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Tax Prep vs. Tax Planning

Tax preparation and tax planning are two different services. Tax preparation is a service that helps to make sure your tax reporting complies with both federal and state tax laws. However, tax planning is a service that assists you in optimizing your tax situation before reporting. The purpose of tax planning is to use legitimateContinue reading “Tax Prep vs. Tax Planning”

Key Items Taxpayers Should Know

We strongly encourage taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include charitable contributions, economic impact payments, and advance child tax credit payments. For online tools, publications, and other helpful resources, taxpayers can visit IRS.gov/getready. Changes to the charitable contribution deduction If you don’t itemize deductionsContinue reading “Key Items Taxpayers Should Know”

Cryptocurrency & Taxes

Cryptocurrency has become popular for young professionals and investors. Many people buy only a few units to keep in hopes of future potential growth, but active investors are dedicated to buying and selling cryptocurrency to maximize their profit and revenue. When it comes to filing taxes, you do need to be aware that you mayContinue reading “Cryptocurrency & Taxes”

IRS Changes to Retirement Plans in 2022

This year, taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost of living adjustments that may affect pension plans and other retirement-related savings next year. The contribution limit for employees who participate inContinue reading “IRS Changes to Retirement Plans in 2022”

Saying Goodbye to 2021

The end of a year is filled with celebration of Christmas and festivities of ringing in a new year. However, for business owners it is also an important time to reflect on your financials, review your last year’s goals, and compare how your year went in regards to your budget and actual numbers. Business ownersContinue reading “Saying Goodbye to 2021”

Daily & Weekly Accounting

Accounting is something small businesses should do on a regular basis. Small business owners often put off accounting when they become busy with assisting customers. However, when audit season comes small business owners will likely spend hours catching-up and trying to identify and resolve any accounting discrepancies. Accounting isn’t a monthly, quarterly, and yearly task,Continue reading “Daily & Weekly Accounting”

Steps to Reducing Your Taxes

Tax credits and deductions change regularly, and the Tax Cuts and Jobs Act of 2017 eliminated some deductions and limited some others. However, there are still ways for wage earners to lower their tax liability. Currently the federal income tax brackets range from 10% to 37%, but if you’re smart about claiming deductions and creditsContinue reading “Steps to Reducing Your Taxes”

Tips on Effective Debt Management for Business Owners

It is important to have debt management skills when you own a business. However, if you find yourself further in-debt than you would like and you do not have debt management skills, don’t panic. There are options available. Below you will find useful and effective tips to assist you in taking control of your debts.Continue reading “Tips on Effective Debt Management for Business Owners”

Work & Everyday Life Balance

Are you struggling to balance it all? It isn’t easy, and you aren’t alone. Many individuals struggle daily with balancing family, work, their personal selves, and hobbies. It can seem overwhelming at times and also cause us to feel like we are neglecting some aspect of our lives, and sometimes it’s not just a feelingContinue reading “Work & Everyday Life Balance”

Getting Ahead of the Game #TaxSeason

Preparing your taxes early can help in alleviating last minute stressors and assist you in being better organized as you begin those first dreaded months of the year. Taxpayers experience dread as the new year approaches, but due to the global pandemic changing so many things, tax dread only seems to be getting worse. DueContinue reading “Getting Ahead of the Game #TaxSeason”