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Outsourcing Accounting Work: Exploring the Pros and Cons
As businesses seek to optimize their operations and focus on core competencies, outsourcing non-core functions has become increasingly popular. Accounting, a crucial aspect of business management, is no exception. As with most things, there are pros and cons of outsourcing… -
Maintaining Financial Health: Why Business Owners Shouldn’t Fear Filing Extensions
Tax season can be a source of stress for business owners, with multiple responsibilities and deadlines to manage. One option that often causes apprehension is filing an extension for business taxes. However, it’s important to dispel any fears and recognize… -
The IRS “Dirty Dozen” – Top Tax Scams of 2023
With this year’s tax season coming to an end, the IRS has recently released the top twelve scams noticed in 2023, the “Dirty Dozen.” Scams come in all shapes and sizes. These days, there just seems to be a ton… -
Keys to Success as an Independent Contractor
The number of independent workers continues to soar in the U.S. According to MBO Partners, there were 64.6 million independent workers in 2022, an increase of 26% from 2021. The number of full-time independent workers increased to 21.6 million, up from… -
Taxes and Uncollectible Debt
There are few things as frustrating as not being paid what is owed to you. If it becomes clear the debt is not going to be paid, you might be able to recoup some of the lost money via a… -
Late-breaking IRS Change
In a last minute about face, the IRS is rolling back the requirement for third-party payment providers to issue 1099-Ks for anyone receiving payments over $600 in 2022. They are moving the reporting requirement back to $20,000 in activity and… -
How to Handle All of Those Forms
Your mailbox has started filling up with tax forms over the last several weeks and there are likely more to come. Getting your forms organized makes your tax filing easier for everyone involved. Here are some tips on how to… -
Triple Tax: aka The Lottery
Now that the dust has settled on the big lottery winnings, it is worthwhile to see how the tax math works. Seen in the light of day, it is a great way for federal and state governments to triple tax… -
Should You Expense or Depreciate Your Capital Asset?
If you own a business, you know that you may accelerate the expensing of qualified capital purchases. This can be done within two special provisions in the tax code: Section 179 The annual amount of qualified assets that may be… -
Contemporaneous Records: Understanding Tax Terms
One of the more uncommon words used by the IRS is the term “contemporaneous.” So what does it mean and why should you care? If you have problems getting to sleep at night and you turn to the IRS tax… -
Student Loan Forgiveness Q&A
Questions and answers about what is known so far about the student loan forgiveness program. While there may be legal and Congressional challenges around the recent presidential executive order, here are some questions and answers about what is known so…
