The 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, […]
Read MoreSmall Business Accounting and Tax Practices
Article: Small Business Accounting and Tax Practices—Pitfalls to avoid Category: 1040 Income Tax Small Business Accounting and Tax Practices—or what pitfalls to avoid May 21st, 2020 Jessica I. Marschall, CEO, Marschall Accounting Services LLC Over the past nineteen years of being a CPA providing tax consultation services to small businesses, I have seen the good, […]
Read MoreTax Season 2021 Recap-Relevant Tax Issues And How To (Hopefully)
Article: Tax Season 2021 Recap-Relevant Tax Issues and How to (Hopefully) Category: 1040 income tax, Charitable Donations, Itemized deductoins Jessica I. Marschall, CPA, President Marschall Accounting Services LLC August, 2022 One: What Went So Wrong with Federal Withholdings? Were you in for a huge shock when you finished taxes and owed a huge debt to […]
Read MoreAudited? What Comes Next
Article: Audited? What Comes Next Category: 1040 income tax Jessica I. Marschall, CPA President Marschall Accounting Services LLC The day’s mail arrives and, with it, a dreaded letter from the IRS. A taxpayer’s return has been selected for examination or the dreaded A-word AUDIT. The IRS does not provide reasons as to why a return is […]
Read MoreOpening A Business? Follow This Important Checklist!
Article: Opening a Business? Follow this Important Checklist! Category: 1040 income tax 1. Determine your business entity classification will be a Corporation, S-Corporation, LLC, or Sole Proprietor. 2. Only Corporations, S-Corps, and LLC protect personal assets. You can open an LLC on your state’s corporation website and it is highly recommended that businesses have the […]
Read MoreSmall Business Tax And Accounting Updates: Ending 2022
Article: Small Business Tax and Accounting Updates: Ending 2022 Category: 1040 income tax, IRS, Small Business Small Business Tax and Accounting Updates: Ending 2022 Jessica I. Marschall, CPA Tax Season 2022 is just around the corner. Our firm put together the most important and prevalent tax and accounting issues pertaining to small businesses. We have […]
Read MoreS Corps-The Quick Facts
Article: S Corps-The Quick Facts Category:1040 income tax, S Corps, Small Business Jessica I. Marschall, CPA January 7th, 2023 Businesses may choose S-Corp taxation on the date they start or may elect the tax treatment at a later date moving from a single member LLC or “Disregarded Entity”, or a partnership or multi-member LLC. An […]
Read MoreTax Notes From 2022 Tax Season
Article:Tax Notes from 2022 Tax Season Category: 1040 income tax, IRS, Small Business Jessica I. Marschall, CPA April 21st, 2023 The bulk of tax season 2022 is over. As a group, CPAs are exhaling and questioning our career choices. As a group, we are fading fast. The AICPA estimates that 75% of CPAs will retire […]
Read MoreOpening A Small Business-The Basic Steps
Article: Opening a Small Business-The Basic Steps Category: 1040 Income Tax, Small Business Opening a small business involves several steps to ensure you comply with tax regulations and reporting requirements. Here are the general steps to open a small business and handle tax-related matters: Here are the general steps to open a small business and […]
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