Here are some effective year-end tax planning strategies that can help optimize deductions, manage income, and position yourself for potential tax savings: 1. Maximize Retirement Contributions Contributing to tax-advantaged retirement accounts, such as a 401(k) or...

Now that the 2022 tax returns are done (unless you asked for more time), it’s time to start thinking about next year’s taxes and how to plan ahead. The year 2023 brings some tax law changes and updates that you should know about. The government’s year-end funding...

The following is a guide of who should receive a Form 1099, however this is only a guide and additional information may be required to make a determination on who should receive a Form 1099.– Any fees in excess of $600 paid to attorneys (including corporations)–...

It’s That Time Of Year Again Where You Need To Start Implementing Your Tax Planning Strategies Before The Year Is Up. With All The New Regulations And An Unknown Election, Tax Planning Definitely Has It’s Challenges To Say The Least. Depending On Senate, The Tax...

Record keeping is so important in any business—especially true when you are starting out. Getting in the habit early on in your business will help create good practice that you can carry throughout the years! Why Should I Keep Records? There are so many reasons to...

When forming a new business you need to get an EIN number, also know as the Employer Identification Number. An EIN is a unique nine-digit number assigned by the IRS to business entities operating in the United States for the purposes of identification. You will need...

Forming a new business is such a fun adventure! It can be hard determining which kind of structure to select. We have broken down the most popular options to help you better understand what is available. As always, we are here to help answer any questions you may...

Is It A Business Or A Hobby? There are many people who have skill sets that can become a source of income. This can be anything from glass blowing to wood working, baking cakes to catering and everything in between. No matter your passion, we have some tips for you on...

Tax penalty—something no business owner wants to hear. We know that paying taxes isn’t at the top of everyone’s favorite things list, but paying an unexpected IRS penalty can be the WORST–and can cost hundreds if not thousands of dollars. Did you know there are legal...

Is it necessary to amend a tax return? We get this question a lot. Many people realize they messed up their federal tax return after they have already submitted it. It can make you panic and become a little scared that someone is going to come and report you to the...

Getting audited by the IRS can feel extremely stressful and overwhelming. The IRS is meticulous when reviewing questionable tax returns. We want our clients to be honest and informed when reporting to the IRS. We know sometimes audits are unavoidable and we are here...

We understand that filing an extension for your tax return can seem overwhelming. Do not worry we are here to help! The most important thing to remember is that you must request the extension by the regular due date of your return to avoid any penalty fees. We suggest...