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”
Tag Archives: financial
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”
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”
Common Accounting Terms Explained
Accounting is the process of recording, assessing, and communicating financial transactions which helps individuals and organizations understand their financial health. This work is done by keeping track of expenses, profits, and losses. Effective accountants ensure clients understand their legal obligations, financial performance, and that they can develop budgets and plan for their future. However, businessContinue reading “Common Accounting Terms Explained”
Accounting for the Hospitality Industry
Accounting is an essential requirement for any business and the hospitality industry is no exception when it comes to this requirement. Accounting for the hospitality industry requires specialized accounting management skills to avoid an entire system of mismanagement and inefficiency. Even the basic principles of accounting can assist you in obtaining the information required toContinue reading “Accounting for the Hospitality Industry”
TK Accounting & Consulting 