Category Archives: Personal Finance

11 Tax Audit Red Flags

Posted on June 11, 2012 by William A Olson, CPA

According to CNN Money, the following are 11 tax audit red flags to avoid: You have a sketchy tax preparer. Regardless of what your preparer may tell you, the taxpayer is legally responsible for for all the information on their … Continue reading →

Posted in 1040 Personal Income Taxes, Accounting, IRS, Personal Finance, Tax Preparer | Comments Off

Business Vehicle Deduction Reminders

Posted on June 4, 2012 by William A Olson, CPA

From time to time, it’s nice to recap IRS requirements and ensure our record keeping methods are up to date in the event of IRS review. One of the areas often looked at by the IRS is the deduction of … Continue reading →

Posted in 1040 Personal Income Taxes, 1065 Partnership Income Taxes, Accounting, IRS, Personal Finance, Small Business | Comments Off

Here are some helpful financial calculators from the Wall Street Journal.

Posted on May 30, 2012 by William A Olson, CPA

Financial calculators from the Wall Street Journal. As always, if you need assistance with any of these or have other financial related questions, please contact my office.

Posted in 1040 Personal Income Taxes, Personal Finance | Comments Off

Travel Expense Tracking Made Easy

Posted on May 29, 2012 by William A Olson, CPA

According to the IRS, deductible travel expenses while away from home include, but are not limited to, the costs of: Travel by airplane, train, bus, or car between your home and your business destination. (If you are provided with a … Continue reading →

Posted in IRS, Personal Finance, Small Business, Technology | Comments Off

Health Insurance Rebates

Posted on May 7, 2012 by William A Olson, CPA

After a long run of continually rising premiums, there may finally there may be some good news for small businesses and individuals who purchase their own health insurance. According to a new report from the Kaiser Family Foundation, businesses and … Continue reading →

Posted in Personal Finance, Small Business | Comments Off

Start Getting Your 2013 Tax Return in Shape

Posted on April 30, 2012 by William A Olson, CPA

“Procrastination is like a credit card: it’s a lot of fun until you get the bill.” ~ Christopher Parker We may have barely made it past the 2011 filing deadline, but taxpayers should already be doing a few quick checks … Continue reading →

Posted in 1040 Personal Income Taxes, Accounting, IRS, Personal Finance, Tax Preparer | Comments Off

Get your 2012 tax refund now.

Posted on April 23, 2012 by William A Olson, CPA

A big tax refund sure feels good… almost like you’ve won the lottery. But this doesn’t always make good financial senses. You could have put that money to work either investments or just a plain vanilla savings account earning interest … Continue reading →

Posted in 1040 Personal Income Taxes, IRS, Personal Finance, Tax Preparer | Comments Off

Converting your home to a rental property

Posted on March 12, 2012 by William A Olson, CPA

I find that more and more clients are converting their personal residences to rental properties for a variety of reasons. This has a variety of different tax implications some of which, are explained in this article.

Posted in 1040 Personal Income Taxes, Personal Finance, QuickBooks | Comments Off

Married? Should you file jointly or separately?

Posted on February 16, 2012 by William A Olson, CPA

I get asked this question a lot… most often, it’s best to file jointly if you’re married, but some times it does make sense to file separately.

Posted in 1040 Personal Income Taxes, Personal Finance | Comments Off

5 Ways to Avoid an IRS Audit

Posted on February 9, 2012 by William A Olson, CPA

5 Ways to Avoid an IRS Audit from SmartMoney.com