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Tax Return Reporting for Net Unrealized Appreciation Outline

Tax Return Reporting for Net Unrealized Appreciation Outline Andrea MacDonald and Sean Mullaney Net Unrealized Appreciation Planning Net unrealized appreciation is a tax planning opportunity that applies to the gain attributable to employer stock inside an employer retirement plan. Plans that can have employer stock in them include 401(k) plans…

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Why E-Commerce Businesses Should Work with a CPA Tax Professional

Let’s face it: Navigating e-commerce business taxes and tax laws is confusing and tedious. In recent years, sales tax rates have been constantly changing, and that complicates sales tax charges. It’s easy to get lost in the weeds! As an e-commerce business owner, tax planning is crucial to your operations, but that doesn’t mean it needs to be stressful. Instead, hiring a tax professional can make complying with sales tax regulations far easier.

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Warning! They are not the IRS!

It’s hard to believe, but during these unusual times, there are scammers out there pretending to be the IRS. Their goal is to steal your personal information. To help you keep your data and personal information safe, we’ve compiled a list of the most common scams and what you can do to protect yourself.

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My Business Books are a Mess! Help!

It can affect my Loan Forgiveness under the CARES Act! If today’s business struggles with COVID-19 have taught us anything, it has shown the importance of keeping your business books up-to-date and accurate. They need to be in order to apply for loan forgiveness under the CARES act. When someone asks you what your favorite part about owning or running a business is, you probably don’t say bookkeeping. However, bookkeeping is essential ...

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Top 10 deductions that may make the IRS go hmmmmm!

Each year, we file our taxes and cross our fingers in the hopes that we won’t receive a letter from the Internal Revenue Service. Why? Because that letter means your taxes are being audited.

Can I write off my Gambling Losses? Do I have to claim my Gambling Income?

Can I write off my gambling losses? Do I have to claim my gambling income? By Andrea MacDonald, CPA The IRS expects you to report all of your gambling winnings, whether you receive a tax form or not. Gambling losses are tax deductible, but only to the extent of your…

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How long should you keep statements and receipts from your personal tax return?

How long should you keep statements and receipts from your personal tax return? By Andrea MacDonald, CPA Tax season is here, and April 15th is only a few months away! The questions I get the most are: How Long should I keep my Tax returns and records? My paychecks? My…

4 Houses On The Beach With Sand And Dunes Representing Why Not To Invest An IRA In Real Estate

13 Reasons Why NOT to invest an IRA in real property

13 Reasons Why NOT to invest an IRA in real property By Andrea MacDonald, CPA We often have clients asking us if they can invest their IRA in real estate. It is legal to invest an IRA in real estate, but it is very rarely practical. Here are 13 reasons…

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Why are some accountants also CPAs and what does that mean?

Why are some Accountants also CPAs and what does that mean? By Andrea MacDonald, CPA If you’re a business owner, you’ve likely spent some time with an accountant. After all, you can’t always manage your books on your own! But if you want to legally and financially protect your business,…

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At Pro Tax & Accounting, we keep you from breaking the bank!

Pro Tax & Accounting is your go-to resource for business bookkeeping, accounting services, payroll, QuickBooks Consulting, and tax services. President and owner, Andrea MacDonald, CPA, is a Certified Public Accountant. Andrea and her team have the education, knowledge and experience and work with businesses throughout the Hampton Roads Virginia cities of Chesapeake, Norfolk, Virginia Beach, Suffolk, Newport News and Hampton, north into Williamsburg and throughout the mid-Atlantic region. And thanks to technology, Pro Tax & Accounting can work with clients anywhere in the world!

Call today and free up the time you need to run your business, and leave the bookkeeping and accounting up to the experts!

>> Email Us to Book an Initial Consultation for all your Bookkeeping & Accounting needs.

Resource: virginia-accountants.org/vataxnews