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. […]
Retirement Plan Options for Small Business Owners
Retirement Plan Options for Small Business Owners Published: 3/28/2024 Offering a retirement plan can be a powerful tool when you’re competing to attract the best employees. And if you’re a sole proprietor, a retirement account can help you save even more money for the future. Here are some of the most popular retirement options for […]
Anticipating Your Refund? What You Should Know
Anticipating your Refund? What you should know Published: 3/22/2024 If you e-file your tax return, you can generally expect to receive your refund within three weeks of it being accepted by the IRS. Expect four or more weeks if you mail in your tax return. But delays can happen. Refund Delays: The common culprits These […]
Refund Smaller Than Expected?
Refund smaller than expected? Published: 3/20/2024 Many taxpayers start preparing their tax return with hopes of receiving a sizable refund, only to find out that their actual refund is much smaller than expected — or that they actually owe the federal government money instead! If this happens to you, here are some of the likely […]
Important Moves to Consider When Interest Rates Change
Important Moves to Consider When Interest Rates Change Published: 3/18/2024 A domino effect occurs each time the Federal Reserve changes interest rates. An increase leads to higher rates for consumers when they borrow, while paving the way to better returns for savings accounts. A decrease results in paying less interest when borrowing money, but also […]
Building an Emergency Fund When Cash is Scarce
Building an Emergency Fund When Cash is Scarce Published: 3/14/2024 The traditional rule-of-thumb for emergency funds is to have enough cash stashed away to cover 3 to 6 months worth of expenses. For many people, though, this sounds better in theory than in practice. When you’re starting from scratch and don’t have a lot — […]