DO YOU KNOW THE INDIVIDUAL TAX CHANGES FOR 2023?
Article Highlights: Required Minimum Distributions (RMD) Excess Accumulation Penalty Military Spouse Retirement Plan Participation Clean Vehicle Credit Credit For Previously Owned Clean Vehicles Early Distribution Penalty Exceptions Credit For Energy Efficient Home Modifications Home Solar Energy Credit Credit For Small Employer Pension Plan Startup Costs Nanny Retirement Contributions Qualified Charitable Distributions Two recently passed pieces of tax...
The Truth Behind Commonly Asked Tax Questions
Article Highlights: What is Filing Status? When is One Required To File? What is AGI? Which is Better, Itemized Deductions or the Standard Deduction? What is a Tax Write-Off? How is Taxable Income Determined? What is the Difference Between the Graduated Tax Rates and the Tax Brackets? What is a Tax Credit? Which is...
Here’s The Truth About Bookkeeping
If you had to make a list of all the things that most business owners hate, taking care of accounting and other financial matters is probably right at the top. Yet at the same time, a lot of those same business owners are struggling. Maybe...
7 Proven Hacks to Boost Your Productivity
As a bookkeeping company, we understand the importance of productivity. Here are 7 Proven Hacks to Increase Your Productivity: ✔ Set achievable goals and prioritize your tasks based on their importance and urgency. Plan to do the task that you don't really want to do...
Bills You Should Never Put on Autopay
Using autopay for some of your bills is a great way to save time, but there are certain expenses that should never be set up for automatic payments. These include cellphone bills, utilities, gym memberships, and cable or satellite services. For these bills, it’s best...
What Should You Do if You’re Missing Important Tax Documents?
As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your...
Are You Employed in the Family Business – Check Out These Tax Implications…
When a family member employs someone, the tax implications depend on the relationship and the type of business. Taxpayers and employers need to understand their tax situation. Here is what to know: Married People in Business Together Generally, a qualified joint venture whose only members are a...
ARE YOU CARING FOR A DISABLED FAMILY MEMBER?
Article Highlights: Caring for Disabled Family Members Qualified Medicaid Waiver Payments Exclusion Qualifications Mandatory Exclusion Earned Income Earned Income Tax Credit Tax Court Ruling Many taxpayers prefer to care for ill or disabled family members in their homes as opposed to placing them in nursing homes, but doing this can be expensive, time-consuming,...
DO YOU KNOW THE MARCH 2023 BUSINESS DUE DATES?
March 1 - Farmers and Fishermen File your 2022 income tax return (Form 1040 or 1040-SR) and pay any tax due. However, you have until April 18 to file if you paid your 2022 estimated tax by January 17, 2023. March 15 - Partnerships File a 2022 calendar...
Small Business Owners Improve Your Credit Fast
If you're a small business owner looking to improve your credit, there are several strategies you can employ to do so. First, make sure to pay your bills on time. Late payments can bring down your credit score, so do your best to stay on...