My Advice to Other Accounting Professionals
Maximizing Client Satisfaction: Partnering for Success In the accounting industry, success is based on more than numbers; it’s about understanding and addressing our clients’ unique needs. Listening to clients and providing them with tailored solutions is our job. As accounting professionals, we should be working for our clients’ needs, not our own. By continually enhancing […]
Sole Proprietor or LLC? File as an S Corporation and Cut Your Tax Bill
If your business is organized as a sole proprietorship or as a wholly owned limited liability company(LLC), you’re subject to both income tax and self-employment tax. But there may be a way to cut your taxbill by conducting business as an S corporation! Here’s what you need to know. Filing as an S Corporation Could […]
Launching a Small Business? Here are Some Tax Considerations for Small Business Owners to Understand First
While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax considerations for small business owners involved in operating with that entity. The pass-through deduction To the extent your business generates qualified […]
Understand the Tax Implications of Buying or Selling a Business
After a challenging year, you may have questions about your small business, especially If you are considering a merger or acquisition. At Tom Dunn, we can help you understand the tax implications of making a move in 2021, whether that be buying or selling a business. Two Ways to Buy or Sell Under Current Tax […]
Favorable Tax Breaks for Businesses
It’s our mission at Tom Dunn CPA to advise clients during tax time and year-round. For us, that includes meeting with clients as often as they need to and keeping them informed about any developments in Washington that may impact their taxes. This year has seen quite a lot of turmoil. The good news is that […]
Taking distributions from a traditional IRA
Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in […]
There may be relief from tax liability for “innocent spouses”
If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be relief available if the IRS comes after you for certain past-due taxes. What’s “joint and several” liability? When a married couple files a joint tax […]
The easiest way to survive an IRS audit is to get ready in advance
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should farewell. In the fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations, and high-income individuals are more likely […]
Why it’s important to plan for income taxes as part of your estate plan
As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted […]
The tax rules for deducting the computer software costs of your business
Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying, leasing or developing computer software. […]
