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IRS Free File Program: Simplifying Your Tax Filing Process

Filing your taxes can be stressful and expensive, but there is a way to complete your tax return without paying a cent. The IRS Free File Program provides free online tax preparation and filing services. If your adjusted gross income (AGI) was $79,000 or less, you can use guided tax software from trusted partners for

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Tax Corner I Blog

Inherited IRA RMD Rules: Essential Guidelines for Beneficiaries

Navigating the rules for Required Minimum Distributions (RMDs) can be complex, especially when handling an inherited IRA. If you inherit an IRA from a decedent who passed away after December 31, 2019, you are generally required to liquidate the account by the end of the 10th year following the year of the IRA owner’s death.

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Business workplace with laptop sharing information about Beneficial Business Information in the Corporate Transparency Act
Tax Corner I Blog

Beneficial Ownership Information under the Corporate Transparency Act: Compliance Essentials for Businesses

As a business owner, you should be aware of the transparency requirements set forth by the Corporate Transparency Act (CTA). This piece of legislation mandates that certain companies submit beneficial ownership information, ensuring a greater level of transparency in business dealings. The goal of this legislation is ultimately to detect illict activities such as money

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Business Team have Meeting regarding S Corp Owner W2 or 1099
Tax Corner I Blog

S Corp Owner W2 or 1099: Decoding Tax Filing Requirements

When you operate a business as an S Corporation (S Corp), understanding how to properly compensate yourself, as both a shareholder and an employee, is essential for tax compliance and optimizing your tax situation. The Internal Revenue Service (IRS) requires that any shareholder who provides services to the S Corp must receive reasonable compensation in

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Tax Corner I Blog

When Do Tax Returns Come 2024: Key Dates and Deadlines to Know

So, you’ve filed your taxes and are owed a refund. Most taxpayers who are owed a refund are eager to know when do tax returns come into their bank account. The 2024 tax season is no exception, with the IRS offering several resources to help you track the status of your tax refund once you’ve

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Tax Corner I Blog

What is Deferred Revenue: Understanding Future Financial Obligations

It can be overwhelming to be confronted with all the jargon, such as deferred revenue, surrounding your finances- especially when not clearly understanding them can have a significant impact on something as important as your taxes. One such term is deferred revenue, also known as unearned revenue, which plays a significant role in the world

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Tax Corner I Blog

How Many 401(k)s Can You Have: Understanding Your Retirement Options

When doing retirement planning, understanding the ins-and-outs of 401(k) accounts is crucial. You may find yourself in a position where you can contribute to multiple 401(k) plans, especially if you’re juggling employment at different companies or you have a side business. It’s important to know that while you can have more than one 401(k), there

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Tax Corner I Blog

5 Frequently Asked Tax Questions: How Many 401k Can You Have? Insight on Rental Income, Bonuses, Car Purchases, and Virginia Taxes

When you sit down to navigate your personal finances, the tax implications of different decisions, and the long-term impacts of certain financial decisions, it can sometimes feel very overwhelming. You may have questions that are very specific to your situation, but understanding key aspects of your finances can empower you to make informed decisions.  When

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Tax Corner I Blog

Child Tax Credit Bill: Understanding the Latest Changes and Implications

Understanding changes to tax law is crucial for optimizing your financial well-being. The Child Tax Credit, a key component of tax relief for American families, underwent significant updates with the Tax Relief for American Families and Workers Act of 2024. If you have qualifying children under the age of 17, these changes potentially affect your

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