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 Central
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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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 …
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
Year End Tax Planning Issues
The holidays are rapidly approaching, and along with celebrations, come year end tax planning opportunities. So before you become distracted with the seasonal celebrations, it may be in your best interest to consider year end tax moves that can benefit you for both 2022 and 2023. Having the Congressional members preoccupied with the November mid-term …
Time Is Running Out To Take Your 2022 RMD
Required Minimum Distributions (RMD) are required taxable distributions from qualified retirement plans and are commonly associated with traditional IRAs. However, they also apply to 401(k)s and SEP IRAs. The tax code does not allow taxpayers to indefinitely keep funds in their qualified retirement plans. Eventually, these assets must be distributed, and taxes must be paid …
Using QuickBooks Online Effectively: 7 Best Practices
Using QuickBooks Online can sometimes be intimidating, especially if you are new to the accounting platform. However, there are some best practices when it comes to making the most effective use of your time. These guidelines are not enforceable rules, though some managers may build them into their official policies. They just describe the way …
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IRS Plans On Targeting Abusive ERTC Claims
The IRS is gearing up to go after abusive ERTC claims. Have you seen those ads on television promoting a large tax credit? The large tax credit they are referring to is the employee retention tax credit (ERTC). The ERTC is a government-sponsored program to keep workers employed during 2020 and 2021 because of the …
