Blog Posts

Vacations-Can You Write Them Off?

Here's a little snippet of what you can and can't do. As a small business owner, you may find it hard to break away. There always seems to be so much to do! However, small business owners have an advantage when it comes to deducting business trip expenses. It Has to be About Business While you may get some much needed rest when you're on your trip, the primary purpose needs to be about business. Set up your appointments in advance and [...]

Hobby Vs. Business

And How if Effects your Taxes If you are one of the many who has geared your talents towards an activity that takes extensive time and effort, then sometimes you will sell the products of your dedicated time. Does this mean that you are running a small business? No, this is still considered a hobby. The intention is not to make money, but for personal enjoyment. You spent a lot of time creating something, because you genuinely enjoy it, not because [...]

Obtaining a Past Tax Return

We often struggle to be organized at all times, and many of us can be prone to losing important documents. However, it is always a good idea to have copies of your past year returns. If you are in the middle of negotiating with the IRS, or you suspect that a previous tax return was wrong and you need/want to amend that return, these tax returns will be necessary. Here's how to get a copy or transcript for any [...]

tax day

Missed the April 15th Deadline

Like most of the world you have been bogged down by life, meaning the tax deadline could have completely slipped your mind. We are here to tell you that it is okay. There is no reason to have a meltdown over missing the April deadline, because you are not alone. If you truly don't want to face the IRS alone, we invite and encourage you to get the help of a tax professional. Can't Pay Now? If you filed [...]

Facts you need to know about your 2018 tax return

An Inside Look at Tax Reform... Last year simple tax returns were only 2 pages of content, had a higher tax bracket, and federal refund amounts were larger than those filed this current tax season. The thought of getting a smaller refund upsets many, but the truth is that the smaller refunds are an indication of a better tax system. This is because of all the different tax changes made under the Tax Cuts and Jobs Act. Some of the [...]

Get Your Tax Refund in 2019…Fast

Now that the IRS is open to file tax returns, most of us want the fastest and most accurate response possible. Below is some personal advice on how to achieve a quick, uncomplicated tax return this season. Some Guidance to Getting Your 2019 Tax Refund Don't file before you receive your W-2's, 1099's, 1098's, 1095's or other required information. These important tax documents should have been distributed to you from any employee by January 31st. But file before April, because [...]

5 Simple Things You Can Do to Handle Your Tax Fears

With tax season, there comes much fear and embarrassment. Mostly because 50% of the American population feels overwhelmed by the whole process of filing taxes. It is true, taxes are confusing but that is because the federal tax code is more than 74,600 pages. That’s a lot of information that the average American has never read. Hire a Professional We don’t expect you to read the federal tax code yourself. There are professionals out there who have already read [...]

Regular Communication with Your Accountant

Is it Worth it... Life can be chaotic. Perhaps on top of your busy schedule, the mere thought of financial matters is a stress factor. It can be tempting to put off a visit to your financial adviser and/or accountant. Unfortunately, that can be costly. Let’s face it, once a year contact is not enough. Just as your car requires regular maintenance to keep it running smoothly, your finances need constant attention. If not managed properly, financial problems arise that [...]

The Difference Between the W-2 and 1099 Form

What is the difference between W-2 and a 1099-MISC Form? Though both forms are considered information returns, and both report income received, they serve different purposes. W-2 Form Employers use Form W-2 to report wages, tips, and other compensation paid to employees within a particular year. This form also specifies the employee's social security, Medicare, Federal, State, and local taxes withheld. The information is reported to the Social Security Administration who then shares the information with the IRS to confirm accurate reporting [...]

Form 2848 -Power of Attorney

What is a Tax Power of Attorney? IRS Form 2848 is used to authorize eligible individuals to represent you before the IRS (such as CPAs and Enrolled Agents). Once authorized, the individuals(s) are able to receive and inspect confidential tax information and communicate with the IRS in your behalf. What are the Benefits? Here at Private Tax Solutions, we offer account monitoring services for our potential and existing clients. This allows us to receive notices, discover important notifications, and observe changes on [...]