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Holcombe, Holtzclaw, Ravan LLC
Businesses will soon be able to deduct more under the standard mileage rate

Businesses will soon be able to deduct more under the standard mileage rate

Jun 23, 2022 | Blog, Taxes

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices...
Want to turn a hobby into a business? Watch out for the tax rules

Want to turn a hobby into a business? Watch out for the tax rules

May 18, 2022 | Blog, Life, Tax Law, Taxes

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on...
Caring for an elderly relative? You may be eligible for tax breaks

Caring for an elderly relative? You may be eligible for tax breaks

May 17, 2022 | Articles, Blog, Community, Tax Law, Taxes

Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. 1. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize...
Businesses may receive notices about information returns that don’t match IRS records

Businesses may receive notices about information returns that don’t match IRS records

May 2, 2022 | Blog, Articles, Small Business Taxes, Tax Law, Taxes

The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a year to payers who filed...
It’s almost that time of year again! If you’re not ready, file for an extension

It’s almost that time of year again! If you’re not ready, file for an extension

Apr 12, 2022 | Blog, Individual Taxes, Tax Law, Taxes

The clock is ticking down to the April 18 tax filing deadline. Sometimes, it’s not possible to gather your tax information and file by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 17 to...
Smooth sailing: Tips to speed processing and avoid hassles this tax season

Smooth sailing: Tips to speed processing and avoid hassles this tax season

Jan 25, 2022 | Blog, Individual Taxes, Tax Law, Taxes

The IRS began accepting 2021 individual tax returns on January 24. If you haven’t prepared yet for tax season, here are three quick tips to help speed processing and avoid hassles. Tip 1. Contact us soon for an appointment to prepare your tax return. Tip 2. Gather all...
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