Our Financial Blog
UPDATE: BOI Reporting Put on Hold Again
TO STAY UP TO DATE WITH THESE CONSTANT CHANGES, WE URGE YOU TO FOLLOW https://fincen.gov/ FOR THE MOST UP TO DATE INFORMATION, TO AVOID PENALTIES. The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been...
Essential Tax Guidance for Surviving Spouses: Secure Your Financial Future After Loss
The death of a spouse is a profoundly challenging time, both emotionally and financially. Amidst the grieving process, surviving spouses must also navigate a complex array of tax issues. Understanding these tax implications is crucial to ensuring compliance and...
Don’t Let 1099s Slip through the Cracks: A Guide for Small Businesses
As the new year dawns, small business owners often find themselves juggling a myriad of tasks. Among these, the issuance of 1099 forms can easily slip through the cracks, especially when payments for services rendered in December are made in January. This oversight...
How to Handle IRS Letters During Filing Season: What You Need to Know for 2025
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...
Why Updating Beneficiaries is Crucial After Life Changes
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 with simply naming beneficiaries; it's equally important to keep these...
Essential Tax Credits Every Parent Should Know
Parents have special tax situations and benefits. Tax breaks for parenting expenses can result in a lower tax bill and a higher refund. Here are some key things new parents need to know. To begin with, for parents to take advantage of most of the child-related tax...
Start Off on the Right Foot for the 2025 Tax Year
Individuals and small businesses should consider various ways of starting off on the right foot for the 2025 tax year. W-4 Updates – If you are employed, then your employer takes the information from your Internal Revenue Service (IRS) Form W-4 and applies it to the...
IRS urges many retirees to make required withdrawals from retirement plans by year-end deadline
The Internal Revenue Service reminds those aged 73 and older of the deadline to take required minimum distributions from individual retirement arrangements (IRAs) and other retirement plans, and highlighted updates introduced by the SECURE 2.0 Act. Required minimum...
Beware: The Dangers of Underpayment Penalties That Could Cost You Big This Tax Season
Tax planning is a crucial aspect of financial management, yet it often remains underestimated by many taxpayers. One area that frequently causes confusion and potential financial strain is the management of estimated tax payments and the associated penalties for...
Essential Year End Tax Moves You Can’t Afford to Miss
As the year draws to a close, it's crucial to take stock of your financial situation and make strategic moves to minimize your tax liability. With a little planning and foresight, you can take advantage of various tax-saving opportunities. Here are some last-minute...
Top Year End Tax Strategies to Boost Your Business Bottom Line
As the year draws to a close, small business owners have a unique opportunity to implement strategies that can significantly reduce their tax liability for the upcoming year. By taking proactive steps in the final months, businesses can not only minimize their tax...
How to Prepare for Your Year-End Financial Review: A Guide for SMBs
As the year draws to a close, it’s time to take stock of your business’s financial health. A year-end financial review isn't just a box to check—it’s a crucial opportunity to assess your profit and loss, evaluate growth potential, and ensure your business is on track...
Don’t Leave Money on the Table: Essential Tax Credits You Might Be Missing
Tax preparers often encounter clients who are confused about the various tax credits available to them. Understanding these credits can significantly impact your tax liability and, in some cases, result in a refund. This article aims to demystify individual tax...
How the 2025 Social Security Adjustments Will Impact Your Wallet
As we step into 2025, millions of Americans are set to experience a notable change in their Social Security benefits. The Social Security Administration (SSA) has announced a 2.5 percent cost-of-living adjustment (COLA) for Social Security benefits and Supplemental...
Statutory Virginia Minimum Wage Increase Effective January 1, 2025
During the 2020 Regular Session, the General Assembly reenacted the Virginia Minimum Wage Act. The new statute stated the Commissioner of Labor and Industry shall establish the adjusted state hourly minimum wage by October 1, 2024, to take effect on January 1, 2025,...
IRS Penalties: What Triggers Them and How to Avoid or Reduce Them
Tax season can be stressful, especially if you're worried about penalties. Whether you're an individual or a small business owner, IRS penalties can add up quickly, turning a simple oversight into a costly mistake. Understanding what triggers these penalties—and how...
Time Is Running Out: January 1 deadline approaching for reporting Beneficial Ownership Information
The Corporate Transparency Act (CTA) was enacted in 2021. Its purpose is to create business ownership transparency by identifying individuals who have either direct or indirect ownership (“beneficial ownership”) in a company. The overall goal is to alleviate...
FinCEN Beneficial Ownership Information Small Entity Compliance Guide
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Mastering Cash Flow: Strategies for Navigating Seasonal Slowdowns
As the vibrant colors of fall give way to the chill of winter, many businesses brace for the inevitable seasonal slowdown. Whether it's the changing weather or the uncertainty of election cycles, these periods can pose significant challenges to maintaining a healthy...
Making Home Improvements? You May Qualify for a Substantial Tax Credit
The Internal Revenue Code Section 25C credit, also known as the Energy Efficient Home Improvement Credit, is a valuable tax incentive for homeowners who make qualifying energy-saving improvements to their existing homes. This credit has undergone several modifications...