Picture this: You’re hunched over last year’s budget, crossing out line items you think you can live without. And then what happens? The same stuff makes it back on the list anyway. Why? Because “that’s what we spent…
In an increasingly globalized world, many U.S. taxpayers find themselves with financial interests or assets located outside the United States. Whether through inheritance, investment, or business ventures, these foreign assets come with specific reporting requirements mandated…
Remember when “downsizing” was something you did to your closet every spring? Now, it’s a buzzword for a major financial move: selling the big family home to streamline expenses, pocket extra cash, or fund that dream…
The "Where’s My Refund" tool is accessible via the IRS website and the IRS2Go mobile app. It provides personalized refund information based on the processing of your tax return. To use the tool, you need to provide…
You, like most taxpayers, probably dread the task of pulling together your records to prepare for your tax preparation appointment, but the effort usually pays off in the extra tax you might save! When you arrive…
BREAKING NEWS On Thursday January 23, 2025, the Supreme Court issued a stay on a nationwide injunction that had previously halted the enforcement of beneficial ownership information (BOI) reporting requirements for businesses. The BOI requirements are…
In recent years, wildfires, hurricanes, and other natural disasters have become increasingly frequent and devastating, leaving many individuals and families grappling with the loss of their homes and personal property. For those affected by such disasters,…
As the year draws to a close, it’s time to take stock of your business’s financial health. A year-end financial review isn't just a box to check—it’s a crucial opportunity to assess your profit and loss,…
Household employees play a crucial role in many homes, providing essential services such as childcare, eldercare, housekeeping, and gardening. However, employing household help comes with a set of responsibilities, particularly in terms of payroll, withholding, and…
As a baby boomer, you may find yourself approaching retirement with less savings than you'd hoped. Whether due to economic fluctuations, personal circumstances, or simply the demands of life, many late starters face this challenge. However,…
Tax preparers often encounter clients who are confused about the various tax credits available to them. Understanding these credits can significantly impact your tax liability and, in some cases, result in a refund. This article aims…
As the deadline for compliance with the Corporate Transparency Act (CTA) approaches, small and medium-sized businesses (SMBs) must remain vigilant. This legislative milestone, aimed at enhancing corporate transparency, requires businesses to disclose beneficial ownership information to…
Taxpayers are limited in the annual amount they can contribute to a Roth IRA. The maximum contribution for 2024 is $7,000 ($8,000 if age 50 or older), but the allowable 2024 contribution for joint-filing taxpayers phases…
In the wake of the COVID-19 pandemic, the Employee Retention Credit (ERC) emerged as a vital financial lifeline for businesses. However, as the IRS intensifies its scrutiny of ERC claims, it has unveiled five new warning signs that…
INDIVIDUAL DUE DATES October 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your…
INDIVIDUAL DUE DATES September 1 - 2024 Fall and 2025 Tax Planning Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works…
The installment sales method is a significant tool for taxpayers selling a rental property at a gain, offering a way to spread tax liability over the period in which the sale proceeds are received. This method,…
Funding a child's education can be a daunting task for many parents and guardians. With the rising costs of post-secondary education, finding a tax-efficient way to save and grow education funds is crucial. Enter the Section…
The Internal Revenue Service (IRS) has introduced a second Employee Retention Credit (ERC) Voluntary Disclosure Program as outlined in Announcement 2024-30. This initiative is designed to address erroneous claims for the ERC, a refundable tax credit aimed…