Tax Articles and Tips
POLARIS TAX & ACCOUNTING
The New W 4 Form
The IRS has released a new W 4 form starting in the fiscal year 2020. The change was needed to account for the removal of Personal Exception implemented from the Tax Cuts and Jobs Act
Virtual Tax Preparation the easy way
A recent survey by Nerdwallet shows that more than 1 in 3 U.S. taxpayers whose household income is less than $50,000 a year hired a tax professional to assist with the preparation of their Income
12 Ways to Pay Less in Taxes and Save Money
When we meet with new clients and business owners, we often hear that their major priority is to find ways to pay less in taxes and save money for other initiatives including growing their business,
Understanding Employee vs. Contractor Designation
Payments to Contractors is one of the top 21 small business tax deductions reported by business owners in their Profit & Loss Statements. This expense is also heavily scrutinized by both the IRS and State
Taking a Holistic Approach to Your Finances
Accounting & Tax is often thought of as a profession that is reactive in nature, rather than proactive. When your Accountant prepares your yearly financial records for your business or files your Tax Returns, he
Small Business Tax Deductions for 2020
Small Business Tax Deductions are critical in order to reduce your tax liability because they directly reduce Taxable Income. Taking advantage of every single potential tax deduction is the most effective way you can reduce
Virtual Accounting Firm, what are the benefits of working with one?
Today accounting firms are becoming more and more virtual as they strive to become a true Trusted Advisor for their clients. A virtual accounting firm reduces overhead costs, giving employees a better work-life balance and
How much does outsourced accounting cost?
We are often asked by prospective clients how much does outsourcing their business accounting cost each month? The short answer to this question is: It depends. Company size, number of transactions flowing through your accounts
The Trusted Advisor
As part of our Business & Personal Advisory Services, we strive to become your Trusted Advisors by implementing proactive and holistic planning services centered around your individual needs. A 2018 survey conducted by Accounting Today
Avoid these Four Common Businesses Tax Errors
Business owners often wear many different hats, from Marketing Specialist to Chief Financial Officer. When it comes to Accounting and Taxation, you might be tempted to implement a DIY approach rather than engage with an
2019 Last-Minute Year-End General Business Income Tax Deductions
The goal of this strategy is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that
2019 Last-Minute Year-End Medical and Retirement Deductions
When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans. But year-end is approaching, and now’s the time to take action. Here are the six
2019 Last-Minute Section 199A Strategies That Reduce Taxes
Remember to consider your Section 199A deduction in your year-end tax planning. If you don’t, you could end up with a big fat $0 for your deduction amount. We’ll review four year-end moves that (a) reduce
Tax Issues of Converting Your Residence into a Rental Property
The simple maneuver of converting your personal residence to a rental property brings with it many tax rules, mostly good when you know how they work. The first question that arises when you convert a personal
Know Whether Your Trip Is a Deductible Business Expense
To help you understand business travel, consider this: You planned a personal trip to Los Angeles, arriving on Friday afternoon and leaving on Sunday afternoon. About a week later, you learn that a vendor you need