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BOI Update: Supreme Court Reinstates BOI Reporting
The U.S. Supreme Court has reinstated the enforcement of the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements. This decision reverses the 5th Circuit Court of Appeals’ Dec. 26 stay, which had temporarily halted the mandate…. -
Ready for the Deadline? What You Need to Know About 1099s
The new year is here, and with it comes an important deadline for business owners: January 31, 2025. If you’ve paid independent contractors, service providers, or freelancers $600 or more in 2024, you may need to file a 1099 form for them…. -
Understanding Tax Liabilities on Investments for Your Grandchildren – You Ask, We Answer Series
Investing for your grandchildren’s future is one of the most generous and thoughtful gifts you can give. Whether it’s a college fund, a nest egg for their first home, or just a financial cushion for whatever life throws their way,… -
How to Choose the Best Entity Type for Your Business
One of the first big decisions you’ll face when starting your business is choosing the right entity type. Each option has its own pros and cons, and the right choice depends on your goals, the size of your business, and… -
Common Myths About Audits
Navigating an IRS audit can be a daunting prospect, but understanding the reality behind common myths can help demystify the process and reduce anxiety. Here are some prevalent myths and the truth behind them: Myth 1: Only Wealthy Individuals Get… -
Mid-Year Financial Health Check: 8 Detailed Steps to Ensure Your Business Stays on Track
Mid-year is the perfect time to take a closer look at your business’s financial health. By evaluating your financial position now, you can make informed decisions to guide your business toward success for the remainder of the year. Here are… -
Show Me the Money! Where’s My Tax Refund?
Tax season can be a stressful time for many, but the anticipation of receiving a tax refund can also bring a sense of relief and excitement. For those expecting a refund, knowing where to check its status and understanding the… -
Tax Season Do’s and Don’ts for Small Business Owners
As tax season approaches, it’s crucial for small business owners to navigate the complexities of tax filings accurately and efficiently. This article aims to guide you through some essential do’s and don’ts to help ensure a smooth tax season. Do:… -
Watch for These Tax Surprises
Our tax code contains plenty of opportunities to cut your taxes. There are also plenty of places in the tax code that could create a surprising tax bill. Here are some of the more common traps. Please call to schedule… -
2024 Health Savings Account (HSA) Limits
Contribution limits for the ever-popular health savings account (HSA) are set for 2024. The new limits are outlined here with current year amounts noted for comparison. So plan now for your 2024 contributions. What is an HSA? An HSA is… -
The Home Office Deduction: A 2024 Guide
The home office deduction continues to be a significant tax break for the thousands of Americans who work from home, either part-time or full-time. However, in 2024, it’s important to note that this deduction primarily benefits self-employed individuals or those… -
When You Give to Charity…Chances are…
Did you know that you may be able to reduce your taxable income by donating cash or goods to a “qualified charity”? Giving your neighbor or family member money to help them cover bills in a challenging economy does not…