Tax Season Preparation Tips
We thank you for choosing Lewis & Knopf CPA, P.C. as your tax advisor. We truly appreciate your business, and we look forward to working with you this upcoming season. Below is a list of best practices to keep in mind when working with us to prepare your tax return. We will do our best…
10 Red Flags for IRS Audits
Even though the overall IRS audit rate is currently low historically, it’s expected to increase as a result of provisions in the Inflation Reduction Act signed into law in August. So it’s more important than ever for taxpayers to follow the rules to minimize their chances of being subject to an audit. How can you…
Wonder What a Tax Deduction Is Worth?
Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are “above the line”, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not…
Start Off on the Right Foot for the 2023 Tax Year
If your 2022 refund or balance due turns out not to be the desired amount, you may want to consider adjusting your withholding based on your projected tax for 2023. If you need assistance, please call this office. W-9 Collection – If you are operating a business, then you are required to issue a Form…
Selling Your Home?
Be sure you understand the home sale gain exclusion If you’re thinking about selling your home, it’s important to determine whether you qualify for the home sale gain exclusion. The exclusion is one of the most generous tax breaks in the tax code, so be sure to review its requirements before you sell. Exclusion requirements…
What Is Business Cash Flow?
As the name suggests, cash flow is a term used to describe the money coming into and out of a business. Cash received – like money being paid to the business from its customers – would be inflow. Cash spent – like the funds being paid to vendor partners and other operational costs – would…
What a Different Six Months Can Make
An alternate valuation date can reduce estate tax liability If you have money invested in the stock market, you’re well aware of potential volatility. Needless to say, this volatility can affect your net worth, thus affecting your lifestyle. Something you might not think about is the potential effect on your estate tax liability. Specifically, if…
Beware The Five-Year Rule for Roth IRA Withdrawals
What makes Roth IRAs so appealing? Primarily, it’s the ability to withdraw money from them tax-free. But to enjoy this benefit, there are a few rules you must follow, including the widely misunderstood five-year rule. 3 types of withdrawals To understand the five-year rule, you first need to understand the three types of funds that…
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