Filing a tax extension is not a setback. In fact, it can be a strategic move that allows you more time to establish a solid and optimal tax strategy. If you need extra time to ensure your entire situation is optimized or if you don’t have certain documents in time to file by the deadline, […]
As a business owner, hiring capable staff is a primary responsibility. But there’s more to the process than finding qualified candidates. Choosing between W-2 employees and 1099 independent contractors can have a real impact on operations and your bottom line. Here’s a simple guide that covers the high-level basics, to help you make the right […]
You've taken the responsible step of investing in your child's or grandchild's future by contributing to a 529 plan, allowing your money to grow tax-free. But life is full of surprises, and sometimes circumstances change. Perhaps your child received a scholarship, reducing the need for the full amount in the 529 plan. Or maybe their […]
If you have a limited liability company (LLC), taking an S corp election could provide helpful tax benefits and unlock unique options for how part of your income is treated. Choosing whether to have your LLC taxed as an S corp depends on a variety of factors. What is an S corp election? Owners of […]
Beginning on January 1, 2024, businesses across the US will need to comply with new reporting rules under the Corporate Transparency Act (CTA). This act, passed as part of the Anti-Money Laundering Act of 2020, requires certain corporations and similar entities to report their ownership and control information to the Financial Crimes Enforcement Network (FinCEN). […]
The frenzy of tax season often brings financial anxiety and unwanted surprises. But working with a proactive CPA, you can transform tax preparation from reactionary to purposeful through year-round planning. Too often, we assume our taxes will simply work themselves out when that fateful April deadline looms near. Then boom - a major life event […]
Tax season can be confusing with all the rules around deductions, credits, income, and filings. What do they all mean for your bottom line? While tax deductions and tax credits both impact your tax liability, they do so in very different ways. Understanding the difference can help you take advantage of both. What are Tax […]
As the year comes to an end, and tax season looms closer, social media is full of tempting scenarios for tax savings. But, be careful, not everything you see is true! For instance, you can't buy an expensive car, like a Land Rover, for a day, sell it, and then write it off. But, it […]
Do you want to gift money or assets to loved ones while staying tax compliant? As a business owner, understanding federal gift tax implications lets you give generously without financial pitfalls. Generosity is an admirable trait. Coupled with the right information and strategy, you can continue without creating more of a tax burden on you […]
