The Benefits of Being a Sole Proprietor
The Benefits of Being a Sole Proprietor Published: 5/22/2024 Many start-up businesses move from hobby status to a business when they start to make a profit. The tax entity typically used is a sole proprietorship. Taxes on this business activity type flow through your personal tax return on a Schedule C. Here are some benefits […]
Take Advantage before Changes Occur
Take Advantage before Changes Occur Published: 5/20/2024 Unless Congress takes action, a number of temporary tax laws are going to expire at the end of 2025. This means you have this year and next to take advantage of the current rules. That doesn’t mean Congress won’t extend the current laws, but why take the chance? […]
The Psychology of Saving – How to Change Your Money Habits
Start Your Tax Planning NOW! Published: 5/17/2024 Cutting expenses is often easier said than done. It’s easy for somebody to say Just cut your expenses! Stop getting a to-go espresso everyday! Eliminating something from your monthly budget, though, may come down to figuring out the best way to change your spending habits. Here are several […]
Start Your Tax Planning NOW!
Start Your Tax Planning NOW! Published: 5/14/2024 Keeping your taxes as low as possible requires paying attention to your financial situation throughout the year. Here are some tips for getting a head start on tax planning for your 2024 return: Review your paycheck withholdings. Now is a good time to check your tax withholdings to […]
Ideas for a Great Refund
Ideas for a Great Refund Published: 5/9/2024 Three of every four Americans got a refund check last year according to IRS statistics. With a little planning, you can maximize the benefit of your refund. Here are some ideas: Pay off debt. If you have debt, a great spending priority can be to reduce or eliminate it. […]
Seeing Inside the Mind of the IRS
Seeing Inside the Mind of the IRS Published: 5/3/2024 While most of us are never audited, when it happens we can often feel overwhelmed. Remember that the IRS auditor performs these audits every day. They know what to look for, and may ask leading questions that are easy to answer incorrectly. Here are some tips […]
Navigating Taxable Terrain: What You Need to Know
Tax Day is Here! Published: 4/19/2024 Tax season often feels like traversing a complex labyrinth, with unexpected twists and turns at every corner. One such curveball is understanding what’s taxable and what’s not according to the IRS. Let’s delve into some common scenarios to shed light on this often confusing topic. Stolen Property: Surprising but […]
Tax Day is Here!
Tax Day is Here! Published: 4/15/2024 With the individual tax-filing deadline on Monday, April 15th, now is the time to complete all filing arrangements and payments. What follows is information typically provided in our filling instructions to you when the tax return is completed. However, upon review, it makes sense to provide this information to […]
IRS Notices Creating Alarm
IRS Notices Creating Alarm Published: 4/10/2024 Beginning In April a number of IRS notices began hitting mailboxes. Unfortunately, the notices are coming in cold, as the IRS is turning on mailing their notices after a long time of being turned off. Their process is creating a lot of undue alarm. Example: A small business, current in […]
Tax Tips to Aid in Retiring Early
Tax Tips to Aid in Retiring Early Published: 4/5/2024 Wouldn’t it be nice to check out of the workforce early and not need to worry about having enough money for retirement? While good financial planning can help you get there, leveraging the tax code as part of your retirement plan is also a good idea. […]