Ethan Shaw, CPA, PLLC

02/01/2024

Don't underestimate the power of good bookkeeping! 💡 As tax season approaches, remember that meticulous record-keeping isn't just about organization—it's your key to unlocking potential tax deductions and smoothing out the tax return process. ✅ Let me help you streamline your finances and maximize your savings! 💼

01/18/2024

Do you know what you need? Check out the list of common tax documents used to prepare your return!

1️⃣ Gather Income Statements: Collect W-2s, 1099s, or any income-related documents from your employer or clients.

2️⃣ Sum Up Deductions: Round up receipts and documents for deductible expenses like medical bills and charitable contributions.

3️⃣ Home Sweet Home: If you're a homeowner, gather mortgage interest statements and property tax records.

4️⃣ Investment Insights: Don't forget statements from your investments - stocks, bonds, and retirement accounts.

5️⃣ Education Pays Off: Grab tuition statements (Form 1098-T) for education-related deductions.

6️⃣ Self-Employed Essentials: If you're self-employed, organize business receipts, invoices, and any relevant financial records.

Remember, the key is organization! 🗃️ If you have questions or need assistance, I'm just a message away. Let's make this tax season a breeze! 💼💰

01/11/2024

Get ready!

As 2024 is upon us, that means tax season coming up quick! Get started early by collecting all necessary tax information in a folder for easy access and stress free preparation.

Stay tuned for effective and insightful solutions. Let's tackle tax season together! 📊🔍

02/21/2023

Are you self-employed and have a home office? Check out which expenses may be included in the home office deduction.

Home office expenses are direct or indirect for tax purposes. Direct expenses are 100% deductible, but most expenses are indirect and only a portion is deductible.

02/20/2023

If you guessed Abraham Lincoln, you're correct!

On July 1, 1862, President Lincoln signed the second revenue measure of the Civil War into law. This law levied internal taxes and established a permanent internal tax system. Congress established the Office of the Commissioner of Internal Revenue under the Department of the Treasury. On July 17, 1862, George S. Boutwell became its first commissioner.

(Sourced from irs.gov)

02/20/2023

How about a Presidents' Day quiz?

Which president established what would later become known as the IRS?

A) Woodrow Wilson (1913-1921)
B) Abraham Lincoln (1861-1865)
C) Harry S. Truman (1945-1953)
D) Franklin D. Roosevelt (1933-1945)

Answer posted at 4PM!

02/15/2023

Did you wager anything on the Super Bowl this past Sunday? Check out this Kiplinger article on sports betting and taxes:

The Super Bowl is done and fans are talking about the Chiefs and the ads, but what about sports betting taxes?

02/14/2023

Happy Valentine's Day to all the lovebirds out there! 💕

Don't forget that while you're enjoying your chocolates and roses, tax season is right around the corner. Take a moment to gather your documents and get organized so you can file your taxes with ease.

Love and taxes may not seem like they go together, but being prepared will make both a lot smoother! 💘💰 .

02/13/2023

Did you buy or sell securities in 2022? You may be expecting a consolidated 1099 from your broker.

Per the IRS, these need to be postmarked by February 15 (this Wednesday), unless the broker has filed for an extension - in which case, they need to be postmarked by March 15th. You may also be able to download your consolidated 1099 from your broker's website - so keep an eye out this week if you're waiting on it!

The graphic below helps outline what is included on a consolidated 1099.

02/11/2023

The 16th amendment to the U.S. Constitution established Congress's authority to impose a Federal income tax. The amendment was originally passed by Congress on July 2, 1909, and then was ratified nearly 4 years later on February 25, 1913.

So, if you chose answer D, you are correct!

02/11/2023

TAX QUIZ #3!

Is the federal income tax an amendment to the U.S. Constitution? If so, which year was the amendment ratified?

A) No, it's not an amendment.
B) Yes, it was ratified in 1862.
C) Yes, it was ratified in 1941.
D) Yes, it was ratified in 1913.

Come back for the answer at 4PM!

02/10/2023

Hershey's or Twix? One of them enjoys a tax break.

Because it's made with flour, the ingredient used to determine whether an item is a "food product" or a "candy" in the US, Twix is exempt from sales tax in 24 states that don't tax groceries.

Now that's a sweet deal...