The Tax Flow

01/16/2024

If you and your staff would like more time to spend with family and friends, I would consider taking Tax Flow a try! This is our 3rd year using the App and have experience higher revenues, weekends off (during tax season) and less stress. Stop trying to run your tax flow office with spreadsheets!

Reach out to our team via www.thetaxflow.com or give me a call to schedule a demo and see how we can help!

Manage your tax practice | Increase staff productivity | Expedite preparation process | Increase revenues

04/03/2023

Be careful with 529 plan funding. If your children are anticipating going to college, many consider creating a 529 college savings plan. You may then fund the savings plan (or have someone else fund it) on behalf of your child. However, remember the deposits into 529 accounts are considered a gift and are subject to the annual gift giving limits.

03/29/2023

In the most general sense, equity is assets minus liabilities. An owner’s equity is typically explained in terms of the percentage of stock a person has ownership interest in the company. The owners of the stock are known as shareholders.

03/20/2023

Tax Planning 101: An “Accounts Receivable” is a Claim against a debtor for an uncollected amount, generally from a completed transaction of sales or services rendered.

03/13/2023

Fast Fact: Federal estimated taxes for individuals are paid with Form 1040-ES and are due on April 15, June 15, September 15 of the tax year involved and on January 15 of the following year.

03/08/2023

S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.

03/06/2023

A “Tangible Asset” is assets having a physical existence, such as cash, land, buildings, machinery, or claims on property, investments or goods in process.

03/03/2023

Life is like riding a bicycle. To keep your balance, you must keep moving. Albert Einstein

03/01/2023

Question: What if I can't file my return on time? Answer: April 15* is the tax filing deadline for most individual income tax returns. If you can't complete your tax return by then, file Form 4868 with the IRS to give yourself up to six additional months to complete your return.

02/27/2023

Accounting 101: Accelerated Depreciation is a method that records greater depreciation than straight line depreciation in the early years and less depreciation than straight-line in the later years of an asset’s holding period.

02/23/2023

Plan your business trips to ensure your miles are deductible. Commuting miles to and from work are not deductible. However, if you stop off at a supplier first, then the mileage from the supplier to your workplace is a deductible expense.

02/22/2023

Filing Online: Most rejections are caused by things such as misspellings, typos on Social Security numbers, or missing forms. When an e-filed tax return is rejected, the IRS e-filing system sends back rejection codes. These codes are specific to lines on the tax return and descriptions of the problem are readily available.