Taxpayers have two options for deducting costs associated with using a vehicle for business: either the standard mileage deduction or actual costs. This article analyzes the advantages...
Posted by Rosovich & Associates, Inc. on 07/29/2023
In life insurance, universal life insurance stands out as a versatile and flexible policy that provides both a death benefit and a cash value component. Unlike term life insurance,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 07/13/2023
Filing tax returns on time is crucial to maintain compliance with the Internal Revenue Service (IRS). However, circumstances may arise where individuals or businesses fail to file...
Posted by Rosovich & Associates, Inc. on 07/07/2023
As the backbone of our agricultural industry, farmers play a crucial role in providing food and resources. Operating a farm involves various financial responsibilities, including taxes....
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 07/02/2023
When dealing with complex tax matters, many individuals and businesses need clarification on whether they need the services of an accountant or a tax lawyer. Both professionals play...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 06/23/2023
Retroactive tax legislation is an issue that has been debated for a long time in the United States. Retroactive taxation occurs when the government imposes a new tax law that applies...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 05/08/2023
An OID also known as original issue discount is a debt instrument with a lower value compared to the time it was bought. The investor receives the face value after maturity with interest...
Posted by Rosovich & Associates, Inc. on 04/21/2023
Any mistake on a tax return equals money, hard-end money. Either you are losing it by paying taxes, interest, and penalties or getting a fat refund. In addition to the former, you...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 04/09/2023
It is normal for all taxpayers to look for ways to increase their tax refund and convert it into money. There are legal methods of increasing tax funds, but this article will focus...
Posted by Rosovich & Associates, Inc. on 03/01/2023
