(555) 234-1001 hello@doomcpas.email 123 Main St. NY 10001
Doom CPAs, LLCSpells for every business

Articles

–

Latest articles in Tax Planning

Categories

Retirement Contribution Limits For 2021

If you are like many people, you are thinking about what may be ahead as you near retirement.  Whether you are within a few years of retirement or…

The Basics of Depreciation For Real Estate Rental Property

When you own real estate investment properties, there are a lot of tax benefits to be aware of. One of those is depreciation, and it can save you…

How Job Loss May Impact Your Tax Situation

If you experience a job loss, you will of course have numerous questions as to how it will impact your job situation. Whether you are an employee who…

What To Do If You Can’t Pay Your Taxes

For most people, paying taxes is straightforward. You get a paycheck from your employer and the employer has already deducted the amount you owe to the IRS. When…

All About Reporting Tip Income

In this gig economy, more taxpayers than ever before are receiving tip income. Whether the tips are from waiting tables, driving for Uber, or making home deliveries, those…

Claiming an Elderly Parent or Relative as a Dependent

Do you have an elderly parent or adult relative that you take care of? It doesn’t have to be a parent; it could be an adult child with…

How to Account for your Side Hustle

Selling cheesecakes on the side, or DJ’ing friend’s weddings? You’re not alone. Over 15% of Americans work a side hustle, for reasons ranging from building a savings account to paying…

Frequently Asked Questions About Charging Sales Tax

Whether you run a brick and mortar business or an ecommerce business, you have to deal with charging sales tax. How and when to charge sales tax has…

Be Careful With These Common Business Deductions

As a business owner, you’re entitled to a plethora of tax deductions. These tax deductions can help you to offset business income, which ultimately helps you be more…

To Gift or Not? Should you Give your Clients Holiday Gifts?

Whether it’s carols blasting in the malls, or menorahs in the window, the holiday season is upon us. For small businesses, it can be a great time to…

ASC 842, Leases, for Private Companies

The deadline for implementing the FASB’s new leases accounting standard, ASC 842, is fast approaching. Many private companies are only just now realizing that they need to examine…

Tax Deductible Home Selling

Which Items are Tax Deductible when Selling a House? When you list your house on the market, you’re probably thinking about how much money you’ll make or where…

14 Life Events That Warrant a Visit With Your CPA

Change is a constant part of life. With each change, adjustments have to be made. Certain changes in our lives puts us in a different tax category or…

Taxes and Other Implications of Real Estate Investing for Retirement

Two of the biggest concerns of those who are investing for retirement are not running out of money and maintaining regular cash flow. It can be difficult to…

Changes In The 2018 Tax Forms

With the acceptance of the Tax Cuts and Job Act reform, we are now seeing the results of one of the most expansive tax law changes in nearly…

Childcare Options and Costs

One of the hardest things to do as a parent is to leave your child in someone else’s care so that you can go back to work.  Sometimes,…

Understanding Multiple State Taxation

We often think that having a home in multiple states is a great idea, and sometimes we contemplate working while traveling between these homes.  In some cases, our…

Cash Versus Accrual

The Tax Cuts and Jobs Act of 2017 has led to changes in the way companies choose to be taxed.  Prior to the tax reform, many businesses were…

Hobby or Business?

“You should sell those.”  It’s a phrase many people have heard when showing someone their crafts.  When does a hobby become a business?  Is it when you first…

Crowdfunding and Taxation

In recent years, raising money online through third-party backers, or crowdfunding, has grown in popularity.  Originally utilized mostly by musicians, filmmakers and for other creative endeavors, it has…

Thinking Ahead to 2019

With the close of 2018, we begin to look ahead to 2019 and ensuring that we set ourselves up for a good tax outcome at year end.  There…

Lease or Buy?

Vehicle purchases are one of the largest expenses for most families.  With an increase in people choosing to lease instead of buy, what are the differences?  As with…

Changes to Family and Medical Leave

In 1993, then President Bill Clinton sought to find a support system to aid the rapid growth in the workforce, which was increasingly made up of women with…

What Qualifies as a Business Deduction?

You had a great idea and now you’ve put it in motion as a business.  And while income recognition is easy to determine, qualified business deductions can be…

Taxation of E-Commerce

As the holidays near, more and more shoppers are turning to online methods of procuring that special gift.  And it makes complete sense.  The world of e-commerce opens…