It’s been nearly two months since the United States Supreme Court struck down the Defense of Marriage Act, but there are still many things we don’t know when it comes to how this affects the taxes of couples in same-gender marriages. Couples Living in a Non-Recognition State What is the federal tax status of […]READ MORE »
One of the most common mistakes that freelancers make is that they don’t properly budget for taxes. When you work for an employer, they automatically deduct the right amount of taxes from your paycheck. However, as a freelancer, it’s up to you to remember to set aside money for taxes. Keep in mind that just because you receive a $1,000 check from a client, not all of that money is yours to keep; the government gets a portion of it as well.READ MORE »
One of the most important decisions that new business owners make is selecting their ownership structure. When beginning a business, you must decide what form of business entity to establish. When determining what type of entity will fit your business best:limited liability company (LLC), Sole Proprietorships Partnerships Corporations S Corporations Limited Liability Company (LLC) You must […]READ MORE »
With the implementation of House Bill 34, contractors in Missouri will now pay prevailing wage based on wage rates within each County instead of a prevailing or average rate based on wages paid throughout the state. For contractors in rural area’s working on public works projects within their own county, this could significantly reduce the contractor’s overall labor burden and overhead when working on public works construction projects.READ MORE »
It’s an old question. Do you consult a family doctor or a specialist? An all-around mechanic or a transmission expert? A general dentist or a root canal surgeon? Of course, it depends. Keep in mind that, among all licensed tax professionals, only EAs (Enrolled Agents) make taxes their specialty.
Selecting the right tax advisor is no different from picking a dentist, plumber, or auto mechanic. You entrust an important part of your life to somebody who you are comfortable with, and who (hopefully) knows what he or she is doing. There is no fail-proof way to ensure good service up front, no matter how carefully you choose. Use your common sense. No matter who gives you tax advice or prepares your tax return, it’s always YOU who is legally responsible. Choose a Pro that truly specializes in your taxes.
The Missouri House of Representatives approved a measure changing the way prevailing wages are calculated throughout the state by a vote of 91-65 on March 14th, By not taking action on House Bill 34, Gov. Nixon has allowed House Bill 34 to become law. On 07/12/2013 – since Gov. Nixon took no Action, this […]READ MORE »
Public perception of who is a tax preparer and who can prepare returns, who can represent you if the need arises is all screwed up.
I know I go on an on and on about this, but it seems I need to. It is truly sad that the more popular Tax Bloggers don’t.
There are all kinds of designations out there that are in the tax preparation world. Find out about them and what they know.
A few weeks ago, I landed a contract for a person who owns several companies. Daycare facilities, Construction related business, real estate related, just a mass array of corporations (LLC, LLP, C-Corp). In the course of our work he requested what is called a comfort letter (a document prepared by an accounting firm assuring the […]READ MORE »
Travel by personal automobile requires special attention to the validation requirements. Because of perceived exposure to personal use, Congress has designated passenger automobiles as so‐called “listed property,” which means that expenses related to their business use must be “strictly substantiated.” In order to comply with this requirement, the taxpayer must maintain a written record that […]READ MORE »
Introduction Although many of us are enamored with the idea of becoming professional athletes, many of us do not have the skills, talent, or will power, those who do tend to acquire great financial wealth during their careers. However, many people do not realize that professional athletes rarely maintain their wealth, and frequently face major […]READ MORE »