Worried About Getting Audited? Here’s What You Need to Know About Your Chances
The IRS is expected to receive approximately $80 billion in funding between now and 2031, much of which will likely be used to increase audits in the near future.
Want to Improve Your Cash Flow? Shorten the Amount of Time it Takes to Get Paid
One of the best ways to reduce the amount of time it takes to get paid by clients and other vendors involves asking for payment deposits at the beginning of any new business relationship.
Eldercare Can Be a Medical Deduction
Many individuals are serving as care providers for elderly loved ones, such as parents or spouses, who cannot live independently. The cost of such care may be deductible as a medical expense.
The Gen Z Freelance Movement and the Tax and Bookkeeping Challenges That Come With It
Approximately 50% of all Gen Z respondents to one survey, engaged in freelance work of some kind. Bookkeeping and taxes present significant challenges to those choosing to go down this path.
How Taxes Impact Your Retirement-Income Strategy
Retirement might seem worry-free, but there can be challenges when managing their income, and how taxes affect them, including how taxes affect to Social Security and Medicare and when to tap taxable and tax-advantaged accounts.
Why Quality Bookkeeping Matters
As a business owner, you probably dread the paperwork. However, up-to-date records can help shed more visibility into the parts of your business that are working and, more importantly, which ones aren’t.
The Tax-Filing Deadline Is Drawing Near
As a reminder, April 18, 2023 is the due date to either file a return and pay the taxes owed or file for an automatic extension—but remember, you still must pay an estimate of the taxes owed!
Commonly Asked Tax Questions
Even if you have someone prepare your tax return for you, you should still understand the basic terms and concepts related to tax terminology. We define the key terms and answer some of the frequently asked questions!
The Benefits of Tax-Advantaged Savings Vehicles
Taxes can take a big bite out of your total investment returns, so it’s helpful to look for tax-advantaged strategies when building a portfolio. But keep in mind that investment decisions shouldn’t be driven solely by tax considerations; other factors to consider include the potential risk, the expected rate of return, and the quality of the investment.
Should You Keep Home Improvement Records?
Many taxpayers don’t feel the need to keep home improvement records, but you could miss out on the exclusion for home gains if you don’t.