How To Navigate Taxes With Large Expenses
Filing taxes may become routine over the years, but the filing process can appear more complex when you have large expenses to take into consideration, such as the purchase of a new home or motor vehicles. While it’s best to be prepared with both the finances and knowledge when making big purchases and the impact […]
How Small Businesses Can Prepare for Tax Season
There is always one season that everyone forgets – tax season. While it may seem like you have plenty of time to prepare, small business tax season sneaks up on many owners who often find themselves overwhelmed with the process. This year, don’t fall behind, and make sure your small business is prepared when the […]
5 Ways To Financially Prepare Your Small Business For The Upcoming Year
Are you feeling overwhelmed with making sure your small business is financially ready for the new year? As the current year comes to a close, small business owners should be determining the necessary steps they need to establish for growing and maintaining a prosperous business. Here are some small business financial strategies you can utilize […]
Are Your Finances Ready for the New Year?
There are a number of financial and tax topics we review with clients as the end of the year approaches. There are considerations for both individuals and business owners that can minimize tax liability and/or reduce your taxable income for the year, most of which need to happen before December 31st. Like most tax issues, […]
End of the Year Tax Planning
Small Business Owners – Time is Running Out for Proactive Tax Planning While 2021 taxes aren’t due for months, there are some moves that need to happen before the year’s end to minimize your tax liability. Ideally, your accountant should be reminding you every fall that it’s time to check in to review the financial […]
Don’t Settle for a CPA that Doesn’t Add Value to Your Business
If you only hear from your accountant at tax time, you are likely settling for a business accountant relationship that is not serving you or your business well. Don’t think of your CPA as just a necessary expense required for tax preparation. You will need to invest a bit more throughout the year, but a […]
You Took a Coronavirus IRA Distribution Last Year – Now What?
The CARES Act allowed traditional IRA owners who were adversely affected by the COVID-19 pandemic to take a tax-favored Coronavirus distribution of up to a combined limit of $100,000 from one or more of their traditional IRAs in 2020. You can recontribute the Coronavirus Distribution (CVD) amount(s) back into one or more traditional IRAs within […]
Fixing Tax Return Mistakes
With the IRS changing tax laws more than taxpayers can keep up with, tax return mistakes are inevitable when filing your taxes. Your mistakes will either cause you to underpay or overpay on your taxes. But, don’t fear, there are a couple of ways to fix any errors before IRS penalties head your way. […]
Tax-Related identity theft: What to look for and how to stay safe
The IRS continues to warn people of tax-related identity theft scams, especially regarding your personal financial and tax information. With these types of theft cases continuing to rise every year, it’s crucial to stay up to date on the latest forms of identity theft and how to keep your information private and safe. Let’s dive […]
The Tax Gap: Who is at fault and how do we close it?
Did you know roughly 99% of taxes due on wages are paid to the IRS, but compliance on other sources of income is only estimated to be about 45%? The IRS has definitely discovered that Americans are most likely only going to pay when they know the IRS knows what they owe. This is where […]