Author - SFS Tax & Accounting

Tips to Keep in Mind on Income Taxes and Selling a Home

Tips to Keep in Mind on Income Taxes and Selling a Home Homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home. Below are tips to keep in mind when selling a home: Ownership and Use. To claim the exclusion, the homeowner must meet the ownership and use tests. This means that during the five-year period ending on the date of the sale, the homeowner must have: Owned the home for at least...

September 1, 2017Read more...
What Does the Eclipse Have to do with Taxes!- Image of Eclipse

What Does the Eclipse Have to do with Taxes!

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. Tax Tip for this event: If you are selling or renting anything out during the event, there are a couple of...

August 21, 2017Read more...
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6 Tax Tips for Startup Businesses

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 consideration: Pick a business structure – Deciding how to structure your business is one of the first things you will need to...

August 18, 2017Read more...
You need to understand your responsibilities. Image of Jeffrey Schneider

Understand Your Responsibilities

**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 qualify for an exclusion or exception. “This can cause a lot of problems since the reason for the debt forgiveness is that there is not...

August 14, 2017Read more...
Track your mileage- Image of person driving

The Top 3 Apps to Track Your Business Miles

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 business mileage but many are negligent in keeping a log that documents their travel. Your...

August 8, 2017Read more...
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Big Changes for the 2017 – 2018 FAFSA

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 than beginning on Jan. 1, 2017. The earlier submission date will be a permanent change, enabling you to...

August 3, 2017Read more...
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Are You Making This Common Mistake and Will it Hurt You at Tax Time?

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 statements as there is no clear interpretation of the expense. Enrolled Agent, Jeffrey Schneider,...

August 3, 2017Read more...
Image of teen interviewing-Tips for Teenage Taxpayers with Summer Jobs

SFS Offers Tips for Teenage Taxpayers with Summer Jobs

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 tax requirements: Withholding and Estimated Tax. Students and teenage employees normally have taxes withheld from their paychecks by the...

July 6, 2017Read more...

Private IRS Debt Collectors

Private IRS Debt Collectors You may have heard the adage “The IRS will never call you”, commonly shared among taxpayers to help distance friends and loved-ones from telephone scammers. While it is always wise to be extra careful with anyone claiming to be contacting you on behalf of the IRS, the line has recently become a little more blurred. The Internal Revenue Service has begun a new private collection program of certain overdue federal tax debts; selecting four contractors to implement it. The new program, authorized...

June 1, 2017Read more...

Important Facts about Filing Late and Paying Penalties

Important Facts about Filing Late and Paying Penalties April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If taxpayers are due a refund, there is no penalty if they file a late tax return. Taxpayers who owe tax, and failed to file and pay on time, will most likely owe interest and penalties on the tax they pay late. To keep interest and penalties to a minimum, taxpayers should file...

June 1, 2017Read more...