Taxes
Navigating the 2023 Tax Landscape: Changes, Deadlines, and More
As the new year unfolds, taxpayers are gearing up for the annual ritual of filing their taxes. The landscape of tax laws is ever-evolving, and 2023 brings its own set of changes, deadlines, and details that individuals and businesses need to be aware of. From adjustments in tax brackets to modified filing deadlines, here’s a…
Read More2023 Tax Filing Season: Key Dates, New Tax Brackets, and Everything You Need to Know
Expect a busy 2023 tax filing season as the new tax laws take effect. Start preparing now for the coming changes. With an expected 168 million or more individual tax returns about to be filed this year, it’s vital to organize your information to file your tax returns correctly. Fortunately, the IRS plans to improve its service for…
Read MoreCase Law Update Bathke v. Costley: Equitable Distribution and Hypothetical Sale of Assets with Tax Consequences
The recent case of Bathke v. Costley gave the Florida Court of Appeals, Fifth District, the opportunity to reexamine equitable distribution of marital assets and liabilities when it comes to a potential or hypothetical sale of entities that would incur capital gain taxes. In this case, Benjamin M. Bathke (“Husband”) and Mary Elizabeth Costley (“Wife”)…
Read MoreOverwhelmed IRS Braces for 2022 Tax Season
The pandemic has hit the IRS hard over the last couple of years. From budget cuts to staff shortages, the 2020 and 2021 backlog of returns means that the IRS will face a major uphill battle this tax season. According to the National Taxpayer Advocate’s report to Congress, there are massive processing issues happening. Erin…
Read MoreTaxes on a Corporation vs. Sole Proprietorship for the Self-Employed Individual
At Ellrich, Neal, Smith & Stohlman, P.A., we deal with a variety of self-employed individuals. We often hear them talk about the tax deductions available for a corporation as opposed to a sole proprietorship. First of all, any deductions you can take on a corporate tax return are available on your Form 1040, Schedule C as…
Read MoreProperly Preparing for the 2021 Tax Season
While the pandemic still carries on, Tax Day in the United States has return to its traditional deadline of April 15th. Those who remember filing federal income taxes later last year (it was pushed to July 15th in 2020) will need to prepare accordingly. Like in all other years past, tax returns must be postmarked…
Read MoreAre You Ready to File Your 2019 Taxes?
Tax season is just a couple of weeks away and that means that it is time for taxpayers to start preparing. The Internal Revenue Service (IRS) has officially announced that come Monday, January 27, 2020, they will be ready to process 2019 tax returns. Tax filers must file by the April 15th deadline and should…
Read MoreThe Value of Tax Planning for a New Business
Over 600,000 new businesses are formed each and every year. Whether financed with personal funds, bank loans, or even borrowing from family and friends, starting a business is no easy feat. The success of new businesses varies significantly with fluctuations in the economy, but there are certain inevitabilities that remain. From raising money to developing…
Read MoreWhy Would I Need IRS Representation?
No business owner wants to receive an IRS audit letter. From panic to fear, IRS audits elicit an immediate reaction from even the most by-the-book business owners. The harsh reality is that anyone can receive an IRS audit letter, regardless of how comprehensive the business’s accounting, bookkeeping, tax planning, and tax preparation may be. Whether…
Read More7 Common Mistakes to Avoid This Tax Season
An unfortunate combination of the government shutdown and the usual millions of tax returns needed to be processed has resulted in the Internal Revenue Service (IRS) scrambling to get things back in order. Now that the IRS has reopened, its employees are working diligently to resume their regular operations. On January 28th, the IRS opened…
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