PWCPA Blog

Consider a Roth IRA if you qualify for one. The beauty of a Roth is that your investment grows tax-free, and qualified withdrawals from a Roth will be completely tax-free. Contact our office to find out if you qualify for a Roth IRA and other information on retirement...

There are many reasons why the Internal Revenue Service could be contacting you. Some contacts involve very minor corrections; some are for serious changes that could involve a lot of money. Sometimes the IRS is correct in what they are seeking; other times they are...

The IRS recently sent out a tax tip in regards to gambling winnings and losses. Most people don’t realize that their gambling habits have tax implications and they must be included on their tax return.  Gambling winnings and losses include all forms of legal gambling...

Check the tax savings of combining business and pleasure on the same trip this summer. Within the U.S., if the primary purpose of the trip is business and you add on a side trip or an extra few days for pleasure, you can deduct all the travel costs to and from your...

Do you own a boat or recreation vehicle? Are you thinking about buying one? As long as the vehicle has sleeping space, a bathroom, and cooking facilities, you may be able to claim it as a second home and deduct the interest payments on your loan. For any questions...

The figures on an income statement report the sales, expenses, and net profit or loss of a business. But these figures can be helpful in another way. They can be used to compute the breakeven point for the business. Knowing your breakeven point can help you run your...

There is no income tax withholding on self-employment income, but that doesn’t mean you’re not required to pay taxes during the year. Self-employed individuals generally must make quarterly estimated tax payments due April 15, June 15, September 15, and January 15 of...