Have you ever received a “notice from the IRS,” whether in an email or by voicemail, that sounded just a little suspicious? IRS tax scams are becoming more sophisticated, and often, every day, consumers are having a hard time figuring out if something is legit or not. It is so vital that you stay informed […]
IRS Tax Scams: How to Protect Yourself from Fraudulent Schemes Read More »
The U.S. tax code is constantly evolving, and our current iteration is no exception. The Tax Cuts and Jobs Act (TCJA), which was enacted in 2017, brought significant changes to the United States tax code. However, many of its provisions are set to expire at the end of 2025, a “sunset” which is going to
TCJA Sunset: Key Tax Changes Approaching in 2025 Read More »
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
IRS Free File Program: Simplifying Your Tax Filing Process Read More »
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.
Inherited IRA RMD Rules: Essential Guidelines for Beneficiaries Read More »
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
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
S Corp Owner W2 or 1099: Decoding Tax Filing Requirements Read More »
As a business owner, doing your business taxes can be one of the most difficult and stressful aspects of your job. Questions like when are LLC taxes due, what must you do to prepare for tax deadlines, whether and how much you owe in quarterly tax payments and how to file a tax extension are
When Are LLC Taxes Due 2024: Essential Dates & Filing Tips for Business Owners Read More »
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
When Do Tax Returns Come 2024: Key Dates and Deadlines to Know Read More »
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
What is Deferred Revenue: Understanding Future Financial Obligations Read More »
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
How Many 401(k)s Can You Have: Understanding Your Retirement Options Read More »
