Articles by Juanita Farmer, CPA

July 31, 2018 | Juanita Farmer, CPA

Small Business: Budget vs. Actual Reports

What if there were a tool that helped you create crystal-clear plans, provided you with continual feedback about how well your plan was working, and told you exactly what’s working and what isn’t? Well, there is such a tool; it’s called the Budget vs. Actual Report, and it’s exactly what you need to be able […]

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July 25, 2018 | Juanita Farmer, CPA

Tax Rules for Rental Income from Second Homes

Tax rules on rental income from second homes can be complicated, particularly if you rent the home out for several months of the year and also use the home yourself. There is, however, one provision that is not complicated. Homeowners who rent out their property for 14 or fewer days a year can pocket the […]

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May 16, 2018 | Juanita Farmer, CPA

Using a Car for Business: New Rules under TCJA

Many of the tax provisions under the Tax Cuts and Jobs Act of 2017(TCJA) were favorable to small business owners including those relating to using a car for business. Here’s what you need to know. 1. Section 179 Expense Deduction If you bought a new car in 2018 and use it more 50 percent for […]

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May 9, 2018 | Juanita Farmer, CPA

Selling your Small Business

Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. If you’re thinking about selling your business the first step is to consult a competent tax professional. You will need to make sure your financials in order, obtain an accurate business valuation to determine […]

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May 1, 2018 | Juanita Farmer, CPA

What to do When Your Tax Return is Late

Tuesday, April 17, 2018, was the tax deadline for most taxpayers to file their tax returns. If you haven’t filed a 2017 tax return yet, it’s not too late, and it may be easier than you think. First, gather any information related to income and deductions for the tax years for which a return is […]

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April 16, 2018 | Juanita Farmer, CPA

Late Filing and Late Payment Penalties

April 17 is the deadline for most people to file their federal income tax return and pay any taxes they owe. The bad news is that if you miss the deadline (for whatever reason) you may be assessed penalties for both failing to file a tax return and for failing to pay taxes you owe […]

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April 9, 2018 | Juanita Farmer, CPA

Need to File an Extension? Don’t Wait

If you’ve been procrastinating when it comes to preparing and filing your tax return this year you might be considering filing an extension. While obtaining a 6-month extension to file is relatively easy–and there are legitimate reasons for doing so–there are also some downsides. If you need more time to file your tax return this […]

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April 3, 2018 | Juanita Farmer, CPA

Understanding Estimated Tax Payments

Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, and rent, as well as gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from […]

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March 27, 2018 | Juanita Farmer, CPA

IRS Scam Alert: Erroneous Refunds & Fake Calls

Taxpayers should be aware of a new twist on an old scam involving erroneous tax refunds that are being deposited into their bank accounts. After stealing client data and filing fraudulent tax returns, these criminals use the taxpayers’ real bank accounts to deposit refunds, then use various tactics to reclaim the refund from the taxpayers. […]

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March 19, 2018 | Juanita Farmer, CPA

What Income is Taxable?

Are you wondering if there’s a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there’s more to it than that. Taxable income includes any money you receive, […]

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