Why do I need a tax professional when I can buy tax prep software?

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As tax professionals, we often are asked “Why do I need a tax professional when I can buy tax preparation software?” Let us explain… Tax software producers claim their products can prepare complex returns, but you may want to think twice before relying on software for all your tax and financial guidance. Although software may […]

Key Coronavirus Tax Changes

In addition to filing delays and a one-time stimulus payment, the IRS is implementing many changes in response to the coronavirus pandemic. Here are some of the major topics that could affect you and your family. Early distribution penalty waived The 10% early distribution penalty on up to $100,000 of retirement withdrawals for coronavirus-related reasons […]

The Household Employee Problem

This often overlooked bookkeeping and payroll tax requirement can cause a tangle of tax problems if not handled correctly. It ended a run for Congress by Caroline Kennedy (JFK’s daughter) and killed a U.S. Attorney General nominee’s chances for appointment. Could you be impacted? This is what you need to know. Nanny Tax Explained In […]

Five Big Tax Mistakes

Every year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning. Mistake #1. Withholding too little. This results in a tax surprise when filing your income tax. Don’t be too hard on yourself if […]

How to Defend Your Deductions

When faced with questions on your tax return deductions, it is getting all too common for tax authorities to deny everything and then make you prove that your deductions are valid. Do not let this happen to you. Here are some suggestions. The one-two punch To prove your deduction most auditors are looking for two […]

Sharing Economy Now in IRS Spotlight

Did you know… 40% of the workers in the Sharing Economy are unaware of their tax responsibilities and over 60% of the service provider companies are not training their new workers on their tax responsibilities. Source: Written statement of Nina E. Olson, National Taxpayer Advocate given at the Hearing on “The Sharing Economy” to the […]

The Lost Art of Tracking Home Improvements

One of the more popular provisions in the tax code is the $250,000 capital gain exclusion ($500,000 for a married couple) of any profit made when selling your home. As long as you follow the rules, most home sales transactions are not a taxable event. But what if the tax law is changed? What if […]

Six Questions Every Family Business Should Answer

Tax and business planning is important for the success of any organization, but especially for the family-owned enterprise. Here are some important questions that owners of family businesses need to address. 1. Do you have a plan? Without a plan, your business has no direction and possibly no future. You can be sure your strong […]

Team BAS supports The Leukemia & Lymphoma Society at The Light The Night Walk

Team Business Accounting Systems took part in The Light The Night Walk on Saturday, October 17th at Washington Lake Park, Sewell, NJ.  The Light The Night Walk is a fundraising campaign benefiting The Leukemia & Lymphoma Society and their funding of research to find blood cancer cures.  As a team, we raised $1400 to support […]

Back to school? Check this tax credit

If you or a member of your family is off to college this fall, you may be eligible for the American Opportunity Tax Credit.  Eligible students may take this credit for the first four years of higher education.  The credit can be up to $2500 annually.  Expenses that qualify for the credit include tuition, fees, […]