$80 billion to the IRS – What it Means for You
You may have noticed that the IRS is in a bad way. It has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the agency on the phone. Congress noticed and took action by passing a massive funding of the IRS in the recently enacted Inflation Reduction Act. The […]
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 […]
Finalizing Your Small Business’ Tax Returns Before The Deadline
The deadline to file taxes is quickly approaching, meaning time is running out to make sure your small business’ tax returns are accurate and ready to submit. Here are the top three things to check over when finalizing your business returns. 1. General business information It seems simple, but always double-check that your business information, […]
Common Tax Mistakes to Avoid for Small Businesses
For a small business owner, trying to file taxes may seem like a burden. The process of compiling paperwork and understanding tax rules is stressful enough, and with merely only 25 percent of small business owners feeling confident that they file their taxes correctly, it’s no doubt there are worries about messing up your business’ […]
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 […]
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 […]
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 […]