In today’s digital world, many people engage with tax documents through electronic communications like bank statements, accounting software, and more. Utilizing digital platforms can mean extra security for your financial records and an easy-to-access paper trail for those who are technologically savvy. However, many essential tax documents like W2’s are still paper copies sent by [...]
There’s a lot of outlandish tax advice circulating on the internet. However, there is one incredulous-sounding claim that is actually partially true - and that’s the fact that you can deduct your swimming pool. Sometimes. As always, there are a lot of caveats and conditions that need to be met for this to be a [...]
Summer is a time associated with joy, leisure, adventure, and nature. But for busy working parents, summer can be a stressful time with kids out of school and wandering aimlessly. Many take advantage of daycares, babysitters, and summer camps to help entertain their little ones and the great news is that these can result in [...]
The Tax Cuts and Jobs Act introduced in 2017 had a widespread impact by nearly doubling the standard deduction for tax filers. While many people were pleased by that increase in the deduction, few realized how bunching tax deductions could help them to take greater advantage of this increase. Here is how it works. What [...]
The holidays are quickly approaching, with Thanksgiving just around the corner. Your company may want to spread some holiday cheer to your customers or employees. So, we thought a quick reminder on the tax rules related to holiday gifts and parties. Employee Holiday Gifts As a general rule, anything of value that a business transfers [...]
A tax deduction for your pet? We field all kinds of tax questions. A common one is “can I deduct my pet?” For the most part, the answer, is “no”. However, there are some possibilities to receive a deduction. Can I Claim my Pet as a Dependent? First, Let’s get this one out of the [...]
Beginning with the 2022 tax year, annual business earnings exceeding $600 received through apps like Venmo, Zelle, Cash app or PayPal, must be reported to the IRS. The new tax law was included in the 2021 American Rescue Plan and went into effect on January 1st, 2022. Previously, third-party payment platforms were required to report [...]
Let’s face it… the financial markets have been ugly lately. Nobody likes to see their account balances down, but there are some tax-saving opportunities that can help reduce the pain in a down market. Let’s take a look at a few. Consider a Roth conversion Roth conversions are a blog for another day. However, in [...]
Boating season is here and a question we get all the time is “can I deduct my boat? You might be able to! Let’s take a closer look. Can I deduct the interest expense for my boat? Your boat could be considered a qualified home and therefore the interest you pay for your boat loan [...]
Background If you currently have a traditional IRA, you may be considering whether you should convert your IRA to a Roth IRA. The answer to that question, like most tax questions is… “it depends…”. Let’s first take a look at the difference between a traditional IRA and a Roth IRA. The main difference between the [...]
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ClarkSilva was formed in 2019 by Keith Clark and Benjamin Silva. Keith and Ben met while working for a large regional accounting firm. During that time, they dreamed of a different kind of accounting firm. An accounting firm built with technology not volumes of books and endless stacks of paper…
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