Blog

What Does the Eclipse Have to do with Taxes!

Eclipse Day is here! We are in Nashville, and they say it could feel like 2 million people for a few hours during the eclipse. We are staying away from downtown and viewing it from the Hilton Garden Inn patio before heading back to Florida. Florida Today shares information about how much of the eclipse Floridians will see. […]

6 Tax Tips for Startup Businesses

  Taxes are rarely the first thing an entrepreneur considers when they plan a new business. However, they need to be considered before you open your doors for business. This is the time to bring in your trusted tax advisor, your Enrolled Agent to help you make these crucial decisions. Here are 6 tips for […]

**Understand your responsibilities

Settlement of a debt is not the end of the story. Creditors who forgive $600 or more of your debt are required to report the forgiveness to the IRS. You’ll receive a 1099-C “Cancellation of Debt” tax form in the mail. You must include the canceled amount in your gross income—and pay taxes on it—unless you […]

The SFS Tax & Accounting Top 3 Apps to Track Your Business Miles…

You need to keep a log if you want to legally take the business expense. Driving around town? If it has something to do with business, you might be able to get a tax deduction come tax-time or a reimbursement from your employer. Business owners and the self-employed know the value of keeping track of their […]

Are You Making This Common Mistake and Will it Hurt You at Tax Time?

Using your company credit card for personal purchases could create problems later on. A common mistake many small business owners make is combining business and personal expenses in one bank account. Later on, it can get tough trying to separate the expenses especially if you don’t keep receipts. You can’t depend on the credit card […]

Big Changes for the 2017 – 2018 FAFSA

If you have a child beginning college or already enrolled in school you should be aware of the following changes. Beginning with the 2017­–18 Free Application for Federal Student Aid (FAFSA®), the following changes have been put in place:  The 2017–18 FAFSA will be available earlier. You can file your 2017–18 FAFSA as early as Oct. 1, 2016, rather […]

SFS Offers Tips for Teenage Taxpayers with Summer Jobs

Summertime is here, and many students and teenagers get summer jobs to earn extra spending money to pay for gas, save for a car or to put money aside for their next semester. Parents, Jeffrey Schneider, EA, CTRS, NTPI Fellow, offers some tips to keep in mind and to help educate your children about their […]

Do You Know About These 5 Overlooked Medical Tax Deductions?

It’s getting more and more difficult to claim medical tax deductions. That’s because you can only claim those tax deductions once they exceed 10% of your adjusted gross income. So you’ve got to do your best to maximize every opportunity you can to do smart tax planning. Here are five of the most overlooked medical tax deductions […]

Extension, procrastinator…Who me?

  Are you one of those “wait till the very last minute” type of people” or a procrastinator? Millions of taxpayers file tax extensions each year thinking that they can delay the inevitable.The IRS is glad to give you an extension if you owe taxes because they are going to charge you penalties and interest […]

Yet Another New Warning on a Last-Minute Tax Scam!!

It seems that we receive notices almost daily about new and more aggressive IRS scams.  The IRS and state tax agencies recently issued another a new scam warning, this time for both tax professionals and their clients of late-season phishing e-mail scams, especially those requesting last-minute deposit changes for refunds or account updates. As tax season winds down, tax-related […]