Navigating the IRS: Start-Up Expense Allowance for Small Businesses
Introduction: Starting a small business is an exciting venture that often comes with various costs and expenditures. To assist entrepreneurs in the initial stages of business development, the Internal Revenue Service (IRS) offers allowances for start-up expenses. Understanding and properly utilizing these allowances can significantly benefit small businesses, providing them with the financial flexibility needed […]
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What is a Tax Short Year?
A short tax year is a tax period that covers less than 12 months. This can happen for various reasons, such as when a business is established or terminated in the middle of a calendar year, when a taxpayer changes their accounting period, or when there are other circumstances that result in a tax period […]
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Estimated Tax Penalty
The IRS (Internal Revenue Service) estimated tax underpayment penalty, also known as the underpayment penalty or the estimated tax penalty, is a penalty imposed on taxpayers who do not pay enough in estimated taxes throughout the year. Estimated taxes are payments made by individuals, self-employed individuals, and businesses to cover their tax liability when they […]
Read MoreThe Dreaded Depreciation Recapture
Depreciation recapture is a tax concept related to the sale of a rental property that has been depreciated for tax purposes. Depreciation is an accounting method that allows property owners to deduct a portion of the property’s cost as an expense over its useful life, which helps to offset taxable income. However, when the property […]
Read MoreStaying in My Lane—Tax expertise in my defined area
Article: Staying in My Lane—Tax expertise in my defined area Category: 1040 Income Tax Staying in My Lane Tax expertise in my defined area and relying on synergistic financial partners Jessica I. Marschall, President, Marschall Accounting Services LLC January 24th, 2020 I had the pleasure of meeting my financial advisor today for lunch. Chad Williams, […]
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