Tax Benefits for Grandchildren
As a grandparent, you can teach your grandchildren financial responsibility while securing their financial future. We provide some tips so you can avoid any harsh tax consequences.
Will the Recently Passed Pension Legislation Affect You?
The Consolidated Appropriations Act, 2023, included the SECURE 2.0 Act that can significantly impact and augment your retirement planning strategies. Some provisions apply to individuals while others benefit businesses. We look at the most significant provisions.
Financial Moves to Minimize Taxes; You Need to Consider All Aspects
Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Associate Peter Lynch and Senior Financial Planner Giuliana Barbagelata, CFP®, to discuss a couple looking to shift money around now to minimize the impact of required minimum distributions in the future. The experts discuss the many moving parts in their financial plan needing consideration before making any moves today.
All the Signs That You May Need Some Assistance With Your Bookkeeping
In the early days of a business, you generally want to handle as many day-to-day tasks yourself—including bookkeeping. But as your business continues to grow, your finances become more challenging, which naturally adds complexity to the bookkeeping process.
Planning On Buying a New Electric Vehicle and Claiming a Tax Credit? Better Read This First
Although the credit for purchasing a new electric vehicle can still be as much as $7,500, Congress has added some new stringent qualifications as to which vehicles qualify, and for the first time Congress has limited who qualifies for the credit by barring the credit to higher income taxpayers.
Federal Tax Filing Season Has Started
It’s the most wonderful time of the year—for CPAs! The IRS started accepting returns on Monday, January 23, 2023! Remember the filing deadline for most individuals is on Tuesday, April 18, 2023 or Monday, October 16, 2023, if you file for an automatic six-month extension by the original due date.
Consequences of Filing as Married Filing Separate
The tax laws are carefully written to keep married taxpayers from filing separately to manipulate the tax laws to their benefit. We explore a list of the more commonly encountered tax disadvantages – some might call them tax penalties –when filing as MFS.
Looking Ahead to 2023 Taxes
With the holiday celebrations in the rear-view mirror and the New Year underway, now is the time to take a look at the changes this year that will impact your 2023 tax return.
Your Annual Reminder to File Worker 1099s
If you use contract workers to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC after the end of the year to avoid facing the loss of the deduction for their labor and expenses.
Five Common Family Tax Mistakes
Are you renting a home from a relative? Have your parents given you a loan? We look at five common situations and the tax issues that can arise!