What We Write

Tax-Related Scams and What To Do
“Thousands of people have lost millions of dollars and their personal information to a tax scam,” according to the IRS.[...]
Capital Gains Rates
Infographic: Capital gains tax can take a bite out of your investments.
Series EE Bonds – When is the Tax Due?
You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file[...]
Credit for College Costs on Your Tax Return
We all know the cost of college is expensive. The latest figures from the College Board show that the average[...]
Getting a Divorce? Take a Look at the Tax Implications
In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed. This is to[...]
The Next Estimated Tax Deadline Is September 16th
If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must[...]
Educator Tax Returns – What is Deductible or Not
As teachers head back for a new school year, they often pay for various expenses for which they don’t receive[...]
Taking Distributions from Your Traditional IRA
If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a[...]
“Innocent Spouses” May Get Relief from Tax Liability
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount[...]
The Tax Implications of Winning
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to[...]
The “Kiddie Tax” Hurts Families More Than Ever
Years ago, Congress enacted the “kiddie tax” rules. These rules prevented parents and grandparents in high tax brackets from shifting[...]
The “Nanny Tax” Must Be Paid for More Than Just Nannies
You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to[...]
Volunteering for Charity: Do You Get a Tax Break?
If you’re a volunteer who works for charity, you may be entitled to some tax breaks. This is possible if[...]
Investments – Summer is a Perfect Time for Review
You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains[...]
Social Security Benefits May be Taxed
During your working days, you pay Social Security tax by withholding from your salary or self-employment tax. When you start[...]
Is an HSA (Health Savings Account) Right for You?
Many people now contribute to or are thinking about setting up a Health Savings Account (HSA) to help defray health[...]
Kids in Day Camp? You May Be Eligible for a Tax Break
Now that most schools are out for the summer, you might be sending your children to day camp. It’s often[...]
Vehicle Donation to Charity for Tax Purposes
You’ve probably seen or heard ads urging you to donate your car to charity. “Make a difference and receive tax[...]
Retiring in Another State? Don’t Forget About Taxes
When you plan on retiring, you may consider moving to another state — say, for the weather or to be[...]
IRS Audit – The Chances Are Low, but Not Zero
The IRS just released its audit statistics for the 2018 fiscal year. Fewer taxpayers had their returns examined as compared[...]
It’s a Good Time to Check Your Withholding
Due to the massive changes in the Tax Cuts and Jobs Act (TCJA), the 2019 filing season resulted in surprises.[...]
Use the Dependent Tax Credit for Your College Student
If you’re the parent of a child who is age 17 to 23, and you pay all (or most) of[...]
401(K) Withdrawals for Workers After Age 70
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from[...]
Three Questions You May Have After You File Your Return
Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are[...]
How Valuators Adjust a Financial Picture
Sometimes professional valuators tweak financial statements before using them to appraise a business. These common types of adjustments are...
Selling Your Home? Consider These Tax Implications
Spring and summer are the optimum seasons for selling a home. And interest rates are currently attractive, so buyers may[...]
Your Tax Refund and Reasons Why the IRS Might Not Send It
It’s that time of year when many people who filed their tax returns in April are checking their mail or[...]
Claiming a Casualty Loss Deduction on Your Tax Return
Unforeseen disasters happen all the time that may cause damage to your home or personal property. Before the Tax Cuts[...]
Make a Deductible IRA Contribution for 2018 NOW!
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can[...]
The 2018 Gift Tax Return Deadline Is Almost Here
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine[...]
Vehicle-Expense Deduction Ins and Outs
It’s not just businesses that can deduct vehicle-related expenses. Individuals also can deduct them in certain circumstances. Unfortunately, the Tax[...]
Careful Tax Planning Required for Incentive Stock Options
Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you[...]
There’s a Better Way to Raise College Funds
Lemonade stands are fun and they encourage entrepreneurship, but they probably won't pay for college. A 529 education savings plan provides a solution.
Income Tax Deductions May Reduce or Disappear For 2018
The Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks. But it also[...]
3 Big TCJA Changes Affecting 2018 Individual Tax Returns
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you. This[...]
Why You Shouldn’t Wait to File Your 2018 Income Tax Return
The IRS opened the 2018 income tax return filing season on January 28. Even if you typically don’t file until[...]
Ask An Accountant – 1/30/19
Our Founder Azeem Dhalla went LIVE on Facebook to answer your burning accounting questions!
Fun Fact: What Percentage of Americans Used Only Credit and Debit Cards in the Last Week?
When's the last time you made a major purchase with cash? It may have been a while. What about a small purchase - such as your morning coffee?
What Will Your Marginal Income Tax Rate Be?
The Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, but in some cases,[...]
Two Major Tax Law Changes for Individuals in 2019
Most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025[...]
A Review of Significant TCJA Provisions Impacting Individual Taxpayers
Now that 2019 is here, there isn’t too much you can do to reduce your 2018 income tax liability. It’s[...]
You May Be Able to Save More for Retirement in 2019
Retirement plan contribution limits are indexed for inflation and many have gone up for 2019, so this gives you opportunities[...]
Act Soon to Save 2018 Taxes on Your Investments
Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to shrink your 2018[...]
SWOT Away Your Company’s Biggest Risks
If you're performing a year end analysis, a SWOT (strengths, weaknesses, opportunities and threats) model can come in handy.
Tax and Financial To-Do List for Individuals for 2018 Year-End
With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should[...]
Check Deductibility Before Making Year-End Charitable Gifts
As the holidays approach and the year draws to a close, many taxpayers make charitable gifts — both in the[...]
Does Prepaying Property Taxes Make Sense Anymore?
Prepaying property taxes related to the current year but due the following year has long been one of the most[...]
Catch-up Retirement Plan Contributions Can be Advantageous Post-TCJA
Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your[...]
Make Your Charitable Gift a Work of Art
If you plan to itemize deductions in 2018, donating art to charity would be a smart move.
Mutual Funds: Handle With Care at Year End
As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable[...]
NQDC Plan Deferral Elections
If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan. As[...]
Donate Appreciated Stock for Twice the Tax Benefits
A tried-and-true year end tax strategy is to make charitable donations. As long as you itemize and your gift qualifies,[...]
Could “Bunching” Medical Expenses into 2018 Save You Tax?
Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to[...]
The Tax Consequences of Making Gifts to Loved Ones
Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable[...]
529 Plans Offer Two Tax-advantaged Education Funding Options
Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid[...]
Charitable IRA Rollovers May be Especially Beneficial in 2018
If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your IRA[...]
Got Medical Bills?
The medical expense deduction threshold rises to 10% of Adjust Gross Income in 2019. But the threshold for itemizing out of pocket costs is only 7.5% of AGI on your 2018 tax return.
Tax Planning for Investments Gets More Complicated
For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess[...]
Tax Deduction Ins and Outs of Donating Artwork to Charity
If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a[...]
Saving Tax if Your Vacation Home Qualifies as a Rental Property
Do you own a vacation home? If you both rent it out and use it personally, you might save tax[...]
Do You Need to Make an Estimated Tax Payment by September 17?
To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through[...]
VIDEO- Audit Proof Your Tax Return
This video will give you a quick rundown of some essential tips on how to audit proof your tax return.
Back-to-school Means Tax Break for Teachers
When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a[...]
VIDEO- 2018 Tax Highlights!
In a few short minutes, this video will give you an update on the 2018 tax changes that you need to know!
Will There Be “Extenders” Legislation?
The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed[...]
The TCJA Prohibits Undoing 2018 Roth IRA Conversions, But What About 2017?
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if[...]
Do You Still Need to Worry About the Alternative Minimum Tax (AMT)?
There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A[...]
Parents: Why the “Kiddie Tax” is More Dangerous Than Ever
Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of[...]
3 Midyear Tax Strategies that Hold Up Post TCJA
With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers[...]
Are Frequent Flyer Miles Taxable?
If you're racking up lots of frequent flyer miles this summer, breathe easy. Miles awarded by airlines (and the credit card and debit companies) generally are considered nontaxable rebates.
What You Can Deduct When Volunteering
Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that[...]
Home green home: Save tax by saving energy
“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill[...]
Do you know the ABCs of HSAs, FSAs and HRAs?
There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs.[...]
The Tax Impact of the TCJA on Estate Planning
The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But[...]
The Tax Advantages of Investing in Qualified Small Business (QSB) Stock
While the Tax Cuts and Jobs Act (TCJA) reduced most ordinary-income tax rates for individuals, it didn’t change long-term capital[...]
Midyear Financial Check Up
It's midyear- pull over and check your progress to your financial goals.
VIDEO- The New Child Tax Credit
This video outlines the changes in the child care tax credit for 2018.
Consider Taxes When Deciding Where to Retire
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes[...]
Saving Tax on Restricted Stock Awards with the Sec. 83(b) Election
Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences[...]
Sending Your Kids to Day Camp May Provide a Tax Break
When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child[...]
Tax Consequences of Selling Your Home
In many parts of the country, summer is peak season for selling a home. If you’re planning to put your[...]
Do You Need to Adjust Your Withholding?
If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash.[...]
Proving Your Deductions VIDEO
How do you support your deductions if challenged? Watch this video!
Start Planning 2018 NOW!
With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back[...]
What Tax Records Can You Toss?
What 2017 tax records can you toss once you’ve filed your 2017 return? The answer is simple: none. You need[...]
Important Deadlines for the Remainder of 2018
While April 15 (April 17 this year) is the main tax deadline on most individual taxpayers’ minds, there are others[...]
Haven’t Filed Your 2017 Income Tax Return Yet? Beware of These Pitfalls!
The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now[...]
You Still Have Time to Make 2017 IRA Contributions
Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free.[...]
Can You Claim Your Elderly Parent as a Dependent on your Tax Return?
Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you[...]
5 Great Tax Secrets VIDEO
Watch this quick video overview of our top 5 tax secrets!
Home Related Tax Breaks: 2017 Versus 2018
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax[...]
Small Business Versus Hobby: Important to Know What’s Deductible
Hobby expenses are no longer deductible under the new tax laws.
Casualty Losses Can Provide a 2017 Deduction, But Rules Tighten for 2018
If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty”[...]
The New World of Deductions: What Everyone Needs to Know
How will the new itemized deduction tax changes impact you? Learn how itemized deductions will change in 2018 with the passage of new tax legislation.
Charitable Deductions: The Size Depends on Many Factors
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how[...]
What’s Your Mileage Deduction?
Individuals can deduct some vehicle-related expenses in certain circumstances. Rather than keeping track of the actual costs, you can use[...]
5 Tips for Non Cash Charitable Contributions VIDEO
Feeling confused about what to do when confronting the new tax laws? Here's a great place to start.
Tax Deduction for Moving Costs: 2017 vs. 2018
If you moved for work-related reasons in 2017, you might be able to deduct some of the costs on your[...]
How Will the Tax Reform Bill Impact Real Estate
Dhalla CPA's Founder Azeem Dhalla had a great opportunity to join Janet Campbell from BlackStone Estates and discuss some recent[...]
Families with College Students May Save Tax on Their 2017 Returns
Whether you had a child in college (or graduate school) last year or were a student yourself, you may be[...]
The Tax Cuts and Jobs Act Temporarily Lowers Medical Expense Deduction Threshold
With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than[...]
Tax Cuts and Jobs Act: What You Need to Do Now VIDEO
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