Early Filers May Be Due an Extra Refund
Taxpayers who filed their federal income taxes early this year and reported state refunds they received in 2022 as income may want to take the time to file an amended return. After some uncertainty about the taxability of refunds and rebates issued by certain states concerning inflation, general welfare, and disaster relief, among other issues, […]
Tax planning shouldn’t be a last-minute headache!
Tax planning is not just a task to tackle hastily as December 31 approaches or a source of panic right before April 15. It is a year-round activity that requires continuous attention and consideration. Let’s explore some personal and business tax issues you can address throughout the year to make your tax planning more effective […]
Save on Taxes and Protect Your Assets – Consider Changing Your Business Entity
As a business owner, it’s essential to understand how your legal structure affects your taxes and liability. Let’s break it down into simple terms. Business Entity Types If you’re a sole proprietor, your business’s property and liability are not legally separate from your personal assets. This means that your business income is considered personal income, […]
Overcoming the SALT Cap: Proven Tactics for Business Owners
In response to complaints about the Tax Cuts and Jobs Act of 2017 SALT cap, many states have authorized workarounds that allow a pass-through entity to pay state income taxes at the entity level. The entity deducts the payments and passes them to the individual owner as deductions or credits, bypassing the SALT cap at […]
SECURE Act 2.0 – Bolster Retirement Savings and Reinforce Long-term Financial Security
The Secure 2.0 Act will help Americans bolster their retirement savings and reinforce their long-term financial security. The common-sense solutions in the bill will help encourage employees to save for their retirement and to help ensure that savings will last a lifetime. Key provisions include: Increasing tax credits to promote the establishment of retirement plans, […]
Maximize Business Deductions Before Year End
Save on Your Tax Liability 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 […]
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 […]
Crypto as Compensation
Fidelity Investments recently announced that it would offer bitcoin as an investment option for employers using the firms’ 401(k) plans. Although the Department of Labor has warned against the policy, some employers are seriously considering cryptocurrency for investments and possibly even for regular compensation. Tax issues abound, similar to those raised when employees are compensated […]
