News and Announcements

The holiday season is the most common time of year for individuals to give to charities. In fact, according to statistics from nonprofitssource.com, roughly 30% of all charitable giving during the year is done in the month of December. If you’re one of the many individuals who chooses to donate to charities this holiday season, here are a few things that you should know.

Whether you’re a new business owner or you’re just trying to get ahead of the curve this time around, now is a great time to start preparing to file your tax return. Why should you start before the tax year even ends? Well, there are a few things you can do before New Year’s that may improve your business’s tax situation. Here are a few things every business owner should do before the year ends.

Regardless of where your income comes from, you know that you have to pay taxes on it. If you’re an owner or partner in a business, you are expected to pay taxes on your portion of the business’s profits (whether it’s the entirety of a sole proprietorship’s profits, or a percentage of a partnership’s profits). But what happens when that business operates at a loss? Can you report that loss on your taxes? And if so, how does that impact your tax return? Keep reading to learn more about claiming a business loss on your taxes.

When President Trump unveiled his major tax reform bill, it included the goal of eliminating the estate tax completely by 2024. Until then, the estate tax actually only impacts a handful of Americans—fewer than 1% of the population—because only individuals with an estate valued at $5.5 million or higher will have their estates taxed when they die. If your estate is worth less than this, you don’t have to worry about your heirs losing any portion of their inheritance to the estate tax. However, if your estate is valuable enough to make it taxable, here are some tips to either reduce or entirely avoid the estate tax.

If you got an extension on your tax return, your new deadline of October 15th is approaching quickly. Though you should have made a payment when filing for an extension (the extension only extends your tax filing date, not your payment due date), you may have since realized you owe even more than you planned for. In these cases, you may be tempted to simply not file in order to avoid that tax bill. Don’t do this! Instead, here are some options that may allow you to get a settlement from the IRS before the extension deadline.

When you’re caught in a natural disaster, it can have long-lasting impacts on virtually every aspect of your life—and that includes your taxes. But since most natural disaster victims are focused on filing insurance claims, preserving or restoring damaged property, and otherwise coping with the impacts of the disaster, they don’t usually have much time to spare to think about their taxes. Thankfully, the IRS recognizes this, and so they offer a few different relief options to help victims of natural disasters. Here’s what you need to know about claiming this type of relief.

Alimony and other forms of support payments have been taxed in the exact same way for decades. But as of January 1, 2019, the old rules are being turned on their head. These changes are one of the last ones introduced by the Tax Cuts and Jobs Act to be implemented. (Most of the other changes to tax law were put into effect in 2018.) So, whether you’re already divorced, contemplating divorce, or are divorced and considering renegotiating your divorce agreement, there are a few things you ought to know. Here’s a quick look at how your alimony and support payments will be treated when you file your 2019 tax returns.

If you filed an extension for your business return back in March, your new deadline is now less than a month away. It’s important that you are prepared for this deadline, as you cannot receive any further extension on filing your business’s tax return. Here’s what you need to know about the extension deadline, and how you can prepare for it.

We get it—filing taxes is no picnic. However, our primary goal is to help make the tax-filing process simpler, easier, and less stressful for you, and perhaps get you a better outcome on your tax return while we’re at it. Obviously, working with our experienced and knowledgeable CPAs will naturally make this process less of a burden for you. But we also utilize every piece of technology we have at our disposal to simplify the process for you even further. Here are just 4 pieces of technology we use in our offices to make filing your taxes easier than ever.

This tax season, many taxpayers were shocked by the numbers they saw on their tax returns. A lot of people found themselves owing far more in taxes than they anticipated, and scrambled to pay the unexpected tax bill. This unpleasant surprise was largely due to the tax law changes implemented by the TCJA, which reduced the amount being withheld from many people’s paychecks. If you want to avoid a shockingly high tax bill again next year, it may be a good idea to adjust your withholdings now. Here’s what you need to know.

Tax scams are far more common than you might think, and hundreds—if not thousands—of taxpayers deal with this nightmare each year. Of course, tax season is when these scammers and thieves are going to be most active, but now is the perfect time to start thinking about your information security, and taking steps to protect yourself from any scams, and reduce your odds of being a tax fraud victim in the coming tax season. Here are 4 things you can do to avoid falling victim to a tax scam or tax fraud.

Your return has likely been filed for a couple of months now, and you haven’t seen any reason to give it a second thought. But a second look at a previously filed tax return can actually offer you many benefits that you might not know about. Here are just a few reasons that you should consider having your tax return reviewed by one of our experienced and knowledgeable CPAs—whether you completed your tax return yourself, or had it done by a different tax preparer.

Today’s business world is full of more entrepreneurs than ever before. And if you’re looking to start your own business, it can be easy to let your excitement run away with you, and dive straight in without considering all of the little details that come with setting up your own company. One of the details that many new business owners overlook is selecting the right business structure. Here’s what you need to know about selecting the corporate structure for your company.

You only recently got done filing your 2018 tax return a month or two ago. Odds are, your 2019 tax return is far from your mind. But it shouldn’t be. In fact, proper planning and preparation can give you a better outcome on your 2019 tax return, potentially reducing your tax liability if handled properly. Here are a few things you can start doing right now to prepare for filing this year’s tax return.

Many business owners believe that maintaining the books for their own business is the most cost-effective and logical option when it comes to business bookkeeping. After all, if you believe you can handle it reasonably well, why hire someone else to do it? However, though you may have the financial skills and basic knowhow to maintain your company’s books, there are several distinct advantages to hiring a professional, third-party bookkeeping service to take care of your business’s books for you. Here are just 4 of them that you should consider if you’re making the decision regarding how to maintain your company’s books.

When it comes to filing your taxes, it seems that you generally have two options: meet with a professional to have them done, or file electronically on your own. Each of these options has some obvious pros and cons. But here at Demian & Company CPA, we offer a third option that we feel offers the best of both worlds. Here’s a little bit more about our remote tax filing services, and how you can have your taxes completed by a professional without ever stepping foot in a CPA office.

The tax filing deadline is two weeks away, and if you haven’t filed your return yet, you’re probably feeling the pressure. Whether you just put it off for too long, or you only got all the documents you need recently, rushing to meet the tax deadline can be stressful. If you’re scrambling to file, there’s another option available to you—filing a request to extend. Here’s what you need to know about tax extensions and how they can help you.

In January, the IRS posted a notice on their website stating that they would be waiving the estimated tax penalty for many taxpayers. This penalty is typically applied to any person or business who paid less than 90% of their owed taxes throughout the tax year. However, the IRS will be reducing that threshold and only applying the tax penalty to those who paid less than 85% of what they owed in 2018. Here’s what you need to know about these penalties, the waiver, and how they impact your taxes.

The tax filing deadline for business owners is fast approaching, and if you haven’t filed yet, you might be starting to feel the stress. Luckily, business owners have the option of filing for an extension that will give you some extra time to get all of your tax-related documents in order. If you’ve never filed an extension for your business before, here’s what you need to know.

Tax season is in full swing, and most people are getting their returns ready to file. If you’re one of those people who likes to file early, you might be rushing to get that return out the door so that you can get it processed more quickly (and perhaps get your refund that much sooner). However, there are a few things that you should do before you send in your tax return.

As the partial government shutdown stretches further into tax season, many taxpayers are worried about how this incident will impact their tax returns—and their refunds. Of course, nobody is certain how long this shutdown will continue. However, here’s what you need to know, given the existing circumstances.