2022 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
Dear Client: Are you thinking of getting married or divorced? If yes, consider December 31, 2022, in your tax planning. Here’s another planning question: Do you give money to family or friends (other than your children, who are subject to the kiddie tax)? If so, you need to consider the zero-taxes planning strategy. And […]
What To Look For In An Accountant
The truth is, it may take a few tries before you find a good accountant that is the right fit for you. Too many business owners and individuals spend years putting up with an accountant who may get the job done, but really doesn’t take the time to understand their unique situation, offer proper business […]
5 Signs It’s Time To Get A New Accountant
Relationships can be tricky, but the one you have with your accountant shouldn’t be. If you often find yourself feeling confused or frustrated with your current accountant, then it may be a sign to start looking for a new accountant. Here are five things to pay attention to that can help determine whether it may […]
Navigating Charitable Donations on Taxes
While the concept of giving is to benefit others, the good deed of putting those before yourself can also have personal benefits. When it comes to taxes, it’s often overlooked that certain charitable donations you make throughout the year can be applied to your deductions and possibly save you money on your tax returns. While […]
Why You Need a Proactive Accountant for Taxes
As your financial life becomes more complicated, the more you will benefit from a proactive accountant who can not only ensure your taxes are filed properly, but also help legally keep more of the money you earn over time. A good proactive accountant for taxes will take the time to understand the unique factors in […]
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 […]
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 […]