As tax season approaches, the annual rush to gather documents, crunch numbers, and meet deadlines can be overwhelming. Amid the seriousness of tax preparation, it’s refreshing to remember that the world of taxes is also filled with quirky, humorous, and downright bizarre stories. These anecdotes not only provide a good laugh but also highlight the […]
Article Highlights: W-4 Updates W-9 Collection Estimated Tax Payments Charitable Contributions Required Minimum Distributions Gifting Retirement Plan Contributions Beneficiaries Reasonable Compensation Business-Vehicle Mileage College Tuition Plans Record Keeping Individuals and small businesses should consider various ways of starting off on the right foot for the 2025 tax year. W-4 Updates – If you are employed, […]
You’ve hit your 40s or 50s, and suddenly, retirement doesn’t feel like a distant mirage. It’s real. The countdown is on. But here’s the good news: You’re in a prime position to play catch-up and fortify your future, using smart tax strategies to stretch your dollars further. Think of it as turning your financial cruise […]
Article Highlights: The Role of Beneficiaries Life Events That Necessitate Updates Why Regular Reviews Are Essential The Complexity of Naming a Trust as a Beneficiary In the realm of estate planning, naming beneficiaries is a critical step that ensures your assets are distributed according to your wishes after your passing. However, the process doesn’t end […]
The dreaded moment arrives: you check your mail, and there it is—a letter from the IRS. Your heart sinks. What could it be? A mistake? A penalty? A request for missing information? If this sounds familiar, you’re not alone. During filing season, the IRS sends out millions of notices, often leaving taxpayers confused, stressed, and […]
Article Highlights: Social Security Number Child Tax Credit Child and Dependent Care Credit Adoption Tax Credit Earned Income Tax Credit Credit for Other Dependents American Opportunity Tax Credit Lifetime Learning Credit Parents have special tax situations and benefits. Tax breaks for parenting expenses can result in a lower tax bill and a higher refund. Here […]
Article Highlights: Accelerate Business Expenses Review and Adjust Payroll Manage Inventory and Cost of Goods Sold Optimize Retirement Contributions Charitable Contributions Business Advertising Filing Obligations and Compliance Tax Credits and Incentives Employee Gifts Disaster Loses As the year draws to a close, small business owners have a unique opportunity to implement strategies that can significantly […]
Retirement is your reward for a lifetime of hard work, but keeping more of your savings in retirement requires strategy. Many Baby Boomers unknowingly leave tax dollars on the table by missing out on tax-savvy moves. You’ve built up a lifetime of savings—now it’s time to make sure they work for you. Let’s break down […]
Article Highlights: Itemizing Deductions and Medical Expenses Prepaying Property Taxes Charitable Contributions and Bunching Deductions Required Minimum Distributions (RMDs) Did You Know You Can Make Charitable Deductions from Your IRA Account? Maximizing Retirement Account Contributions Tax Loss Harvesting Reviewing Paycheck Withholdings and Estimated Taxes Managing Health Flexible Spending Accounts (FSAs) Did You Become Eligible to […]
As 2024 winds down, tax professionals are gearing up to prepare and reconcile client accounts for the year ahead. QuickBooks Online (QBO) offers tools to simplify this process, helping business owners wrap up year-end details and ensure their books are tax-ready for 2025. Below, we’ll dive into QBO features that optimize year-end prep, from running […]