Posts by Christopher Olson, EA
Recovery Rebate Credit: New Checks Being Issued
Taxes & Tax Credits Recovery Rebate Credit: Understanding the Special IRS Payments In late 2024, the IRS announced automatic payments of up to $1,400 for certain taxpayers who qualified for the 2021 Recovery Rebate Credit but did not claim it on their original return. Here is what the program was, who qualified, and what taxpayers…
Read MoreNavigating an IRS Letter: What to Do If You Get One
IRS Problem Solving What to Do If You Get an IRS Letter An IRS notice does not automatically mean an audit, a major tax problem, or even that you owe money. But it should never be ignored. Learn how to identify the notice, understand what the IRS is asking for, protect important deadlines, gather the…
Read MoreHow to Know When Your Small Business Needs a Consultant
Business Consulting How to Know When Your Small Business Needs a Consultant You may be excellent at your trade, profession, or service and still find yourself overwhelmed by the business built around it. Here are the warning signs that outside perspective, stronger systems, better financial controls, or a clear growth strategy may be exactly what…
Read MoreHow Alabama Businesses Can Bypass the SALT Deduction Cap
Alabama Tax Planning How Alabama Businesses Can Use the PTE Tax Election to Reduce the Impact of the SALT Cap Alabama allows qualifying S corporations and partnerships to elect to pay Alabama income tax at the entity level. For some business owners, that can move a state income-tax deduction from the owner’s individual return to…
Read MoreYear-End Tax Planning Strategies: How to Save More Before December 31
2026 Tax Planning Year-End Tax Planning Strategies: How to Save More Before December 31 The tax return you file next year will report what happened during 2026. The opportunity to change many of those results, however, exists before December 31. Reviewing income, deductions, investments, retirement contributions and business activity before year-end can uncover planning opportunities…
Read MoreIs Christmas Lighting Tax Deductible?
Holiday Tax Planning Are Christmas Lights Tax Deductible? Before you cover the roof, storefront, office, trees, windows, and anything else that will hold still long enough in a few thousand twinkling lights, there is one tax question worth answering: can any of that holiday cheer actually become a business deduction? Christopher Olson, EA Approximately 9-minute…
Read MoreBrother-Sister Relationships: Understanding the Tax Code
Business Tax Planning Understanding Brother-Sister Relationships in the Tax Code Owning several businesses does not always mean the tax code treats each company as completely unrelated. Controlled-group rules can connect businesses through common ownership and affect retirement plans, employee benefits, deductions, tax thresholds, and other calculations. Here is how the brother-sister controlled group concept works…
Read MoreInstallment Agreements: Do I Need to Setup a Payment Plan if I Owe the IRS?
IRS Tax Problems & Payment Options Do I Need to Set Up a Payment Plan if I Owe the IRS? Owing money to the IRS does not automatically mean you need a long-term installment agreement. The right solution depends on how much you owe, how quickly you can pay it, whether your tax filings are…
Read MoreUnderstanding Tax Filing Requirements: A Comprehensive Guide on When to File Taxes
Bookkeeping & Accounting In Bookkeeping, Do All Deposits Count as Income? Money entered the bank account, but does that automatically make it revenue? Not necessarily. Loans, owner contributions, transfers, refundable deposits, customer payments, asset sales, and reimbursements can all hit the bank while requiring very different bookkeeping and tax treatment. Christopher Olson, EA Approximately 11-minute…
Read MoreIn Bookkeeping, Do All Deposits Count as Income?
Bookkeeping & Accounting In Bookkeeping, Do All Deposits Count as Income? Money entered the bank account, but does that automatically make it revenue? Not necessarily. Loans, owner contributions, transfers, refundable deposits, customer payments, asset sales, and reimbursements can all hit the bank while requiring very different bookkeeping and tax treatment. Christopher Olson, EA Approximately 11-minute…
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