Claiming the home office deduction for your practice can reduce your income tax obligation, but be sure you understand the IRS’s rules. One of the many ways the internet has changed business over the last two decades is the increasing numbers of part-time entrepreneurs. Simple do-it-yourself website design tools have made it possible for anyone […]
Bassim Michael to Present on Dental Practice Exit Strategies at Fresno-Madera Dental Society Meeting
Only for Dentists Principal, Bassim Michael, CPA, MS Tax, will present information on dental practice exit strategies and tax planning at the upcoming Fresno-Madera Dental Society General Meeting. Bassim’s presentation, “7 Ways to Exit Your Practice in Style & Save on Taxes,” will explain the difference in the various types of exit strategies that dental […]
Top 5 Estate Planning Mistakes
When done well, estate planning can save the loved ones you leave behind a great deal of money in taxes and fees. When done wrong, as we’ve learned with a few high profile cases over the years, your loved ones can find hefty taxes, fees and penalties levied against them. These are some costly mistakes […]
Why You May Get a Letter From the IRS & What to Do
Don’t panic: Receiving a letter from the IRS isn’t necessarily a bad thing, but it definitely can’t go unnoticed. Getting a letter actually addressed to you personally is becoming a thing of the past, what with email and social media taking over a lot of our correspondence. Nonetheless, you still received a letter addressed to […]
How to File an Amended Tax Return
Oops! Did you realize that you made an error on an income tax return that you already filed? It’s not unusual. That’s why the IRS has a special form that will fix it. Maybe a 1099 that you had forgotten about came in after you’d filed your income taxes for the previous year. Or a […]
Why United States Expatriates Worry About FATCA Penalties
For one reason or another, thousands of American citizens are living outside the United States at any given time. Many retirees are taking advantage of the lower cost of living and temperate climate offered south of the border while younger individuals and families are abroad for school, business or simply for the adventure. While living […]