When Brandice Spencer started her business, Served LLC, she wasn’t setting out to change the prepared food industry- she just wanted to serve her family quality meals. As a working mother, Brandice experienced the struggle of balancing a full-time job, long daily commute and the push to prepare healthy dinners during the week for her family. “I knew we needed help, because all I could manage by the end of the day was fast food...Read more
According to the IRS, in 2015 the IRS had 8.1 million open collections cases related to unpaid taxes totaling $137 billion dollars. That’s more than the entire annual budget for the US Department of Education. The new mission statement of the softer, gentler, tax payer friendly IRS is to “provide America’s taxpayers with top quality service by helping them understand and meet their tax responsibilities and by applying tax law with integrity and fairness to all.”Read more
This week, with tax season beginning in earnest, we thought it would be helpful to talk a little about the file sharing portal we use here at Edgar & Edgar. For our clients, this may be a helpful refresher of how the service works, and may help educate others on what and how SecureFilePro works.
Some out there may be thinking that using a file sharing portal is a waste of time, and that it’s much easier to just e-mail your documents to your CPA. Guess what? It’s also much easier for...Read more
With a New Year come the inevitable New Year’s Resolutions. As everybody knows, these resolutions are hard to keep, that’s why we only try once a year. But here at Edgar and Edgar CPAs, we think a little technology can help you stick to your New Year’s Resolutions and help you achieve your ultimate goals.
Productivity – Whether your goal is to attain inbox zero, knock out the to-do list, or just get more organized, these apps (I...Read more
For those of you out there who own racehorses (and let’s be honest – who doesn’t?), a change in the tax treatment of depreciating racehorses after 2016 is galloping your way.
Ordinarily, horses placed in service fall into the seven-year recovery period for depreciation purposes. For those of you unfamiliar with depreciation, this means that you can expense a certain percentage of the horse’s purchase price, or basis, each year over the life...Read more
In a previous blog, we discussed some of Trump’s proposed tax changes, and their potential impact on taxpayers. In this blog, we’d like to discuss the impact that the proposed changes may have on those who itemize their deductions.
The current (2016) standard deduction amounts are $6,300 for...Read more
For charitable-minded taxpayers older than 70 ½ with an Individual Retirement Account (IRA), a Charitable Rollover could be a very tax-friendly way to donate to a worthy cause. Even better, this once temporary provision has now been made permanent as of the signing of the PATH Act on December 18, 2015.
What is a Charitable Rollover?
Prior to the Pension Protection Act of 2006, if an individual wanted to use...Read more
In honor of the annual turkey day feast, we thought we’d share some fun facts about Thanksgiving. Use these facts to amaze your family at the dinner table with your command of Thanksgiving trivia.
Mary Had a Little Turkey?
President Lincoln made Thanksgiving a national holiday in 1863 due to the insistence of songwriter Sarah Joespha Hale. Hale, who had been waging a 17 year campaign to make Thanksgiving a holiday, is better known...Read more
The holiday season is upon us once again, and that means increased opportunities to donate to charity. According to Charity Navigator, 31% of all annual giving occurs in the month of December – and 12% occurs the last three days of the year. Not only does charitable giving help a worthy cause, it can also help lower your taxes!
First, do you itemize your deductions, or take the...Read more
Election 2016 has come and gone, and the United States has a new president. Along with a new president, we have many possible changes heading our way, including potential changes in the way we are taxed. The president does not create or change tax law – that is the domain of congress. However, with the president-elect’s party set to control both houses, it’s worth discussing some of Donald Trump’s proposed tax law changes, and their potential impact on you.