receiving a large amount of late filing notices from the IRS for a variety of tax forms.  I’m not sure if this is the result of extremely slow postal service delivery, or if the IRS is simply trying to get extra revenue by generating these notices.  As a CPA... READ MORE

Wrong –  the Form 4868 Individual Extension is only an extension of time to file your returns….not to pay the tax owed.  If you filed an extension showing no tax due or an amount less than your true tax liability, you will be charged late payment penalties when you... READ MORE