Sciarabba Walker Blog
The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
June 15 Tax Filing Deadline for Americans Living Abroad
While most individual U.S. tax returns are due on April 15, U.S. citizens and resident aliens living abroad have a special filing deadline of June 15. Taxpayers qualify for this filing deadline if their tax home and abode are both outside the United States and Puerto...
Fun fact: Tacking vacation days onto a deductible business trip
How entrepreneurs must treat expenses on their tax returns
Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for...
Record Retention Guidelines: How Long Should You Save Your Documents?
When filing away tax documents, it is important to understand what you need to keep and why. One of the many reasons for keeping this documentation is the statute of limitations, which limits the amount of time the IRS has to potentially audit your return....
Three questions you may have after you file your return
Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions we are frequently asked at this time of year. Question #1: What tax records can I throw away now? At a minimum, keep tax...
Seniors: Medicare premiums could lower your tax bill
Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But...
Avoid Potential Penalties and Interest When Filing an Extension
Do you find a tax deadline suddenly upon you but know you need more time to gather information to file an accurate return? That’s okay! Many businesses and individuals file for extensions every year because they need more time to gather the information necessary to...
It’s not too late to make a deductible IRA contribution for 2018
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2018 tax year between now and the tax filing deadline and claim the write-off on your 2018 return. Or you can...
Cryptocurrency and Foreign Reporting
Cryptocurrencies have been in the news a lot recently, mainly because of wide fluctuations in value. Since the meteoric rise and fall of Bitcoin (the most popular cryptocurrency), many people are considering investing in cryptocurrency. There may be foreign reporting...
Still working after age 70½? You may not have to begin 401(k) withdrawals
If you participate in a qualified retirement plan, such as a 401(k), you must generally begin taking required withdrawals from the plan no later than April 1 of the year after which you turn age 70½. However, there’s an exception that applies to certain plan...