Blog
Pay Attention to the Details When Selling Investments
The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors. You’re probably focused on factors such as how much you paid for the investment vs. how much you’re selling it for, whether you held the...
2017 Q3 Tax Calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting...
Our New Nampa Office!
Our Nampa Idaho Center location served us well, but our growth required a change. That change comes in the form of a new building to hold our expanding work family. The Firm was started by Pete Nichols in January of 1974, and 43 years later, we have 32 employees,...
The “Manufacturers’ Deduction” isn’t Just for Manufacturers
The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies. Sec....
When an Elderly Parent Might Qualify as Your Dependent
It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return....
Turning Next Year’s Tax Refund Into Cash in Your Pocket Now
Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year,...
Real Estate Investor vs. Professional: Why it matters
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are...
Individual Tax Calendar: Key Deadlines for the Remainder of 2017
While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that are important to be aware of. To help you make sure you don’t miss any important 2017 deadlines, here’s a look at...
IRS Initiates Pilot Program for Auditing Farmers’ Form 1040, Schedule F Expenses
IRS's Small Business Self-Employed Division has issued an internal memorandum that explains a pilot program for auditing expenses taken on Form 1040, Schedule F, Profit or Loss From Farming. Background Form 1040, Schedule F is used to report farm income and...