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Can IRS get blood from a turnip? CNC to the rescue.

Posted on February 11th, 2021
Can IRS get blood from a turnip? CNC to the rescue.

Many radio and TV advertisements warn of the heavy handed tactics that IRS will impose on those who fail to pay their income taxes. I received a call recently from a frenzied taxpayer in Ruskin FL who received an IRS CP504 Notice of Intent to Seize (Levy) demanding payment. Her independent contractor job was terminated.… Read More »


Keeping expenses in check for your small business

Posted on January 27th, 2021
Keeping expenses in check for your small business

One of my landscaping clients in Riverview Florida asked me for suggestions on reviewing expense items for internal control. Small businesses should look at their expenses monthly (or at least quarterly). Generate a report that shows each expense line item over the last 6-12 months to identify unusual amounts and to spot trends. Research any… Read More »


Make Mine a Double!

Posted on December 23rd, 2020
Make Mine a Double!

Hot off the presses, congress just released its $900 billion pandemic relief bill. One of the provisions allows Paycheck Protection Program (PPP) loan related expenses to be deducted from taxable income. Specifically, the proceeds are not taxable income and the related expenses can be deducted. That was the intent of congress all along. Earlier in… Read More »


QCD – RMD Easy as 123

Posted on December 13th, 2020
QCD – RMD Easy as 123

Qualified Charitable Distributions can be used in lieu of Required Minimum Distributions to save big bucks on your tax bill. Taxpayers who have reached the age of 72 and have a qualified retirement plan (such as an IRA) are required to withdraw a portion of their account(s) each year. The RMD is subject to income… Read More »


Look at Below! (When tax policy is a Buffalo Jump)

Posted on December 12th, 2020
Look at Below! (When tax policy is a Buffalo Jump)

Income tax rates are mildly progressive. Rates increases a little bit as taxable income passes predetermined levels. Phase outs also behave in a similar manner. A tax benefit will decrease as income increases. The Premium Tax Credit (PTC) does just that. However the credit does much more than cap out. It completely disappears all at… Read More »


Can you incorporate without creating a Frankenstein Monster?

Posted on December 8th, 2020
Can you incorporate without creating a Frankenstein Monster?

Small business owners and contract professionals often contemplate whether they should incorporate. Choosing the right entity type is important and depends on internal and external factors, too numerous to address here. Legal aspects such as protection of assets and liability issues are at stake. The number of owners and employees, if any, also impacts the… Read More »


What to do when you get an IRS Notice

Posted on December 5th, 2020
What to do when you get an IRS Notice

Every year the IRS mails millions of letters to taxpayers for many reasons. Here are some tips and suggestions for taxpayers who receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions on what to do.… Read More »


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