Article Highlights: Tax-related Identity Theft Immediate Steps for Taxpayers Report the Incident to the IRS Contact Other Agencies Secure Your Personal Information Stay Vigilant How the IRS Protects Taxpayers Special Number for Filing Tax Returns Obtaining an Identity Protection PIN (IP PIN) In an era where digital transactions and online interactions have become the norm, […]
Throughout history, taxes have been a fundamental aspect of governance, often reflecting the economic and social priorities of the times. While many taxes are straightforward, aimed at income, property, or sales, some historical taxes have been quite unusual. These peculiar levies tend to reveal the solutions government officials devised to deal with societal challenges during […]
July 2024 Individual Due Dates July 1 – Time for a Mid-Year Tax Check Up Time to review your 2024 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 – Report Tips to Employer If you are an employee who works for tips and received […]
Article Highlights: Who Qualifies for the Self-Employed Health Insurance Deduction? Self-Employed Individuals Partners in Partnerships S Corporation Shareholders Where is the Deduction Claimed? The Tax Benefit What Insurance Qualifies Limitations and Restrictions In the labyrinth of tax regulations, the self-employed health insurance deduction stands out as a beacon of relief for self-employed individuals, partners in […]
Maintaining a clear and effective budget is crucial for success. Yet, many businesses are overwhelmed by day-to-day operations, often making financial decisions without a solid forecast. This can lead to unexpected financial troubles and missed growth opportunities. As accounting professionals, we understand the challenges you face. We are here to offer insights on how a […]
Starting a business is a thrilling adventure, filled with dreams of innovation, independence, and financial success. However, the reality of entrepreneurship often involves long hours, relentless challenges, and financial uncertainty. As tax and accounting professionals, we have seen firsthand the struggles that startups face. One of the most critical lessons for new entrepreneurs is understanding […]
Article Highlights: Funding Taxation Thresholds and Conditions Railroad Retirement Married Taxpayers Filing Separate Survivor Benefits Strategies to Minimize Taxation Income Planning Tax-Deferred Savings Tax-Efficient Investments Deductions and Credits Tax Withholding on SS Benefits Same-Sex Married Couples Gambling & Social Security Taxation International Aspects and Treaties Social Security benefits serve as a crucial financial backbone for […]
Article Highlights: IRS’s Current Position on ERC Claims High-Risk Claims Medium-Risk Claims Low-Risk Claims Availability of a Voluntary Withdrawal Program Businesses with Unprocessed Claims Businesses with Uncashed Refund Checks Businesses with Concerns About Claim Validity How to Withdraw an ERC Claim The Employee Retention Credit (ERC) was introduced as a part of the Coronavirus Aid, […]
New research indicates that children living in Seattle experienced a significant decrease in body mass index (BMI) following the implementation of the city’s soda tax. This tax, aimed at reducing the consumption of sugary beverages, has not only had positive health effects but also carries important tax implications worth exploring. Here, we look at the […]
Ditching manual transaction entry should be your number one priority now that QuickBooks Online streamlines the process of importing transactions from your bank. When you manually input transactions, you open the door to data transposition errors, potentially leading to inaccuracies in customer billing, reports, and taxes. Plus, it’s a time-consuming task that eats into hours […]