Our Financial Blog
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...
Minimize a Surviving Spouse’s Estate Tax: The Benefits of the Portability Election
The Form 706, also known as the United States Estate (and Generation-Skipping Transfer) Tax Return, is a critical document in estate planning and tax management. One of its significant features is the portability election, which allows a surviving spouse to utilize...
Hidden Tax Benefits: How Equitable Ownership Can Maximize Your Mortgage Interest and Tax Deductions
Equitable ownership refers to the situation where an individual possesses the benefits and burdens of ownership of a property, even though they do not hold the legal title. This concept is rooted in equity law, which aims to achieve fairness and justice. Equitable...
Treasury’s FinCEN Launches Nationwide Public Service Announcements to Inform Business Owners about Beneficial Ownership Reporting Requirements
https://www.youtube.com/watch?v=sXv_uOgpNGg
IRS reminder for schoolteachers: Up to $300 in classroom expenses deductible for 2024
As educators gear up for the new school year, the IRS reminds schoolteachers that the maximum deduction for classroom expenses in 2024 remains at $300. This deduction allows educators to offset the cost of supplies, materials and other classroom essentials, providing...
Beware of Scams Targeting Corporate Transparency Act Reporting Requirements!
The Corporate Transparency Act (CTA), enacted as part of the Defense Authorization Act for Fiscal Year 2021, represents a significant legislative effort to enhance corporate transparency and combat illicit financial activities in the United States. The CTA mandates...
Surprising Tax Impact of Converting Your Traditional IRA to a Roth IRA
Taxpayers are limited in the annual amount they can contribute to a Roth IRA. The maximum contribution for 2024 is $7,000 ($8,000 if age 50 or older), but the allowable 2024 contribution for joint-filing taxpayers phases out at an adjusted gross income (AGI) between...
Should Tips Be Tax-Free? How Recent Proposals Could Change the Way You Tip
In recent years, tipping culture has seen significant changes, particularly with the rise of digital payment kiosks and self-checkout lanes. A CBS News article recently questioned, “Are tip requests getting out of hand?,” pointing out the shift from traditional...
Boost Your Income: How Renting Your Vacation Home Can Maximize Your Earnings and Minimize Your Taxes
Owning a dwelling unit that is used as a vacation home can be a dream come true, offering a personal retreat and potential rental income. However, the tax implications of renting out a vacation home can be complex. Understanding these rules can help you maximize your...
A Retiree’s Guide to Reducing Taxes on Social Security Benefits
Social Security benefits serve as a crucial financial backbone for millions of retirees, disabled individuals, and families of deceased workers in the United States. However, the taxation of these benefits often presents a complex landscape for beneficiaries. This...
Navigating Potential Changes in Capital Gains Tax: What Business Owners and Boomers Need to Know
As a business owner or a baby boomer planning to sell your business or a significant real estate asset, understanding potential changes in capital gains tax is crucial. President Biden's FY 2025 budget proposal includes significant tax reforms aimed at wealthier...