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Scott Farnes

Scott Farnes
Scott has over 25 years of accounting experience encompassing audit, accounting, and tax services. Scott’s industry experience includes small businesses, assisted housing, governmental clients, clients in the public housing industry, tax credits, construction contractors, and the nonprofit sector. He provides these clients with a variety of services including evaluating their business structure, keeping them current on required standards, performing financial statement audits, and tax return preparation.
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Recent Posts

Are Social Security Benefits Taxable?

Posted by Scott Farnes on Mar 24, 2020 8:02:00 AM

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.

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Topics: Taxable Income, Taxes, Retirement, Social Security

What to Do If You Are Missing Important Tax Forms

Posted by Scott Farnes on Mar 11, 2020 8:38:00 AM

If you are ready to file your taxes but are missing important tax forms here's what you should do:

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Topics: Taxes, Record Keeping, Tax Return, Tax Preparation

Tax Breaks for Taxpayers Who Itemize

Posted by Scott Farnes on Feb 5, 2020 8:13:00 AM

Many taxpayers opt for the standard deduction because it is easier, but sometimes itemizing your deductions is the better choice - often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here's what to keep in mind:

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Topics: Personal Finance, Taxes, Tax Deduction, Tax Return

What's New for the 2020 Tax Filing Season

Posted by Scott Farnes on Jan 15, 2020 8:13:00 AM

While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of.

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Topics: Taxes, Tax Return

Deducting Business-Related Car Expenses

Posted by Scott Farnes on Jan 1, 2020 8:17:00 AM

If you're self-employed and use your car for business, you can deduct certain business-related car expenses.

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Topics: Business Ownership, Taxes, Tax Deduction, Small Business, Business Expenses

Tax Benefits of Health Savings Accounts

Posted by Scott Farnes on Dec 26, 2019 7:48:00 AM
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Topics: Personal Finance, Taxes

Tax Breaks for Business: Charitable Giving

Posted by Scott Farnes on Dec 17, 2019 8:24:00 AM

Tax breaks for charitable giving aren't limited to individuals, your small business can benefit as well. If you own a small to medium-size business and are committed to giving back to the community through charitable giving, here's what you should know.

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Topics: Business Ownership, Taxes, Tax Deduction, Small Business

Tips for Getting Paid on Time

Posted by Scott Farnes on Nov 18, 2019 8:21:00 AM

Have you found that collecting on your accounts receivables has become more challenging? If so, strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables. While some tips discussed here may not be suitable for every business, most can serve as general guidelines to give your company more financial stability.

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Topics: Business Ownership, Financial Success, Collection Procedures

The Qualified Small Business Stock Exclusion

Posted by Scott Farnes on Oct 30, 2019 8:45:00 AM

As the driving force in today's economy, small businesses benefit from numerous tax breaks in the tax code. One of these, the Qualified Small Business Stock (QSBS), was made permanent by the PATH Act (Protecting Americans from Tax Hikes Act of 2015). If you're a small business investor, here's what you need to know about this often-overlooked tax break.

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Topics: Business Ownership, Taxes, Small Business, QSBS, Tax Exemption, Small Business Investor

Tax Preparation vs. Tax Planning

Posted by Scott Farnes on Oct 10, 2019 8:23:00 AM

Many people assume tax planning is the same as tax preparation but the two are actually quite different. Let's take a closer look:

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Topics: Business Ownership, Personal Finance, Taxes, Record Keeping, Managing Your Tax Liability, Tax Return, Tax Planning, Tax Preparation