Your Year-End Financial Checklist to Navigate 2024 with Confidence
Get ready for a prosperous 2024! Check out our practical year-end financial checklist that we’ve prepared to help you finish the year strong and set achievable goals.
Form 1099-K Reporting: Know the Latest Updates
According to a release from the IRS in December 2022, new requirements for so-called third-party settlement organizations (TPSOs) to report income and transactions have been delayed for one year. When items are sold for a profit, the 1099-K Form intends to ensure the income earned is reported to the IRS (and state revenue agency).
An Overview of Financial Statements
Investors and financial analysts rely on financial data to analyze the performance of a company and make predictions about the future direction of the company’s stock price. One of the most important resources of reliable and audited financial data is the annual report, which contains the firm’s financial statements.
Should You Do The Bookkeeping Yourself
The value of bookkeeping for your business has more benefit than just money. Here we will discuss some of the pros and cons of doing your own bookkeeping for your business.
How to Deduct Vehicles for Your Business Use
Learning how to deduct vehicles for business use will allow you to make the most out of your write-offs.
How Business Structures Impact Bookkeeping
Business structures will ultimately affect how taxes are filed each year by the business and individuals. IN this blog, we will discuss the different business structures and how they operate when it comes to taxes.
How to Determine Partnership Tax Cost Basis, Inside and Out
Want to know how to determine a partnership tax cost basis? This involves defining and calculating the outside cost and inside cost basis.
What Every Taxpayer Needs to Know This Season
Even though the IRS is currently experiencing a serious backlog in processing returns, here are a few things that you, as a taxpayer, should know about to avoid delays in filing or expedite the process.
How to Avoid Common Mistakes in Tax Return Filing
Do not wait to see if the IRS accepts your tax return or starts an audit after you file it; check out these tips to avoid common tax filing mistakes and get your full refund.
How To Maximize the Potential of Your 401(k) Plan
You can contribute a portion of your paycheck to your 401(k) by participating in an employer-sponsored retirement plan. Read our article to learn how to maximize its potential.
How Working Remotely May Affect Your Taxes
Remote work has many benefits, but one of the drawbacks is that it makes filing your taxes more complicated, particularly if you are working from home in a different state from the one your company is based in. Before filing your tax return, see what you need to think about and discuss with your accountant.
How to Get Your 2022 Finances in Order
As the New Year is here, here is the time to review your finances and be financially ready for what’s ahead. Learn about a few tasks you can get started on right away.
Standard Mileage Rates For 2022
The Internal Revenue Service has lately introduced the inflation-adjusted 2022 elective standard mileage rates used for the calculation of deductible costs of running a vehicle for business, charitable, medical, or moving purposes.
Small Business Startup Costs Deductions
If you’ve got recently a business started – or are contemplating to start a business – there are a few things you should know as a new business owner. You could be eligible to deduct your business costs incurred before the business started operating. Read our article to learn more.
Should Your Business File Forms 1099?
By law, you may be required to issue Forms 1099 to worker and the IRS by January 31st, 2022, if you hired independent contractors to perform services for your company, and paid them each $600 or more for the year.
Should Your Workers Be Classified As A Contractor or An Employee?
Are your workers properly classified and managed for your business taxes? Find out how the IRS determines your workers tax status and filing.
Year-End Tax Planning Tips for Individuals and Businesses
Here we are again, nearing the end of another year. While the tax deadline for 2021 isn’t until April 2022, now is the time to plan and make some strategic moves to optimize your tax situation. Below we’ll look at some tax planning ideas for both small businesses and individuals.
New Proposed Tax Laws
The House recently released a nearly 900-page proposed bill that would make major changes to current tax laws. The bill is intended in large part to help pay for both the Biden Administration’s budget and infrastructure stimulus bill. Read our article to learn more.
Financial Planning Tips For Small Business Owners
Explore Funding Options, manage your cash flow and factor in tax preparation.
Don’t solely rely on your credit cards or saving to gain capital, as these are likely to put you at financial risk.
Tax Breaks for Helping Relatives
It’s not uncommon for adult children or siblings to act as caregivers for family members or give them financial assistance for medical or long-term care needs. The problem is that all too often those providing the help don’t take advantage of the tax benefits.
How to Catch Up on Your Retirement
If you’re 40 or 50 and aren’t where you’d like to be in terms of saving for retirement, don’t despair. You can remedy this situation. And since people are living well into their 80s and 90s, it’s never too late to start. Here are a few things you can do.
Importance Of Bookkeeping
Every business need bookkeeping to ensure its finances are in order at all times. See why bookkeeping is important.
2020 Taxes: Everything You Need To Know About Filing This Year
Many of the changes and upheavals from last year have caused changes to your tax returns this year. Due to the COVID-19 crisis, there are plenty of new and revised provisions and important dates you will need to know about before filing your 2020 taxes this year. Here are some of the most important ones.
2020 Tax Season Offer
Don’t let your tax troubles drag you down!
Our team of experienced tax professionals is here to make sure your tax season goes off without a hitch.
Congress Provides Sick Leave and Child Care Leave Benefits for Employees
The COVID-19 epidemic has created situations where employees are not able to work because they tested positive for the virus or have been quarantined after coming in contact with someone who has tested positive. It has also caused parents to miss work because their children’s school has closed due to the outbreak and…