Article Highlights: The Role of Beneficiaries Life Events That Necessitate Updates Why Regular Reviews Are Essential The Complexity of Naming a Trust as a Beneficiary In the realm of estate planning, naming beneficiaries is a critical step that ensures your assets are distributed according to your wishes after your passing. However, the process doesn’t end […]
The dreaded moment arrives: you check your mail, and there it is—a letter from the IRS. Your heart sinks. What could it be? A mistake? A penalty? A request for missing information? If this sounds familiar, you’re not alone. During filing season, the IRS sends out millions of notices, often leaving taxpayers confused, stressed, and […]
Article Highlights: Social Security Number Child Tax Credit Child and Dependent Care Credit Adoption Tax Credit Earned Income Tax Credit Credit for Other Dependents American Opportunity Tax Credit Lifetime Learning Credit Parents have special tax situations and benefits. Tax breaks for parenting expenses can result in a lower tax bill and a higher refund. Here […]
Article Highlights: Accelerate Business Expenses Review and Adjust Payroll Manage Inventory and Cost of Goods Sold Optimize Retirement Contributions Charitable Contributions Business Advertising Filing Obligations and Compliance Tax Credits and Incentives Employee Gifts Disaster Loses As the year draws to a close, small business owners have a unique opportunity to implement strategies that can significantly […]
Retirement is your reward for a lifetime of hard work, but keeping more of your savings in retirement requires strategy. Many Baby Boomers unknowingly leave tax dollars on the table by missing out on tax-savvy moves. You’ve built up a lifetime of savings—now it’s time to make sure they work for you. Let’s break down […]
Article Highlights: Itemizing Deductions and Medical Expenses Prepaying Property Taxes Charitable Contributions and Bunching Deductions Required Minimum Distributions (RMDs) Did You Know You Can Make Charitable Deductions from Your IRA Account? Maximizing Retirement Account Contributions Tax Loss Harvesting Reviewing Paycheck Withholdings and Estimated Taxes Managing Health Flexible Spending Accounts (FSAs) Did You Become Eligible to […]
As 2024 winds down, tax professionals are gearing up to prepare and reconcile client accounts for the year ahead. QuickBooks Online (QBO) offers tools to simplify this process, helping business owners wrap up year-end details and ensure their books are tax-ready for 2025. Below, we’ll dive into QBO features that optimize year-end prep, from running […]
If you’re running a subscription-based business, you’re in the game of recurring revenue—a model full of potential for steady income but also some unique challenges. The lifeblood of your business is cash flow, and keeping it steady can make or break your success. To help you master your subscription-based revenue, let’s dive into practical ways […]
If you’re the driving force behind a small or medium-sized business, you know that cash flow is the lifeline of your operations. Yet, in the daily whirlwind, an incredible opportunity often gets overlooked—tax credits. These aren’t just numbers on a financial statement; they’re transformative tools that can give your cash flow the boost it needs. […]
Article Highlights: Educational Gifts: A Gift for the Future Retirement Contributions: A Gift with Long-Term Benefits Gifts to Spouses: Supporting Self-Employment Gifts to Spouses: Qualifying Clean Vehicle Employee Gifts: Navigating Tax Implications Understanding the Annual Gift Tax Exclusion Summary The holiday season is a time of giving, and while the joy of gifting is often […]