When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, it often mails a letter or notice to the taxpayer. Taxpayers should know that the … Read More
For many people buying a home – whether it’s a fixer-upper in an up and coming neighborhood or that custom home you’ve always dreamed of – is a milestone event. While there is often a steep learning curve associated with … Read More
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver … Read More
With plentiful opportunities for teen employment this year, now is the perfect time to consider opening a Roth IRA for your minor child. Here’s what you need to know. What is a Roth IRA? A Roth IRA is a type … Read More
Business travel deductions are available when employees travel away from their tax home or principal place of work for business reasons. With inflation on the rise, business travel is more costly than ever. Hotel bills, airfare or train tickets, cab … Read More
Taxes are probably not what comes to mind when thinking about Summer, but you may be surprised at some of the ways you can reduce your 2022 income taxes. Consider these summertime strategies: 1.) Tax-free rental income If you rent … Read More
Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free and minimize estate taxes. Rising inflation, a volatile stock market, and relatively low interest … Read More
The Internal Revenue Service will raise the optional standard mileage rate for the final six months of 2022 to help offset the rise in gas prices nationwide. The new rates to calculate the deductible costs of operating an automobile for … Read More
Fraud is nothing new…it has been around for about as long as money has been in use. But the last few years have seen a rapid rise in the type, volume, amount, and impact of fraud on everyday consumers. With … Read More
Venmo and other payment apps are becoming a popular way to pay contractors. We talked about the “1099-K exception” in the last post, where if you pay someone via a “third-party processor” you do NOT need to issue a 1099 … Read More
