Education Savings: How a Sec 529 Plan Can Transform Your Family's Future

Article Highlights: What is a Sec 529 Plan? Tax Benefits of Sec 529 Plans Funding a Sec 529 Plan Who Can Contribute to a Sec 529 Plan Gift Limitation and the 5-Year Option Form 709 and Making Up Contributions Higher Education…

Who Needs to File a Tax Return in 2024

Article Highlights: Factors That Affect Whether Someone Needs to File a Tax Return Gross Income Required Filing Threshold 2023 Filing Thresholds by Filing Status Self-employment Status Status as a Dependent Some Individuals…
Demystifying Business Valuations

Demystifying Business Valuations: A Guide for Informed Decision-Making

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…

Business Growth: How to Plan for (and Make the Most of) This Critical Stage 

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While it's true that every business is different from the next - and every entrepreneur will go on his or her own unique journey - there are still a few constants that we know to be true. The start-up phase, for example, is when you write…

Multiple Tax Needs Filled By Health Savings Accounts

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Article Highlights: Medical Savings Account Retirement Account High-Deductible Plan Eligible Individuals Monetary Qualification for an HSA  Qualification Chart Maximum Contributions Establishing an HSA The Health…
March 2022 Tax Due Dates & Reminders

March 2022 Tax Due Dates & Reminders

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March 2022 Individual Due Dates March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than…

February 2022 Individual and Business Due Dates

February 2022 Individual Due Dates February 4 - Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 10 - Report Tips to Employer If…

How Can a Nonworking Spouse Qualify to Fund an IRA?

Article Highlights: Spousal IRA Compensation Requirements Maximum Contribution Traditional or Roth IRA? One of the fallouts of the COVID-19 pandemic is that millions of people have dropped out of the workforce, particularly…

2022 Standard Mileage Rates Announced

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Highlights: Standard Mileage Rates for 2022 Business, Charitable, Medical and Moving Rates Important Considerations for 2022 Switching Between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee…

Understanding Tax Lingo

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Article Highlights  Filing status. Adjusted gross income (AGI). Taxable income. Marginal tax rate. Alternative minimum tax (AMT). Tax Credits. Underpayment of estimated tax penalty. When discussing taxes, reading tax…