FAQ
Tax and Financial
FAQ's
We hope the guides below will answer many of the frequent questions we receive from our clients. If you have any further questions please contact us.
This guide outlines the types of qualified charities which can receive tax deductible donations.
This handout provides guidance on how to report income and expenses for ministers and housing allowance.
This handout explains the deduction limitation for hobbies and factors that may determine whether an activity is a hobby or a business.
This handout provides guidance on the steps the taxpayer should take to file their return as well as specific things to do to prevent future problems.
Guidance on how a taxpayer can protect himself or herself and specific actions to take.
This handout explains the options a taxpayer has when he or she cannot pay the taxes due by the due date.
This handout explains the problems that occur when business owners intermingle business funds with their personal funds.
This handout discusses the tax consequences of removing money from a business.
This handout discusses the factors used in determining whether someone is an employee or an independent contractor.
This handout provides a method for farmers to keep track of fuel expenses. It also explains the requirements for claiming fuel tax credit and refund.
This handout describes the filing requirements for Form 1099-MISC, including payments made to attorneys and penalties for failure to file correct returns or furnish statements.
This handout explains the type of records which should be kept and the retention period of those records.
This handout provides information which will help determine whether a current business deduction can be taken for expenses incurred on business assets, or whether the expense must be capitalized and depreciated.
This handout discusses the self-employment tax and how it is calculated. Common self-employment tax situations are explored.
This handout highlights the rules regarding the exception to the 10% penalty for early retirement distributions.
This handout discusses the importance of having a will. Issues such as property passing at death and probate are also discussed.
This handout provides a high-level overview of the financial planning process. Taxpayers can gain valuable information on personal financial planning and income tax planning.
This handout discusses the various methods of saving for college. It includes information on contribution limits as well as tax benefits associated with each method of saving.
This handout discusses the various types of IRAs and the tax benefits and implications of each. It also discusses the effect of the taxpayer's participation in prohibited transactions within these types of accounts.
This handout discusses a taxpayer's various sources of retirement income including Social Security, pension, and IRA distributions. Age-specific requirements and tax implications are highlighted.
This handout provides a high-level overview of the financial planning process. Taxpayers can gain valuable information on personal financial planning and income tax planning.
This handout discusses the duties of a personal representative for a taxpayer who has died. It also indicates tax reporting requirements for a deceased taxpayer and how to allocate the income in the year of death.
This handout discusses the gift tax provisions including the annual exclusion and the lifetime gift tax exclusion. It contrasts which transfers are considered gifts and which transfers are not considered gifts.
This handout highlights the various types of retirement accounts along with the contribution limits and rules.