Reduce Your Tax Liability With These Year-End Deductions
We’ve almost made it to the end of another year. Pretty soon, it’ll be tax season. And, while you might not want to worry about taxes before you have to, now is the perfect time to position yourself to pay a little less to the government. Here are several end-of-the-year tax deductions to focus on […]
The Corporate Transparency Act
Be it a James Bond flick or Ozark, we’ve all watched those intriguing dramas featuring complicated plots in which the main characters are involved in money laundering, corruption, and tax evasion through shell corporations. Well, the team at FinCEN (the Department of the Treasury’s Financial Crimes Enforcement Network) must have seen those shows, too! Thus, […]
Timing is Everything When Avoiding Income Tax on Roth IRAs
Thinking about taking a withdrawal from your Roth IRA and assuming it’s tax-free? Before you do, check your calendar and time it right. Withdrawals from Roth accounts are exempt from federal income tax if you are 59-½ or older and have had at least one Roth open for over five years. The above qualifications must […]
Accounting Method Changes for Small Business Taxpayers
Recently, the IRS and Treasury released two revenue procedures on accounting method changes for small business taxpayers. Rev. Procs. 2022-9 and 2022-14 enable small business taxpayers, not a tax shelter, to obtain automatic consent to change to simplified methods of accounting, i.e., the cash method of accounting. These changes: Modify existing automatic method changes; Add several new automatic […]
How to Change 1099 Contractors to W2 Employees
It’s the age-old tale of the 1099 and W2. You may have heard the long and gruesome story told by business owners who have been assessed thousands of dollars in back payroll taxes, interest, and penalties because they classified a worker as a contractor (1099) rather than an employee (W2). Could it happen to you? […]
The $600 Rule In Online Payments
Do you receive or send $600 or more in online payments? Get ready for some extra bookkeeping! A new law requires that e-commerce and digital payment platforms that transfer money from a buyer to a seller must now issue the recipient a Form 1099-K if they receive $600 or more in a calendar year. As […]
High-Income Earners—The IRS is Watching You!
The IRS is taking a closer look at higher-income taxpayers after coming under sharp criticism in Congress over its lagging audit numbers. Recent reports found that audit rates were lower for wealthier taxpayers. This is partly because, for lower-income and Earned Income Tax Credit (EITC) taxpayers, the IRS is often able to use automated technology […]
New Schedules K-2 and K-3 Impact Partnership Tax Filings
New Schedules K-2 and K-3 (Form 1065) have been created by the IRS to offer standardized reporting of U.S. international tax information. The new formats include specific parts and boxes for certain items of international transactions, including withholding details and sourcing details. They will be used by partnerships and large corporations to report a wide […]
Get Your Money Today – Stop Waiting for the IRS Refund Check
The past few years have been a rollercoaster ride when it comes to getting your tax refund check from the IRS. If I told you there was a way for you to get that money when you make it, each and every pay period, would you believe me? Well, there is and it’s a simple […]
Save for College and Get a Tax Deduction
The State of New Jersey is now offering an attractive deduction for families saving for college. Taxpayers with a gross income of $200,000 or less may qualify for a state income tax deduction when they contribute to a Franklin Templeton 529 College Savings Plan. Deductions are permitted for up to $10,000 per taxpayer, per year, […]
