Western Tax

10 Questions To Ask Your CPA

If you are hiring an accounting or tax and business firm, it should go without saying that you have a CPA involved in looking over all of the work. However, not all accounting firms are created e…

Is Hiring a CPA Worth it? 5 Tips for Getting Your Money’s Worth

Often when people find out I’m a tax accountant, I get asked, “How much does a CPA cost?” It’s like me asking “How much does a home cost?” We all understand that a 1,000 square-foot home in Kansas has a different cost than a 1,000 square-foot penthouse condo in New...

10 Questions to Ask When Considering Hiring an Accounting Firm

When you look for an accountant, you don’t just want someone who can help you reduce your tax liability and prevent trouble with the IRS. You also want someone who can help make your business better. A good

10 Common Tax Mistakes that Cost You Money [Infographic]

Tax Deductions You Won't Believe

Here are some examples of deductions from the IRS that were permitted and some that were, uh, too creative.

What Can a CPA Do that a Regular Accountant Can’t?

What can a CPA do that a regular accountant can’t? That’s what we’d like to address today.

IRS Tax Tip: Ten Tax Tips For Individuals Selling Their Home

The Internal Revenue Service has some important information for those who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income.Read more →

4 Tax Possibilities for Your LLC

An LLC offers personal liability protection without much red tape. But weigh the various tax options carefully.

Buyers using an LLC might get a tax break — if they can prove safety concerns

New Yorkers who buy property under an LLC for security reasons might be eligible for a tax break.The city’s Department of Finance restricts condo

How does a co-op structured as an LLC affect members’ individual taxes?

Meet Cathy, the Cooperative Development Institute’s new answerwoman! She can take on any co-op questions you might have, big or small. Today we address the submitted question: “How does a co-op structured as an LLC affect members’ individual taxes?” See

When are LLC members subject to self-employment tax?

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS has been cracking down on LLC members it claims have underreported SE income, with some success in court. SE …

What Happens When a Corporation’s Shareholder or an LLC Member Dies or Leaves?

Here's what could happen to an LLC when a shareholder dies

Should Your LLC Elect S Corp Status?

Two of the most popular legal structures for small businesses are the LLC (Limited Liability Com...

The Procrastinator's Guide to Filing Income Tax [Infographic]

Maybe this guide will help you be more responsible this year, maybe it wont. You are a procrastinator after all, aren't you?

Do Uber Drivers Need an LLC?

If you’re thinking of becoming an Uber driver or are already one, consider setting up an LLC to protect your assets and reduce your tax obligations.

How to Make Your Business an LLC

A limited liability company (LLC) is a relatively new form of legal business structure. An LLC, as its name implies, offers limited liability protection to its owners, or members as they are called. There are also tax advantages to individual members of LLCs who are not double-taxed as a result of the incorporation. ...

The Benefits of Including an LLC as Part of Your Estate Plan

Limited Liability Companies (LLCs) are an important tool for small business owners, but they can also be useful in estate planning. An LLC can help y...