Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year. While the list below is a great start, the most important of these actions is keeping timely and accurate tax records. Top Considerations for Starting the 2023 Tax Year Right W-4 Updates Employed? If so, …
Tax Blog
Wonder What A Tax Deduction Is Worth?
Individuals are always looking for a tax deduction that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer. Some deductions are “above the line” while others must be itemized. Some tax deductions must exceed a threshold amount before being deductible. Then there …
Common Family Tax Mistakes and Their Tax Consequences
When it comes to transactions between household members, common family tax mistakes occur with regularity. In families, tax laws are frequently overlooked. if not outright trampled upon. The following are some commonly encountered situations and the tax ramifications associated with each. Renting to a Relative When a taxpayer rents a home to a relative for …
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Over 72? Start Withdrawing From IRAs And Retirement Plans To Avoid Penalties
The Internal Revenue Service today reminded those who were born in 1950 or earlier that funds in their IRAs and retirement plans face important upcoming deadlines for required minimum distributions to avoid penalties.
Over 72? Start Withdrawing From IRAs And Retirement Plans To Avoid PenaltiesRead More
Your Annual Reminder To File Worker 1099s
Business tax filing deadlines aren’t on holiday, so don’t forget to file worker 1099s. If you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC to avoid facing the loss of the deduction for …
2023 Taxes – Planning is Key
Right now is the best time to prepare for your 2023 taxes. With the holiday celebrations coming to an end and the New Year just around the corner, it’s a perfect time to take a look at the changes that will impact your 2023 tax return when you file it in 2024. Keeping up with …
Video: Individuals May Receive 1099-Ks For Sales Over $600
If you are you an individual who has received over $600 from any single customer last year, you may receive IRS form 1099-ks for sales. The IRS reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K if they have received more than $600 for the year. IRS form …
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2022 Tax Organizer. The Best Deduction Finder & Problem Solver
Are you ready to receive your 2022 Tax Organizer? We’re busy collating and printing out the newest version of our organizer to send them out to clients the first week of January. These tax organizers help us identify missing tax deductions and get you more organized before your appointment. We update the tax organizer annually …
2022 Tax Organizer. The Best Deduction Finder & Problem SolverRead More
Video Tips: Taxpayers With An Outstanding Tax Bill Should Consider An Offer In Compromise
An Offer in Compromise can be an effective way for individuals and businesses to settle a federal tax debt. This federal program allows taxpayers to enter into an agreement, with the IRS, that settles a tax debt for less than the full amount owed. Sometimes taxpayers can settle for significantly less, especially if they have …
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