When You Should Reconsider Your Withholding

With 2018 already nearly half gone, it’s a good time to double check your income tax withholding to see if you are having adequate withholding done to cover your total

Online Sales Taxes After Wayfair

I could be a rambler from the seven dials I don’t pay taxes ’cause I never file I don’t do business that don’t make me smile I love my aeroplane

Changes to Treatment of State Tax Deductions

State and local tax deduction explained One of the most talked about changes included in the 2017 Tax Act was a cap placed on the amount of state and local

2017 Tax Bill Changes for Individuals

This will be the first in a series of short articles about the effects of the 2017 Tax Act on individuals. In addition to some sweeping changes in the taxation

The Matching Principle

In finance and accounting, there’s a principle called “the matching principle”. In the 15th Century, an Italian Franciscan friar named Luca Pacioli was the first scholar to publish a detailed

2016 Tax Return Processing Timing

Every year, as the IRS continues to make improvements in their processing and the security of electronically filed returns, they adjust the timing of the schedule for processing Form 1040

Merry Christmas

Wishing all of our clients and readers a wonderful Merry Christmas.

Thinking about paying off your mortgage?

So you’ve been living in your home for a few years now and you’ve noticed that your mortgage balance is getting to an amount that you could possible pay off

Year-end tax planning for 2016 – Part 5

What the hell just happened? Now that the elections are over for this cycle, are there any additional year end tax planning techniques that taxpayers should consider? The answer depends

Year-end tax planning for 2016 – Part 4

This is the fourth in a series of posts covering year-end tax planning ideas for 2016.  Here we’ll discuss a grab bag of ideas covering a few different areas. Deferring

Year-end tax planning for 2016 – Part 3

  Here in the third installment of the series of posts about year end tax planning, we’ll cover some strategies dealing with stock-based compensation. Employers that offer stock-based compensation typically

The tax return preparation process explained

THE TAX RETURN PREPARATION PROCESS Many of my clients are working with a CPA for the first time and often want to know what the process is for getting their

New client to FlaneryCPA? Start here…..

We get the following two questions from prospective clients, Are you accepting new clients? and What is “the process” for getting our returns completed? We will answer the first question

Using an S-Corporation won’t necessarily save you taxes

One of the questions we get from our self-employed and single-member LLC clients is: “I’ve been told that I should be an S-Corporation because it will save me a lot

Year-end tax planning for 2016 – Part 2

This is the second in a series of posts addressing year-end tax planning topics for 2016.  Topics addressed in this post deal mostly with various capital gain issues. As with

Upcoming Changes to Return Due Dates

In 2015, legislation was enacted that modified the due dates of some types of tax returns, beginning with 2016 tax returns (so tax returns prepared and due during the 2017

Watch out for phony IRS scams

Yesterday (Sept 22, 2016) we received an alert from the IRS alerting tax preparers to yet another phony IRS tax scam. Given the fact that these tax scams are getting

Retirement Contributions – Individuals with both W-2 and SE Income

One question we receive a few times a year is whether a W-2 employee who is already covered by a retirement plan through their employer at work (for example, a

Year-end tax planning for 2016 – Part 1

As we near the end of September and the beginning of October, it’s not too early to begin thinking about year-end tax planning for 2016. This post is the first

Self-employment, Marriage and Taxes

In a previous blog post we discussed how taxes “seem” to increase when you go from being a wage earner to being self-employed. The analysis in that article assumed that