Get your FREE Small Business Tax Training Guide Today!

Is Your Income Over $400K? Brace for More Audits as IRS Lowers Audit Target

The IRS is taking a significant step to focus its auditing efforts on higher-income earners. This change aims to improve tax compliance and ensure that the wealthiest individuals pay their fair share. Here’s what you need to know about this shift and how it might impact you. Understanding the Change In May 2024, the IRS […]

Rev Up Your Tax Savings: Leverage Increased Auto Depreciation Limits in 2024

You may have heard that auto depreciation limitations are getting a boost in 2024, and you’re curious about what that means for you, right? Whether you’re a small business owner, a freelancer, or just someone trying to make sense of tax talk let’s break it down into simple terms, so you can understand how these […]

How The New BOI Reporting Impacts Business Owners

The Corporate Transparency Act (CTA) was enacted as part of the National Defense Act for Fiscal Year 2021. The CTA mandates that millions of entities report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This resource is meant to provide a preliminary overview of the provisions in the CTA.   Please […]

Should Your Hobby Be a Source of Income?

Do you have a hobby or pastime that brings you incredible joy? Maybe it even earns you a few bucks here and there. It could be painting, photography, gardening, sailing, or flying. Hobbies are a wonderful way to unwind, express creativity, and indulge in a personal interest.   Did you know that, in certain circumstances, […]

Maximizing Tax Deductions: IRS Guidelines for Donating Clothing

Donating clothing to charitable organizations is not only an excellent way to declutter your closet, but it can also provide you with valuable tax deductions. However, to ensure you get the most out of your charitable contributions, following the Internal Revenue Service (IRS) guidelines for donating clothing is essential. An Overview Here’s a brief overview […]

Demystifying Depreciation: Understanding the True Value of Assets

Depreciation is a concept that plays a vital role in the world of finance, accounting, and business. It’s a term that often creeps up in financial discussions and is crucial for understanding the actual value of assets. What exactly does depreciation mean, and why is it so important? Let’s delve into this fundamental financial concept. […]

ERC Mills Keep Pushing—But the IRS is Pushing Back!

The IRS has stopped processing new claims for the Employee Retention Credit due to the number of filings by aggressive “ERC mills” luring ineligible businesses to file bogus claims. Along with this moratorium on the ERC, which will last at least through the end of this year, the IRS strongly encourages companies to work with […]

How Accurate Accounting Boosts Your Company’s Value

Keeping track of your business’s money (accounting) is really important. It’s not just about following rules; it can also help your business become more valuable. Here’s how. 6 Ways to Increase Business Value Here are several ways in which accurate books can increase your business’s value: 1. Make Better Money Choices When you know exactly […]

6 Month-End Bookkeeping Tips: Start The Year Off Right

Each January you might be writing your goals for the year. How about putting month-end bookkeeping on your list? It’s important to make sure your company’s money records are well-organized. 6 Month-End Bookkeeping Tips So, here are some simple tips to help you. Match Your Bank Records: First, make sure that what your bank says […]

Understanding the 1099-NEC: Who Needs to Receive It?

In the landscape of tax forms and IRS documentation, the 1099-NEC Form is a crucial form for certain types of income. As tax season approaches, it’s essential to understand who is required to receive this form. What is a 1099-NEC? The 1099-NEC, “Nonemployee Compensation,” is a tax form introduced by the IRS for the tax […]

Sign up for our
FREE E-Book!