Our Financial Blog
Steps Your Business Can Take to Survive a Recession
According to one recent study, there is a 96% chance that the United States will experience some form of economic recession within the next 12 months. If you needed a single statistic to underline the importance of planning ahead when it comes to your business, let it...
2023 Social Security Wage Base Increases to $160,200
2023 Social Security Cost-Of-Living Increase Highest In 40 Years Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023, the Social Security Administration announced. On average, Social...
Employers warned to beware of third parties promoting improper Employee Retention Credit claims
The Internal Revenue Service warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation...
IRS provides tax inflation adjustments for tax year 2023
The Internal Revenue Service announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about these annual adjustments. New for 2023 The...
Taxpayers with an outstanding tax bill should consider an Offer in Compromise
An Offer in Compromise can be an effective way individuals and businesses to settle federal tax debt. This federal program allows taxpayers to enter into an agreement, with the IRS, that settles a tax debt for less than the full amount owed. Sometimes taxpayers are...
Identity Theft Information for Businesses
Identity theft is a serious threat to business, partnership, estate and trust filers. Thieves may steal sensitive information to file a fraudulent tax return for a refund or to commit other crimes. All taxpayers must be alert and on guard at all times. It is important...
Personal Finance Tips from Warren Buffett
There are a lot of seasoned investors out there who have made a lot of money on things like the stock market over the years. They've done their research, they've made choices that they believe in, and they have been rewarded handsomely because of it. Any one of these...
Despite COVID-19 Pandemic, Record 96% of U.S. Households Were Banked in 2021
Latest FDIC national survey finds record low six million households remain unbanked Despite unprecedented economic challenges posed by the COVID-19 pandemic, nearly 96 percent of U.S. households were banked in 2021, according to the latest national survey released...
Will a Small Business Grant Help Your Organization? Breaking Things Down
According to one recent study, there are currently more than 32 million small businesses operating in the United States. For the sake of discussion, know that this term refers to those organizations with fewer than 500 employees. To put that number into perspective,...
Virginia Grocery Sales Tax Reduction for 2023
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Research Credit Potentially Doubled By The Inflation Reduction Act
The Inflation Reduction Act that President Biden signed into law back in August, has a lesser-known provision that could benefit many small business startups, allowing them to potentially double the amount of the research and development tax credit they can claim from...
Adjust Tax Withholding Now to Pay the Proper Amount of Tax
The Internal Revenue Service urged taxpayers to check their tax withholding while there’s time left in 2022 to benefit from any necessary changes. An adjustment made now will help people avoid a big surprise, such as a big refund or a balance due, at tax time in 2023....
IRS Warns Taxpayers to Stay Vigilant as Texting Scams Surge
October is Cybersecurity Awareness Month. The IRS and the Security Summit partners warn everyone to be on the lookout for scams and schemes that could put sensitive tax data at risk, especially IRS-themed texting scams aimed at stealing personal and...
Employers Urged to Electronically File Payroll Tax Returns by Oct. 31
The Internal Revenue Service reminded employers to file the next quarterly payroll tax return by the approaching Oct. 31, 2022, due date, and urged them to do so electronically. While paper filing is available, the IRS strongly encourages e-filing. E-filing is the...
Increased Tax Credits for Home Builders
As part of the Inflation Reduction Act, passed in August 2022, modifying Internal Revenue Code Sec. 45L, contractors will benefit from the increased tax credit for building Energy Efficient New Homes effective January 1, 2023. In addition, this credit that had...
November 2022 Individual Due Dates
November 10 - Report Tips to EmployerIf you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 10. Your employer is required to withhold FICA...
Health Savings Accounts Fill Multiple Tax Needs
The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by...
Bunching Your Deductions Can Provide Big Tax Benefits
If your tax deductions normally fall short of itemizing your deductions or even if you are able to itemize, but only marginally, you may benefit from using the “bunching” strategy. The tax code allows most taxpayers to utilize the standard deduction or itemize their...
Read This Before Tossing Old Tax Records
Now that your taxes are complete and filed for the year, you are probably wondering what old tax records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how to proceed, it is helpful to...
Late on Filing Taxes? Penalty Relief for Reasonable Cause
You may qualify to have certain penalties removed or reduced if you acted with reasonable cause and in good faith. On This Page Reasonable CauseFailure to File or Pay PenaltiesAccuracy-Related PenaltiesInformation Return PenaltiesApply for a Payment PlanHow to Request...