Watch Out for These 4 Tax Myths
Watch Out for These Tax Myths Published: 11/20/2024 Many myths about the IRS and the tax code have been amplified online in recent years. Here are several myths that if you believe them, could leave you with an expensive tax surprise. Myth #1: Retirement money is always tax free. You have retired and withdraw from […]
2025 Cost-of-Living Adjustment (COLA) Changes
2025 Cost-of-Living Adjustment (COLA) changes Published: 11/18/2024 The Social Security Administration announced a 2.5% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2025, another rate drop versus last year’s increase of 3.2%. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in […]
Top 15 Year-End Tax Tips
Top 15 Year-End Tax Tips Published: 11/15/2024 At the end of each year there are a number of things to consider that may have a positive impact on your tax obligation. Here is a list of fifteen ideas that may be worth a quick review. 1. Make last minute charitable donations. Pay attention to your itemized deduction […]
Elections. Elections. Elections.
Elections. Elections. Elections. Published: 11/7/2024 Every year is an election year when it comes to making decisions on your annual income tax return. Here are four common examples that can create tax savings opportunities if you elect the correct option. 1. Tax filing status. Typically, filing a joint tax return instead of filing separately is beneficial […]
Estate Taxes: What EVERYONE Should Know
Estate Taxes: What EVERYONE Should Know Published: 11/5/2024 Most taxpayers ignore the federal estate tax, thinking they will never be touched by it. Unfortunately, you do this at your own peril. Why? Because states often have this tax AND politicians have a habit of frequently changing the rules. The most recent change is scheduled to […]
HUGE Tax Write Off No One Talks About
HUGE Tax Write Off No One Talks About Published: 11/1/2024 We’re thrilled to announce that Bryce Egbert, owner of BCE Accounting & Tax, recently joined forces with world-renowned CPA and attorney Mark J. Kohler on his popular podcast. Together, they dove deep into actionable tax-saving strategies designed to help business owners like you make the […]
Those Pesky Records!
Those Pesky Records! Published: 10/31/2024 Each of us needs to keep records that substantiate our tax return or other important life events for as long as they are needed. So what does this mean? The basic retention period. Federal tax return substantiation is generally three years from the later of the tax return filing due date […]
Understanding Tax Terms: Contemporaneous Records
Understanding Tax Terms: Contemporaneous Records Published: 10/28/2024 If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to you. One of the more uncommon words used by the IRS is the term “contemporaneous.” So what does it mean and […]
Proper Inventory Management Can Lead to Higher Cash Flow
Proper Inventory Management Can Lead to Higher Cash Flow Published: 10/25/2024 Mastering inventory levels is a key to many successful and growing businesses. Here are several reasons why proper inventory management can lead to lower costs and higher cash flow: Less shrink. Shrinkage represents cash that goes to waste because inventory is damaged, stolen, or […]
Taming Monthly Bill Creep
Taming Monthly Bill Creep Published: 10/22/2024 You notice one of your monthly expenses just went up from $25 to $28. Six months later and you’re now paying $35. Fast forward another 18 months and now the charge is $50 a month. If you have an expense on autopay, you may go several months without noticing […]
