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...
Don’t Get Played by a “Finfluencer”: Why Your Tax Pro Should Be Your First Call
In an era where financial advice is just a scroll away, many individuals, especially from younger generations, are turning to social media platforms like TikTok, Instagram, and YouTube for guidance on managing their finances. While these platforms offer a seemingly...
Understanding Filing Requirements and Non-Compliance Penalties for Exempt Organizations
Navigating the labyrinth of return filing requirements for tax-exempt entities can seem daunting at first glance. However, understanding these requirements is crucial for maintaining your organization's tax-exempt status and ensuring compliance with the Internal...
When Consumers Pull Back: What Small Businesses Need to Know Right Now
It starts small.Fewer cars on the dealership lot.Half-empty restaurants on a Friday night.A "maybe next year" when customers talk about their next big vacation. It’s not your imagination.Consumer behavior is shifting — and small businesses are feeling it. When...
IRS Unveils Top Tax Scams and Threats to Watch For
The Internal Revenue Service (IRS) has released its annual "Dirty Dozen" list of tax scams for 2025, cautioning taxpayers, businesses, and tax professionals to remain vigilant against prevalent schemes that endanger their tax and financial data. These fraudulent...
Navigating the Complexities of Estimated Tax Payments to Avoid Underpayment Penalties
Tax planning is a crucial aspect of financial management, yet it often remains underutilized 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...
Cybersecurity: The Financial Crescendo of Ignoring Digital Threats
Cybersecurity is no longer just an IT issue—it's a business imperative. North American SMBs are grappling with a surge of cyberattacks, and the stakes have never been higher. According to a recent press release from Okta, many small and medium businesses are facing...
Maximizing Your Financial Happiness: Stop the Cycle and Thrive
Ever feel like no matter how hard you try, your finances just aren’t working for you? You’re not alone. Many people—especially busy business owners—make the same costly mistakes when it comes to money. But what if you could flip the script and create a future where...
Navigating the Tax Landscape for Day Traders
Day trading, the practice of buying and selling financial instruments within the same trading day, has gained significant popularity in recent years. With the rise of online trading platforms and increased market volatility, more individuals are drawn to the potential...
Maximize Your Tax Savings: A Small Business Owner’s Guide to Essential Tax Deductions
We’ve seen firsthand how optimizing your tax deductions can create real, measurable benefits for your business. With inflation driving up expenses and economic uncertainty still lingering, small business owners need every strategic advantage they can get. That...
How to Choose the Perfect Business Entity for Your Venture
Choosing the right business entity is a critical decision for entrepreneurs and business owners. The type of entity you select can have significant implications for liability, taxation, and the overall management of your business. In this article, we will explore the...
Spring Clean Your Business Finances: 7 Tips to Improve Cash Flow and Cut Costs
Spring isn’t just for closets.It’s for your business finances too. And just like you wouldn’t leave last year’s mismatched socks sitting in your drawer, you shouldn’t let old subscriptions, bloated expenses, or outdated processes keep piling up in your books. Because...
Maximize Your Business Vehicle’s Potential: Essential Tips for Smart Tax Savings and Efficiency
The tax treatment of business vehicles is a complex area that offers various methods and considerations for business owners. Understanding these options can significantly impact your tax liabilities and financial planning. This article delves into the intricacies of...
How Installment Sales Can Benefit Both Property Sellers and Buyers
When selling a property, one of the options available to sellers is the installment sale. This method allows the seller to receive payments over time rather than a lump sum at the time of sale. This approach can be beneficial for both the seller and the buyer,...
Mid-Year Review: Your Secret Weapon (Now that Everything is Uncertain)
Let's face it: Waiting until December to check your business's financial pulse is like waiting for your engine to seize before checking the oil. In this economy? Downright reckless. We're not just talking about garden-variety economic jitters. Tax laws may change, and...
You May Receive a Form 1099-K This Year: What it Means for Your Taxes
The landscape of digital transactions has undergone a significant transformation over the past few decades, prompting the Internal Revenue Service (IRS) to introduce and adapt tax reporting mechanisms to keep pace with the evolving nature of online payments and...
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...