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What Can I Deduct from My Taxes When I’m Self-Employed?
Glenn Schanel, CPA
If you’re newly self-employed, figuring out what you can deduct from your taxes can be confusing. The good news is that you can deduct the same kinds of expenses as...
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7 Helpful Tips Responding to an IRS Letter
Glenn Schanel, CPA
Receiving a letter from the IRS can be a scary experience, but it doesn’t need to be if you know what to do. Here are seven things to keep in...
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What You Need to Know About Tax Identity Theft
Glenn Schanel, CPA
According to the IRS, tax identity theft dropped by 40% in 2017 compared to 2016. That doesn’t mean you should reduce your vigilance in keeping your information secure. Here’s what...
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Is Your Small Business Affected by the New Tax Law?
Glenn Schanel, CPA
The Tax Cuts and Jobs Act passed in December offers businesses multiple opportunities to save on taxes. A big help for many small businesses comes from the new Section 199A...
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Watch out for Big Changes to Meals and Entertainment Expenses in the New Tax Law
Glenn Schanel, CPA
The Tax Cuts and Jobs Act passed last December includes big changes in the deductibility of meals and entertainment expenses for businesses. The changes in the law may mean you...
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New Tax Law Means Higher Section 179 Limits and Enhanced Bonus Depreciation
Glenn Schanel, CPA
Thanks to the Tax Cuts and Jobs Act signed by President Trump in late December, business owners have more options — and more ways to save on taxes — when...
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How Will the New Tax Law Impact Your Paycheck?
Glenn Schanel, CPA
The Tax Cuts and Jobs Act of 2017 brought sweeping changes to individual income tax. And with those changes, you might see changes to your take-home pay. We’ll take a...
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How to Take Advantage of Portability and Shield $22 Million from Estate Tax Under the New Tax Law
Glenn Schanel, CPA
For the next few years, estate planning will be easier, thanks to the increased exemption amounts under the tax reform signed into law last December. Starting in 2018, the estate...
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Tax Cuts and Jobs Act Summary
Glenn Schanel, CPA
The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. Here's a look at some of the more important elements of the new law that have...
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Is Your S-Corporation Paying Reasonable Compensation?
Glenn Schanel, CPA
No one likes to pay more in taxes than they have to. The desire to minimize taxes makes S-corporations a great choice for many small businesses. Like all pass-through entities,...
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How to Calculate Safe Harbor Estimated Tax Payments
Glenn Schanel, CPA
Do you have income from sources that don’t automatically withhold taxes? This might be income from investments, rentals, self-employment, or payments for services performed as a contractor. The IRS (and...
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How to Choose the Right Entity Type for Your Business
Glenn Schanel, CPA
Choosing an entity type is a crucial early decision for your new business. The best choice depends on the nature of your business, whether you now have or plan to...
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How to Exclude Up To $500,000 of Gain on the Sale of Your Home
Glenn Schanel, CPA
What would you do with an additional $250,000 or $500,000 of tax-free income?  Selling your home at a gain is one of the few ways the IRS allows you to...
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Don’t Lose Your Mileage Deduction – Track Your Business Miles the Easy Way
Glenn Schanel, CPA
The IRS loves to disallow deductions for vehicle expenses, and without the right documentation, you’ll risk losing out on this valuable deduction. Vehicle expenses include the driving you do for...
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Business vs. Personal Use of Your Car: How to Tell the Difference
Glenn Schanel, CPA
In today’s always-on world, it’s often hard to tell where your work ends and your personal life begins. With that blurring of lines, it can be difficult to determine when...
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Reimbursing an Employee for Individual Health Insurance Could Result in Big Fines
Glenn Schanel, CPA
Since 1961, an employer was permitted to reimburse an employee for some or all of the premium expenses incurred for an employee’s individual health insurance plan and exclude that payment...
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Taxation of Inherited Annuities
Glenn Schanel, CPA
Annuities are complicated products that often cause much confusion for annuity owners, let alone their beneficiaries.  There can be significant tax consequences associated with the inheritance of an annuity held...
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Tips for Avoiding IRS Penalties
Glenn Schanel, CPA
$37,461.22.  That is the dollar amount our team at Schanel & Associates has saved taxpayers this year in IRS penalties through penalty abatement requests.  While we were happy to help...
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IRS Warns of Increasingly Aggressive Scam Artists
Glenn Schanel, CPA
The IRS recently issued a bulletin warning taxpayers to be on the lookout for scam artists impersonating the IRS.  These scammers have been resorting to increasingly aggressive scare tactics, such as threatening...
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SEP Plans – Avoiding Common Errors
Glenn Schanel, CPA
The IRS recently identified a few common errors seen in one of the most popular retirement plans used by small businesses — the SEP plan. General Rules for SEPs With...
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IRS IP PIN Notice Error
Glenn Schanel, CPA
Every year the IRS issues a CP01A notice, which gives victims of identity theft their annual Identity Protection PIN. On January 4, 2016, the new PINs for 2015 were sent...
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PATH ACT of 2015 Makes Most Tax Extenders Permanent – Part 2
Glenn Schanel, CPA
On December 18th, Congress and the President finally agreed to a deal on the annual tax extenders known as the Protecting Americans from Tax Hikes (PATH) Act of 2015. However,...