While every American who earns an income has to pay taxes, many taxpayers can reduce how they owe by claiming deductions and credits. To claim a dependent might be a great way to lower your tax burden if you have provided more than half of the person’s financial support for the tax year. However, it is [...]
Choosing the correct filing status is critical in the preparation of your tax return, because it determines what tax bracket you fall in and how your tax is calculated. The filing status options you must choose from are: single, married filing jointly, married filing separately, head of household, and qualifying widow/widower. Filing Status: Single To qualify [...]
Q: Abe! I was recently filling out my tax organizer and I saw that I can receive a copy of my tax return with something called Abacus Access. What is Abacus Access? A: Great question! Abacus Access is your online portal for viewing and exchanging any of your sensitive documents electronically. It is a great tool [...]
Q: Abe! I was wondering if I should lease a truck or try to purchase one outright. What are some of the differences that I might see for my taxes? A: This is a great question! The good news that whether you are making lease payments or purchasing outright, this is considered an ordinary and necessary [...]
Running your business well is great, but to truly OWN IT and recognize what that means will be the difference between just getting by year after year and/or really succeeding. When you manage your business profits and your business’s financial responsibilities with an owner’s mentality you will likely see growth, as you will no longer have [...]
You know when you go on vacation or are over the road for extended periods, and you come home, and the mailbox is SO full you can barely open it. Well, with the global pandemic going on with COVID -19, the IRS has tons of mail. No, they weren’t on vacation, but due to the pandemic, [...]
