When you give during the holidays, you can help those in need and also enjoy the benefit of tax deductions. However, navigating the complex landscape of tax deductions can be tricky, and it's essential to make sure you're following the rules and maximizing your tax benefits. Keep reading to get valuable tips on how to claim a tax deduction on your charitable donations during the holidays.
As the end of the year approaches, it's a crucial time to start planning for the upcoming tax season. Proper tax planning can save you money, reduce your stress, and ensure you're in compliance with tax laws. Keep reading to learn the importance of tax planning and how it can benefit you in the upcoming tax season.
Your tax documents contain a treasure trove of personal and financial data that identity thieves and cybercriminals are eager to exploit. THere are a few valuable tips for improving the security of your tax documents and protecting yourself from potential threats.
A CPA's knowledge, experience, and strategic insights can ensure that you make the most of your retirement while efficiently managing your tax obligations. Here's how a CPA can help you during your retirement years.
In today's fast-paced business world, making informed decisions is crucial to the success and growth of any company. This is where a skilled accountant plays a pivotal role. A proficient accountant can be a valuable asset, providing vital guidance to help you make informed and strategic decisions that can steer your business towards greater heights.
Recently, the IRS issued an important alert aimed at businesses and tax-exempt organizations, warning them about the potential risks associated with misleading employee retention scams. This blog post aims to highlight the key points from the IRS press release and provide simple steps to avoid improperly filing claims.
Selling a small business is a significant decision that often involves complex financial considerations. While the process can be exciting, it's important to be mindful of the tax implications that come with it. Keep reading to get some professional guidance on navigating the tax implications of selling your small business.
Did you know that your retirement income may be taxed? Keep reading to learn more about how retirement income is taxed, and which factors may impact the amount you pay in taxes during your retirement.
The deadline to file your 2022 tax return is two weeks away. Keep reading to learn what to do if you won’t be prepared to file before the tax deadline.
The IRS released a notice early last month that introduced SITCA, a new tip-reporting program for businesses within the service industry. Keep reading to learn more about this proposed change and what it might mean for business owners.
If you do any significant amount of driving for business purposes, you can deduct the miles you’ve driven or the expenses associated with that travel as a business expense on your tax return. Keep reading to find out more about the standard mileage deduction amounts for 2023.
If you’ve never had a Schedule K-1 before, you might be wondering exactly what it’s for and how you’re supposed to report the numbers included on it on your tax return. Keep reading to learn more about K-1s and how to handle them properly.
While you might be tempted to put off thinking about your taxes until the New Year, meeting with a tax planner before then can be extremely beneficial. Keep reading to learn why you should meet with a tax planner before the year is over.
How do you know if your donation will be tax deductible? Keep reading to learn a few things you should be aware of that will help you to know whether or not your holiday donations will be tax deductible.
If you requested an extension on your tax return in April, your taxes are now do in about two weeks, on October 17th. If you still haven’t prepared your tax return, here are a few tips to help you get it filed before the deadline passes.
For business owners, cutting costs is always a concern. However, foregoing professional help on your business tax return isn’t one of the expenses that you should cut. Keep reading to learn why business owners shouldn’t attempt to file their own taxes.
Business owners often have to calculate and submit payments to the IRS on a quarterly basis in order to ensure that they’re not charged with underpayment penalties when filing their tax returns. How do you know if your business should be making quarterly tax payments, and how do you calculate and make those payments?
The death of a loved one leaves the surviving family members with an incredible burden of grief to work through. Unfortunately, it can also leave them with a burden of responsibility in sorting out the deceased’s final estate and dealing with additional paperwork in settling their affairs. In addition to handling issues related to the person’s will and their estate, someone must also deal with filing the final tax return for them. While filing that final tax return can feel like a small issue, it’s not something that can be overlooked. Keep reading to learn what you need to know about filing the final tax return for a deceased family member.
In January, a new tax law went into effect for digital payment platforms like PayPal, Venmo, and Zelle. Why should this matter to you? If you’re a small business owner who accepts payments via these platforms, your transactions are much more likely to be reported to the IRS than they were previously. It’s important to be aware of these changes to ensure that you’re using proper accounting methods and reporting these sources of income correctly to avoid complications on this year’s tax return. Here’s what you need to know.
If the tax deadline passed you by and you never got your return filed, then the best thing to do is take action now and file an extension. Here are a few important things you should know about requesting a tax extension.
The tax deadline is now exactly 2 weeks away. If the deadline took you by surprise this year, you’re not alone. If you’re scrambling to get your taxes filed before the deadline, here are a few tips that might help you avoid unpleasant late fees.
Staff shortages, issuing advanced child tax credit payments and stimulus checks, and delayed tax deadlines have taken a toll on the IRS’s ability to process returns in a timely manner. With those delays in mind, should you expect your tax refund to be delayed this year too? Keep reading to find out.
Tax scammers are constantly evolving in the way that they work. Find out what you need to know about the most common tax scams for 2022 and how to protect yourself by reading the article below.
The New Year marks the official start of the 2022 tax season, so it’s time to start thinking about your 2021 tax return. As those tax forms start rolling in, you might be tempted to jump on filing your return right away. Don’t get us wrong, filing early is a good call, but it’s important not to get ahead of yourself; here are three important things to double check before you file.
If you think filing your taxes is difficult, dealing with the fallout of tax theft is much, much worse. If you’ve been told someone filed a false return in your name, here’s what will likely happen as you try to clean up the ensuing mess.
Getting a head start on your tax prep can make filing your return in the spring faster, easier, and a lot less stressful. Here are 5 things you can do right now to start preparing for the 2022 tax season.
Tax deductions and credits are the best way for taxpayers to reduce their tax liability each year. But many individuals miss out on these big tax breaks. Learn about the most commonly missed tax deductions and credits, and see if you could be keeping more of your money.
The Tax Cuts and Jobs Act introduced by President Trump in 2017 changed many things in tax law. One major change that had a widespread impact was nearly doubling the standard deduction for tax filers. Learn how to reduce your tax liability and take full advantage of this increase by bunching your tax deductions.
There are several types of retirement accounts out there, and each of them has their own tax implications and benefits. Proper tax planning is key to getting the most out of your retirement accounts. Learn more about the tax implications of the three main types of retirement accounts in this article.
Contrary to what many people believe, Social Security income may actually be subject to federal taxes. But just how much of your SSI is taxable, and at what rate? Keep reading to find out more.
If you have meal expenses as a part of doing business, we have good news: Those lunch meetings may now be 100% deductible on your company's tax returns for the next couple of years.
Every tax season, hundreds of taxpayers become prey to tax scams. One of the most common scams out there is for a thief to file a false return using your name and Social Security number. How can you avoid becoming a victim of this scam? IP PINs may be the answer.
When planning for your estate, many people are concerned about how much their beneficiaries will lose to taxes when they pass away. This article will give you a look at the current estate tax limits and gift tax laws.
Don’t rush through your usual tax filing process without first becoming familiar with some important tax law changes that apply to your 2020 return. Keep reading to learn more about which changes might affect you.
How will your stimulus check or PPP loan impact your tax return? Keep reading to find out.
The COVID-19 pandemic and the subsequent Coronavirus Aid, Relief, and Economic Security (CARES) Act have impacted the taxes, income, and retirement plans of American citizens in countless ways. Many individuals have seen a dramatic drop in the value of their investments, including their IRAs and other retirement accounts. In response to this, the CARES Act included a provision that allows retirees to skip their required minimum distribution (RMD) for 2020. Keep reading to learn more about this waiver and how it applies to you.
When the COVID-19 pandemic struck the United States at the beginning of the tax season, the federal government quickly pushed the tax deadline to July 15th. But if you're not ready to file yet, can you get another extension on your return?
Every year (for the last 10 years) Frank has provided the meat and does the actual smoking/BBQ for the Loveland Center’s annual fundraiser. Not only was this the 10th year, they broke records for the amount raised.
Every person’s tax situation is unique. If you would like to understand how the new tax laws impact you, give us a call and set up on appointment to meet with one of our CPA’s. We are happy to discuss your unique situation and help you get the most benefit from the new rules.