Our Financial Blog
October Extended Due Date Just Around the Corner
If you could not complete your 2021 tax return by April 18, 2022 and are now on extension, that extension expires on October 17, 2022. Failure to file before the extension period runs out can subject you to late-filing penalties. There are no additional extensions...
Life Changing Events Can Impact Your Taxes
Throughout your life there will be certain significant occasions that will impact not only your day-to-day living but also your taxes. Here are a few of those events: Getting Married – If you just got married or are considering getting married, you need to be aware...
What You Need to Know About the 2022 Virginia One-Time Tax Rebate
The 2022 Virginia General Assembly passed a law earlier this year giving taxpayers with a liability a rebate of up to $250 for individual filers and up to $500 for joint filers. Virginia will send eligible taxpayers a one-time rebate of up to $250 for individuals and...
Inflation and an Economic Slowdown: A Double Whammy for your Finances
Newspapers and media reports have been filled with talk of inflation and recession. Experts are arguing about the definition of the latter. Pundits are pondering whether the slow down reflected in the latest consumer price index report means that inflation has peaked....
Basic Things All Businesses Should Know About Excise Tax
Basic things all businesses should know about excise tax. (2022, August 1). Internal Revenue Service. Retrieved August 11, 2022, from https://www.irs.gov/newsroom/basic-things-all-businesses-should-know-about-excise-tax "Excise tax is an indirect tax on specific...
Best time to search for a CPA is long before tax season arrives
"With income tax filing season already upon us, some small business owners are likely thinking of finding an accountant or other tax professional, or maybe changing over to a new one. "Ideally, the search for a new certified public accountant takes place long before...
Take Tax Advantage of a Low-Income Year
People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who are having a lower-than-normal income year. So, if 2022 is not producing a lot of income for you,...
IRS Providing Penalty Relief to 1.6 Million Taxpayers
To help struggling taxpayers affected by the COVID-19 pandemic, the IRS has issued a notice, which provides penalty relief to most people and businesses who file or filed certain 2019 or 2020 returns late. This includes nearly 1.6 million taxpayers who will...
Even if You’re Not Required to File a Tax Return, You May Be Missing Out if You Don’t
Some people may choose not to file a tax return because they didn't earn enough money to be required to file, but these folks may miss out getting a refund if they don’t file. Although there are some exceptions, generally individuals are not required to file a tax...
Tax and Personal Finance Tips for New Parents
Expanding your family? Whether you’re in the planning stages or your bundle of joy has already arrived, raising a child is one of life’s greatest joys — and biggest expenses. And we’re not just talking about the costs of college. From diapers to daycare, from braces...
Tax Benefits for People with Disabilities
Individuals with disabilities, as well as parents of disabled children, are eligible for several income tax benefits. This article explains some of these tax breaks. ABLE Accounts – A federal law allows states to offer specially designed, tax-favored ABLE accounts to...
Will You Benefit from Biden’s Student Loan Relief?
On August 24, President Biden announced a three-part plan to deal with student loan debt which includes, among other things, $20,000 in loan relief to borrowers with loans held by the Department of Education whose individual income is less than $125,000 ($250,000 for...
Mid-Year Tax Planning Checklist
All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially benefit them. Mid-year is the perfect time for tax planning. The following are some events that...
What an Economic Slowdown Means for Your Small Business
If you pay attention to the financial news, you’ve likely heard that we may — or may not — be in the midst of a recession. While experts argue over whether or not two consecutive periods of falling gross domestic period necessarily confirm an overall decline in...
Best Practices for Establishing an Effective Employee Bonus Pool
If you had to make a list of some of the most valuable resources that businesses have when it comes to attracting and retaining top talent, an employee bonus pool would undoubtedly be right at the top. Despite the fact that unemployment is on the decline and things...
IRS Receiving A Lot Of Money, Thanks to The Inflation Reduction Act
President Biden signed into law the Inflation Reduction Act on August 16, 2022, in part which gives the IRS almost $80 billion spread over the next 10 years on top of its regular annual funding. The money is meant to be used for: Enforcement and collection measures...
Will Your Planned Retirement Income Be Enough after Taxes?
That is an important question because the actual money you have to spend when you retire depends upon the after-tax sources of your retirement income. Thus it is important to understand how the various retirement vehicles are taxed. There is significant...
VIRGINIA’S INTEREST RATES WILL CHANGE FOR THE FOURTH QUARTER OF 2022
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A Great Resource: IRS2go App
The IRS2Go app helps people find IRS tools and resources faster and easier than going to the IRS website. Individuals can use the IRS2Go app on their phone or any mobile device. Here is a list of some of the things you can search for: Check Refund StatusAccess IRS...
COVID tax relief: IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers
COVID tax relief: IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers. (n.d.). Internal Revenue Service. Retrieved August 24, 2022, from...