Straight Talk CPA - Blog

To Keep or Not to Keep These Tax Documents…   Posted by: Salim Omar

Now THAT is the question! Keeping tax documents is a question that many people do not ask because once the tax deadline has come and gone they are so ready to throw away those tax documents and throw a…

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Will You Pay Too Much in Taxes When Selling Your Home?   Posted by: Salim Omar

On the list of most stressful things a person can encounter in their personal life, selling a home is one of the top 5. Death, marriage, birth, purchasing a car, purchasing/selling a home are, in my opinion, the five…

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Follow the RMD Rules to Avoid Penalties   Posted by: Salim Omar

If you have either of the following retirement or IRA based plans, the Required Minimum Distributions (RMDs) rule applies to you. • Traditional IRA; • IRA based plans such as SIMPLE IRAs, SARSEPs, and SEPS; • Employer sponsored retirement…

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Do You Qualify For Tax Credits?   Posted by: Salim Omar

A refundable tax credit is a credit that can reduce your tax liability below zero, in turn creating a refund for you.  Hence, the term, refundable credit (a refund of the credit).  If the refundable credit amount is larger…

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Is Canceled Debt Taxable?   Posted by: Salim Omar

What exactly is canceled debt and how does canceled debt affect taxes? Let’s first answer what canceled debt is and then we will delve into how canceled debt can affect your tax situation.  In brief…. Canceled Debt is debt…

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5 Question to Ask Before Choosing a CPA For Your Business   Posted by: Salim Omar

It’s widely known that death and taxes are the two “certainties” in life. Yes, I know, death can be a gloomy topic but its certain that one day, you and I will have to exit planet Earth. The second…

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Sales Tax Nexus; Does it Exist For Your Business?   Posted by: Salim Omar

What does the term nexus really mean?  While the term nexus relates to several different matters, herein, we’re going to focus on nexus as it relates to sales tax.  In brief, sales tax nexus means that if an out…

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Beware; Employment Taxes   Posted by: Salim Omar

If you’re a business owner and have employees, you already are aware that there is a mandatory requirement to timely pay employment taxes. But what exactly are employment taxes? Employment taxes are withheld federal income tax, withheld social security…

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Independent Contractor or Employee? How to Tell.   Posted by: Salim Omar

If you hire someone who is receiving compensation for the work they do for you, they are considered either an employee or an independent contractor.  Independent contractors are self-employed and if paid more than $600 during the year, will…

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Avoid These Tax Return Mistakes   Posted by: Salim Omar

Avoid These Tax Return Mistakes Every year there are tax return mistakes…shocker, I know. But with the participation on social media and professionals striving to engage and educate their audience, many of these mistakes can be avoided because they…

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