Concerned about knowing how to spot a tax scam so you don’t become a victim? Tax season can be stressful enough without having to worry about falling victim to tax fraudsters. With cybercrime and identity theft becoming increasingly prevalent as more people file their taxes online, it’s wise to be vigilant and aware of potential …
Tax Planning
Estimated Tax Payments Are Not Just For The Self-Employed
Unlike employees, who have income, Social Security, and Medicare taxes withheld from their wages, self-employed individuals must prepay their taxes by making periodic estimated tax payments. These are referred to as estimated tax payments because the self-employed individual must estimate his or her net earnings for the year. Then pay taxes per an IRS schedule …
Estimated Tax Payments Are Not Just For The Self-EmployedRead More
6 Reasons Why Separating Personal And Business Finances Is So Important
The practice of separating personal and business finances is a fundamental financial practice that often gets overlooked, yet holds immense importance. By maintaining distinct bank accounts and credit cards for business transactions, small business owners benefit in so multiple ways. These benefits include streamlining bookkeeping processes, ensuring accurate expense tracking, and fostering clarity in financial …
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Qualified Small Business Stock: Do You Qualify For Its Taxable Gain Exclusion?
IRC Section 1202, the Qualified Small Business Stock (QSBS) gain exclusion, provides a significant tax planning strategy. Section 1202, also called the Small Business Stock Gains Exclusion, was enacted in 1993 to encourage investment in small businesses. It allows individuals to avoid paying taxes on up to 100% of the taxable gain recognized on the …
Qualified Small Business Stock: Do You Qualify For Its Taxable Gain Exclusion?Read More
Video Tips: Time To Prepare For Your 2023 Tax Return
The Internal Revenue Service is encouraging taxpayers to take simple steps before the end of the year to make filing their 2023 federal 2023 tax return easier. With a little advance preparation, taxpayers can approach the upcoming tax season with confidence. If you are a current client, you can expect to receive your 2023 Tax …
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2023 Tax Organizer – The Best Tax Deduction Finder & Problem Solver
Are you ready for an updated 2023 Tax Organizer? To get ready for your tax appointment, we use tax organizers to help us identify missing tax deductions and get you more organized before your appointment. We update the tax organizer annually to make sure you are compliant with the latest tax law changes. Configuration of …
2023 Tax Organizer – The Best Tax Deduction Finder & Problem SolverRead More
Mid Year Tax Planning Checklist 2023
We didn’t want to wait another second to release our mid year tax planning checklist for 2023. Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. Mid-year is the perfect time for tax planning. …
Tax Benefits For Parents
While having children equates to having more household expenses, there are also some significant tax benefits for parents. If you are a parent, whether single, married or divorced, there are a significant number of tax benefits available to you, including deductions, credits, and filing status that can help put a dent in your tax liability. …
S Corporation Stockholder? Be Sure You’re Taking Reasonable Compensation In The Form Of Wages.
S corporation requirements, specifically those regarding reasonable compensation, are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes through) the income, gains, losses, and deductions to the shareholders for inclusion on their …