Are you ready for the upcoming audit season?
An external audit is less stressful and less intrusive if you anticipate your auditor’s document requests. Auditors typically ask clients to provide similar documents year after year. Continue Reading Are you ready for the upcoming audit season?
Are you liable for two additional taxes on your income?
/in Tax/by KKB CPAsHigher-income folks may be subject to a couple extra taxes, in addition to federal income tax. Here’s an explanation of the 3.8% net investment income tax and a 0.9% additional Medicare tax. Continue Reading Are you liable for two additional taxes on your income?
Understanding taxes on real estate gains
/in Tax/by KKB CPAsIf you’re the owner of a pass-through entity, the federal income tax rules for gains from the sale of business real estate or vacant land may be more complicated than you thought. Here’s a look at the issues. Continue Reading Understanding taxes on real estate gains
Cash or accrual accounting: What’s best for tax purposes?
/in Tax/by KKB CPAsChoosing between the cash method of accounting and the accrual method for tax purposes can impact your tax situation. But not all businesses qualify for both methods. Continue Reading Cash or accrual accounting: What’s best for tax purposes?