Our Financial Blog
August 2022 Individual Due Dates
August 10 - Report Tips to EmployerIf you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA taxes and...
You May Receive an IRS Form 1099-K This Year
Effective for 2022 and later years, Congress reduced the threshold for the Form 1099-K filing requirement from $20,000 to a mere $600. So, you might ask, what does that have to do with me? This change can impact taxpayers in several ways, some unexpected, so you may...
Student Loan Debt: Paying and Avoiding It, Plus Tax Benefits
Despite recent rounds of forgiveness for thousands of borrowers, nearly 43 million Americans are responsible for roughly $1.6 trillion in federal student loans which results in a significant long-term burden for students after graduation. The average debt...
Small Businesses Can Benefit from the Work Opportunity Tax Credit
The Work Opportunity Tax Credit (WOTC) is a general business credit that is jointly administered by the Internal Revenue Service (IRS) and the Department of Labor (DOL). The WOTC is available for wages paid to certain individuals who begin work on or before December...
New Electronic Payment Requirement for Some Individual Income Taxpayers
Starting July 1, 2022, the state of Virginia now requires taxpayers to submit all of their income tax payments electronically if: Any estimated tax payment exceeds $1,500; orAny extension payment exceeds $1,500; orThe total anticipated income tax liability in any...
Taxpayer Bill of Rights
All taxpayers have a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and our obligations to protect them. The Right to Be InformedThe Right to Quality ServiceThe Right to Pay No More than the Correct Amount of TaxThe...
How to Protect Yourself When Selecting Investors For Your Startup
Any seasoned entrepreneur will tell you that coming up with an idea for a startup is ultimately the easy part of this process. Figuring out how you're going to get the funds necessary to make that vision a reality? That part is a bit trickier. In fact, selecting...
The Right Accounting Method for Your Business
Every small business — whether a respected local mom-and-pop retailer, a startup tech company, or an online venture — has accounting and bookkeeping responsibilities, including selecting the accounting method that works best for them. If you’re new to small...
Is Your Will or Trust Up to Date?
When was the last time you or your attorney reviewed or updated your will or trust? If it was some time ago before the passage of substantial tax law changes over the past few years, your documents may be out of date. Among the many changes was a substantial revision...
IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase
With gas prices soaring it has been expected the IRS would increase the mileage rate that business owners can deduct for vehicle use instead of keeping a record of actual expenses. Sure enough, the IRS recently announced a 4-cent increase in the optional mileage rate...
Forgot Something on Your Tax Return? It’s Not Too Late to Amend the Return
If you discover that you forgot something on your tax return, you can amend that return after it has been filed. The need to amend can include a number of issues: Receiving an unexpected or amended K-1 from a trust, estate, partnership, or S-corporation.Overlooking an...
With a Possible Recession Looming, You May Want to Review Your Cash Flow Process
If you’re a business owner who has been through a recession before, you know that smart cash flow management is absolutely crucial. If you’re a new entrepreneur who hasn’t been through an economic downturn, you may be less familiar with how quickly your finances can...
Important Times to Seek Assistance
Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. Generally, you should call this office any time you have a substantial...
Corporate and LLC Structure Can Protect Sole Proprietors’ Assets
Where are plenty of advantages to being your own boss, but that doesn’t mean that every decision is easy or straightforward. One of the first things you’ll have to decide is the type of business structure that is best for your situation. While selecting “sole...
Here’s What Businesses Need to Know About The Enhanced Business Meal Deduction
For 2021 and 2022 only, businesses can usually deduct the full cost of business-related food and beverages that has been purchased from a restaurant. Otherwise, the limit is typically 50% of the cost of the meal. To qualify for this enhanced deduction: The business...
Best Practices for Managing Your Business Through an Economic Downturn
The United States economy is nothing if not cyclical - which can be a good thing or a bad thing depending on when, exactly, you're trying to operate a business. According to one recent study, roughly 57% of small business owners say that they fear the U.S. economy...
A Tax Checklist for Newly Married Couples
Below are some factors individuals should do after getting married regarding their taxes: Name and address changes: Individuals who change their name after getting married should report their name change to the Social Security Administration ASAP. The name on...
The Top Cash Flow Tips That Medical Practices Need to Follow
By far, one of the biggest issues that most organizations face is and will always be cash flow. This is especially true when it comes to medical practices, which rely more heavily on customer invoicing than most. Getting a hold of your practice’s cash flow situation...
Happy Birthdays from the IRS
When Congress enacts tax laws, many times whether the law applies is based on the age of the taxpayer or a taxpayer’s dependent. Reaching a certain age sometimes provides a tax benefit, while in other cases there’s a tax “penalty” – meaning that a specific type of...
When Can You Dump Old Tax Records?
Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine how long to keep...