START OFF ON THE RIGHT FOOT FOR THE 2023 TAX YEAR
Article Highlights: W-4 Updates W-9 Collection Estimated Tax Payments Charitable Contributions Required Minimum Distributions Gifting Retirement-Plan Contributions Beneficiaries Reasonable Compensation Business-Vehicle Mileage College-Tuition Plans Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year. W-4 Updates – If you are employed, then your employer takes the information from...
FEBRUARY 2023 INDIVIDUAL DUE DATES
February 3 - Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 10 - Report Tips to Employer If you are an employee who works for tips and received more than...
WHAT YOU NEED TO KNOW ABOUT CONVERTING AN S CORP TO A C CORP
The type of business that you're running has major implications in virtually all areas of your operations, especially when it comes to federal taxes. An S Corporation (or S Corp for short) is one that passes corporate income, losses, deductions, and credits to its shareholders....
YOU MAY NEED TO PREPARE FOR 1099-K REPORTING
Article Highlights: 1099-K Reporting Threshold IRS Is After Unreported Income Venmo, e-Bay, Etsy, and Others Deductible Expenses Self-employment tax Self-employment Retirement Self-Employed Health Insurance Deduction Hobby vs. Business The IRS Tax law, since 2011, has required third-party settlement organizations such as Venmo, PayPal, CashApp, and Ebay to report transactions over $20,000 in payments per...
WONDER WHAT A TAX DEDUCTION IS WORTH?
Article Highlights: Non-business deductions Tax bracket Above-the-line deductions Itemized deductions Business deductions Tax credits Individuals are always looking for tax deductions that can reduce their tax liability. Are you wondering what a tax deduction is worth? Or what is the actual tax benefit derived from a tax deduction? There is no straightforward...
2023 – NOW’S THE TIME TO BRUSH UP YOUR BOOKKEEPING HABITS
Are you the type who makes New Year’s resolutions? Though the vast majority of those who pledge self-improvement focus on losing weight or exercising more, deciding to brush up on your bookkeeping habits may actually be smarter – and easier to stick to. If you’ve...
Better Bookkeeping in 2023…Yes Please!
Bookkeeping is an Important Part of Managing Your Business! Here are some of our top tips for keeping your bookkeeping in check: 1. Make sure you have a detailed record of all financial transactions. This includes income and expenses, as well as any transfers between accounts. 2. Set...
HUGE CHEAT FOR 2023: TAX, PAYROLL AND PERSONAL FINANCE CALCULATORS
Everyone can use a little extra help as we approach tax time! This section includes a library of over one hundred financial calculators. The calculators are easy-to-use and provide in-depth analysis for virtually any financial scenario, along with graphs, charts and tables. The calculators are categorized...
STATUS OF THE BIDEN ADMINISTRATION’S STUDENT LOAN FORGIVENESS
Article Highlights: The Forgiveness Plan Supreme Court Qualifications Tax Issues Payment Moratorium Current Applications President Biden's student loan debt forgiveness plan was originally authorized by an executive order and announced on August 24, 2022. It subsequently hit a snag when two court cases put a hold on the plan, which was one...
UNDERSTANDING TAX-DEFERRED INVESTING
Article Highlights: Income Deferral Earnings Deferral Individual Retirement Accounts Retirement Accounts Bank Savings Short- and Long-Term Capital Gains Education Savings Accounts Health Savings Accounts Installment Sales Tax Deferred Exchanges Qualified Opportunity Funds When you are attempting to defer the taxability of a capital gain, save money for your children’s future education or plan your retirement finances, you...