December always seems to fly by. In just a few short weeks, Thanksgiving dinner will be over and it will be time to welcome the New Year. The holiday season brings personal obligations, but for retailers, it’s also the busiest time of the year. Even if you’re not in the retail business, you probably have […]
As a business owner, understanding the value of your company is crucial for various scenarios, from transactions to tax reporting, financial reporting, and even potential litigation. In this comprehensive guide, we’ll address ten commonly asked questions about business valuations, providing you with the knowledge you need to navigate this important aspect of business ownership. Why […]
Article Highlights: Potential Credit Eligible Employees Credit Determination Certification Process Other Issues The Work Opportunity Tax Credit (WOTC) allows an employer who is willing to help disadvantaged individuals to benefit from a substantial federal tax credit. The WOTC is typically worth up to $2,400 for each eligible employee, but it can be worth up to […]
Do taxes have you feeling like you’ve stumbled into a secret society with its own language? You’re not alone! The world of taxes is full of jargon that can leave even the savviest of individuals scratching their heads. But don’t worry, we’re here to help! In this brief guide, we’ll give you the lowdown on […]
November 2023 Individual Due Dates November 13 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 13. Your employer is required to withhold FICA […]
Article Highlights: Unexpected 1099-MISC Cash Winnings Prize Winnings Famous Prize Winnings If you like to watch game shows and enjoy all the excitement that goes with watching contestants win prizes, then you can add another element to your viewing pleasure by considering how the contestants will handle the IRS Form 1099-MISC they receive for the […]
Article Highlights Overview Innocent spouse relief Separation of liability Equitable relief Fairness Facts and Circumstances Confidentiality If you are or were married and filed your federal tax return jointly with your spouse, and you were unaware of potential errors or underreporting on that tax return for which the IRS is now billing you, you may […]
Article Highlights Audit Methods Additional Audit Funding Taxpayers Earning Less Than $400,000 Earned Income Tax Credit Taxpayers With Total Positive Income Above $1 Million Partnerships Foreign Bank Accounts Employee Retention Credit A key component in promoting the highest degree of voluntary compliance on the part of taxpayers is enforcement of the tax law. By pursuing […]
Article Highlights: Service Member and Spouse Residence or Domicile Non-Taxable Allowances Combat Zone Exclusion Home Mortgage Interest Deduction Home Property Tax Deduction Home Sale Gain Exclusion Moving Deduction Death Gratuity Payments Child Credit Earned Income Tax Credit IRA Contributions Reservist’s Travel Expenses Qualified Reservist’s Early Retirement Plan Withdrawals Retired Military Disability Compensation Extension of Deadlines […]
As the current 30-year mortgage rate hovers at 8%, and the 10-year treasury approaches 5%, it’s crucial to understand the implications of rising interest rates on personal finances. Depending on your life stage and financial situation, these changes can bring both benefits and challenges. By incorporating effective tax planning strategies, you can mitigate the impact […]