Joseph Orabona's (vectortax) Blog

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Services for Real Estate Pros - Vector Tax & Accounting LLC
RECENT BLOG POSTS
  Whether you file the simple 1040EZ or a complex 1040 and a raft of schedules, making a mistake on your tax form could lead to big tax trouble. Something as simple as a math error or unsigned form could invite extra attention from the IRS.   The tax agency sees those mistakes every year, and IR...
10/27/2020
The Treasury Department announced that the tax-filing deadline for 2019 will not be extended beyond July 15, 2020. If you have questions about what this means for you, keep reading!   What if I won’t be ready to file in less than two weeks? You will still have the option of filing for an extensio...
07/09/2020
It’s the Final Countdown! Earlier this week the Treasury Department announced that the tax-filing deadline for 2019 will not be extended beyond July 15, 2020. If you have questions about what this means for you, keep reading! What if I won’t be ready to file in less than two weeks?You will still ...
07/02/2020
Each year a few of our bookkeeping clients will have grown to a size where it makes sense for me to recommend that they file as an S Corp. Filing an election to have your LLC or Corporation taxed as an S Corp is a move that can have a lot of benefits, but you may cause problems for yourself by ma...
06/18/2020
Nothing. Many people just assume that I must be some sort of mathematical wizard.  It kind of just goes with the job.  In many ways though that's a misunderstanding of what the tax world is like.  My primary focus is on representing taxpayers in front of the IRS or state taxing authority and reso...
05/12/2020
The IRS just released Notice 2020-32 and it contained some disappointing but not surprising news.  Turns out you still can't have your cake and eat it too.  There's been some debate surrounding the deductibility of the covered expenses under the Paycheck Protection Program once the loan has been ...
04/30/2020
For an introvert I do a surprisingly large amount of public speaking. Here in Hartford County, CT I speak regularly to local organizations and I hate being redundant so, I’ll typically talk about a recent case. One common topic is a client getting an unexpected bill from the IRS demanding thousan...
04/20/2020
The Economic Impact Payments, or stimulus checks, started arriving in people's bank account on Friday.  It's Wednesday and it's already clear that the IRS has made a mess of things.  My main focus is on Taxpayer Representation and Tax Resolution.  I work in Hartford County CT with clients locally...
04/15/2020
People stop filing their taxes for many reasons, and at this point I’ve probably heard just about every reason. Someone once told me that they prepare their taxes by hand (don’t do that) and their dog ate it before they could mail it in. As someone who specializes in Taxpayer Representation here ...
04/13/2020
The constant flow of changes continues again today. By now most people know who is or isn’t getting a stimulus check. If you’re not sure if you’re on the list you can read through my earlier post. If you’re getting one but don’t want it, maybe you should reconsider that. Either way there was a gr...
04/10/2020
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Joseph Orabona

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