Posts by Jody H. Chesnov CPA
Excess Business Loss Limitation and Net Operating Loss: Your 2022 Guide
If you’re a business owner, it’s possible that at some point during the year, you’ll have an excess business loss or net operating loss.
This article provides some answers to common questions about excess business loss limitations and Net Operating Loss so that you can make more informed decisions when preparing your taxes.
Read MoreEarly Retirement Distribution: How to Get the Most Out of Yours
It’s becoming more and more common for American workers to access their retirement funds earlier than the IRA withdrawal age of 59 ½.
Fortunately, there are some steps you can take to optimize your tax planning strategy and get the most out of your early retirement distribution.
Read on to learn about early retirement distributions, how a SEPP plan can help you avoid penalties, and how to make your withdrawals more tax-efficient.
Read MoreCorporation Meeting Requirements: Your Essential Guide
Corporation meeting requirements are different depending on the type of corporation and the state in which you incorporated it; state law and the corporation’s own bylaws set the rules by which the corporation holds valid meetings, takes proper actions, and keeps appropriate records and documentation.
To discover more about general meeting requirements for all corporations and corporations with a single shareholder, two shareholders, or three or more shareholders, continue reading.
Read MoreReceived an IRS Notice? Here’s What to Do
When you receive a notice from the IRS, your first response might be to assume you’re in trouble.
Read on to discover what you need to understand and what you should do and not do if a notice from the IRS turns up in your mailbox.
Read MoreWhat Is Nexus?
Nexus can be a confusing term. However, it can directly affect an entity’s tax liability and, therefore, the bottom line.
In general, if your business has tax nexus in another state, you need to be aware of some additional rules and obligations. This guide will help you understand what tax nexus is and how it applies to your company.
Read MoreThe New IRS Taxpayer Experience Office: What It Means for You
The IRS recently unveiled a significant component of this effort: the first-ever Taxpayer Experience Office (TEO).
Keep reading to learn more about how the Taxpayer Experience Office could make life easier for you at tax time.
Read MoreShort-Term Rentals: 3 Tips to Avoid Tax Traps
Short-term rentals have become a popular way to earn extra cash.
Before you invest your money in a short-term rental property, take the time to consider these 3 tips that will help you avoid falling into common tax traps as a result of your investment.
Read MoreThe Small Business Healthcare Tax Credit: Do You Qualify?
Is your small business booming? If so, you may be considering offering your employees a group healthcare plan. A group healthcare plan ensures your great team stays healthy and happy as they continue to help the business succeed.
Read on to learn more about the small business healthcare tax credit, including what it is, how it works, whether or not your small business may qualify, and how to claim the credit.
Read More‘SECURE Act 2.0’: How Retirement Savers and Employers Could Benefit
To understand the benefits and possible pitfalls taxpayers will need to be aware of should the ‘SECURE Act 2.0’ become law, continue reading.
Read MoreThese Tax-Planning Tips Will Help Newlyweds Save Money in 2022
GET IN TOUCH GET IN TOUCH Marriage is an important milestone in many people’s lives. Yet, while starting a new life together can be exciting, it can also be very expensive. The honeymoon, a house or apartment, furniture, and household supplies, transportation, groceries, insurance, and attorney fees…the costs can add up quickly. So, for many…
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