Quant Bookkeeping

Your S Corp reasonable compensation amount needs to be based on real data, not guesswork. BLS data can provide valuable insights into reasonable salaries based on how you split your time as a business owner in your industry.

This new rule is taking a lot of business owners by surprise, you are no longer allowed to make catch up contributions in pre tax dollars if your F**A wages for the previous year were over $150,000 (box 3). This is a permanent provision of the Secure 2.0 act and 2026 is the first year this provision is in effect.

Free Oregon Tax Savings checklist, checkout our website for more information at quantbookkeeping.net.

For more information, visit the Taxpayer Advocate Services 3 Part Blog post.

It is generally recommended by the Taxpayer Advocate Service to file a protective claim, ask your tax professional whether you qualify. For more information visit the Taxpayer Advocate Service 3 part blog post.

I'm joking I would never blow up a difficult client

If you are under the standard deduction do you have to file a tax return?

Ever wonder how the tax code works? This video is a brief explanation of the tax code and why we have tax court cases. Grey areas in the tax code require judgment in the absence of case law, which is why you may have received different opinions on the same matter from multiple tax professionals.

Sometimes it is more beneficial to amend a prior year return if your income dropped significantly and hasn't increased to the same level in the last 3 years.

You can only claim a refund on an amended return if the amended return is filed no later than 3 years after the original return was filed.