Kumm David W CPA Office

What Can a CPA Do that a Regular Accountant Can’t?

What can a CPA do that a regular accountant can’t? That’s what we’d like to address today.

Five guys committed a $13 million tax fraud. Here’s how much prison time they’ll do

Miami-Dade residents Jamal Dyer, Jorge Osorio-Rodriguez, Tramaine Sealy, Jonathan Edwards and Daniel Murias each have been sentenced to do federal prison time after pleading guilty to a $13 million tax fraud

What Are Account Detail Types in Quickbooks?

If you’re planning to keep track of your business’s financial records using Quickbooks, you’ll need to familiarize yourself with the accounting software’s detail types. Whenever you create an account in Quickbooks — expense account, income account, liability account, etc. — you’ll be prompted to choose a detail type. It’s important that you choose the right detail type because this will affect the subcategory in which the…

Is Hiring a CPA Worth it? 5 Tips for Getting Your Money’s Worth

Often when people find out I’m a tax accountant, I get asked, “How much does a CPA cost?” It’s like me asking “How much does a home cost?” We all understand that a 1,000 square-foot home in Kansas has a different cost than a 1,000 square-foot penthouse condo in New...

Tax Deductions You Won't Believe

Here are some examples of deductions from the IRS that were permitted and some that were, uh, too creative.

4 Practices That Keep a Life Crisis From Creating a Business Crisis

Nurture relationships and practice equanimity while life is calm and you will be prepared to navigate a personal trauma that could upend your business.

Are You Missing Tax Deductions?

EVERYONE thinks about this. Those of you have already filed your personal income tax returns and those still getting their documents together. There are MANY deductions that are missed that general…

Wonder What a Tax Deduction Is Worth?

Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction?

Can you qualify for a medical expense tax deduction?

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax

Increase your tax refund with these deductions

Their advantage: They aren't subject to being phased out as your adjusted gross income goes up

Is It Better to Have a Tax Credit or a Deduction?

People often say that an expense is “a tax write-off”; most everyone interprets this to mean that the expense will have a tax benefit. Generally, such a benefit takes the form of either a deduction or a credit; these benefits’ effects are quite different, however, and each type has various categories. As a result, the tax implications may not be as expected. This is especially true when the write-off claim comes from a salesperson who is touting the tax benefits of a product…

Sales tax deduction alive and well

Count disability income when you determine your income for the IRS’ sales tax calculator.

Could These Tax Deductions Save You Big?

Can I Deduct That? Your Tax Deduction Checklist

Figuring out what you can and can't deduct as a business expense is challenging. These tips help you lower your tax bill without running afoul of the federal tax code.

Back to College? Don't Forget the Tax Credits and Deductions

The credits apply to eligible students enrolled in an eligible college, university or vocational school, including both nonprofit and for-profit institutions. The credits are subject to income limits that could reduce the amount claimed on their tax ...

Will Your Business Deductions Survive a Tax Audit?

Many small business incur losses over the first few years of operations. What you do to make sure that these deductions survive an audit is critical. The reason is that that the IRS limits deduct…

Your Guide to Understanding Taxes

Our Tax Policy 101 resources cover all the fundamentals, from the basic tax types and how much revenue they raise to their impact on the economy.

What is Taxable and What is Not Taxable?

When it comes time to prepare your taxes, you may wonder what is considered taxable income and what items, like inheritance, are not taxable.