Our Financial Blog
Tax tips for new parents
Kids are expensive. Whether someone just brought a bundle of joy home from the hospital, adopted a teen from foster care, or is raising their grandchild. There are several tax breaks that can help. Here are some tax tips for new parents Get the child a Social...
IRS, Security Summit partners warn taxpayers of new scam; unusual delivery service mailing tries to trick people into sending photos, bank account information
The Internal Revenue Service warned taxpayers to be on the lookout for a new scam mailing that tries to mislead people into believing they are owed a refund. The new scheme involves a mailing coming in a cardboard envelope from a delivery service. The enclosed letter...
Divorced, Separated, Married or Widowed This Year? Unpleasant Surprises May Await You at Tax Time
Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions can be stressful or ecstatic times, and the last thing most people will be thinking about are...
Employer-Offered Benefits That Can Save You Money and Taxes
Tax law includes several tax- and financially favored benefits that employers can offer or provide to their employees. This article is intended to make you aware of these perks, with the caveat that all employers, especially small businesses, may not provide all, or...
Have You Gotten Bad Tax Advice?
The U.S. Tax Code is used for more than just collecting taxes. It is used by the Government as a means of providing lower-income individuals with social benefits such as the earned income tax credit, child tax credit and health care subsidies. It also is used to...
6 Common Tax Mistakes That Can Land You in Trouble with the IRS
You'd be hard-pressed to find someone out there willing to argue against the idea that taxes are complicated. There's a reason why most people dread it on some level every time April rolls around. Making mistakes is commonplace, yes - but it's also critical to...
Procrastinating on Filing Your Taxes?
If you have been procrastinating about filing your 2023 tax return or have not filed other prior year returns, you should consider the consequences, including the penalties, interest, and aggressive enforcement actions. Plus, if you have a refund coming for a prior...
7 Helpful Bookkeeping Tips for E-Commerce Companies
By far, one of the biggest (and most unique) challenges facing e-commerce companies today has to do with the uncertain nature of the entire enterprise. Nobody could have predicted the onset of the COVID-19 pandemic in 2020. One side effect of this was that e-commerce...
How To Protect Your Business Cash During Banking Uncertainty
While bank failures are rare in the grand scheme of things, they can and do happen - as recent events like the closure of Silicon Valley Bank go a long way towards proving. When these types of bank failures do occur, they can be catastrophic. They happen quickly and...
Is an SBA (7) Loan Right for Your Business?
It's safe to say that the millions upon millions of small and mid-sized businesses operating right now are the true foundation of the United States economy. But whether you're a seasoned veteran or are a new entrepreneur looking to journey out on your own for the...
The IRS alerts taxpayers of suspected identity theft by letter
Scammers sometimes use stolen Social Security numbers to file fraudulent tax returns and collect refunds. To prevent this, the IRS scans every tax return for signs of fraud. If the system finds a suspicious tax return, the IRS reviews the return and sends a letter to...
Small business owners: these improvements are coming soon
Good news for small business owners -- improvements to IRS phone service and online options are coming as a result of the Inflation Reduction Act. These customer service upgrades will make it easier and more convenient to file online and respond to notices. Here’s...
Business Growth: How to Plan for (and Make the Most of) This Critical Stage
While it's true that every business is different from the next - and every entrepreneur will go on his or her own unique journey - there are still a few constants that we know to be true. The start-up phase, for example, is when you write a formal business plan. You...
Online learning opportunity for small business owners
The Small Business Virtual Tax Workshop can help business owners learn how to navigate their federal tax responsibilities. This workshop is an easy and convenient way for both new and experienced small business owners to learn or review topics relevant to their...
Direct File option for taxpayers: pilot project for the 2024 filing season
The Internal Revenue Service submitted a report today to Congress evaluating a Direct File option for taxpayers and is taking steps to begin a pilot project for the 2024 filing season following a directive from the Treasury Department. The report to Congress, required...
IMPORTANT NOTICE: IRS Enforcement Restarting the End of May 2023
Commissioner Amalia Colbert and Deputy Commissioner Darren Guillot have given an update on the status of IRS Enforcement and when the deluge of enforcement notices will begin again since being paused during the pandemic. The backlog of mail is now caught up, and so...
Warning Signs That You Should STOP Managing Your Own Books
On the one hand, it's almost a prerequisite for entrepreneurs of all types to have that "can-do spirit." That sense that nobody else sees things quite like they do so, whatever it is they want to accomplish, it becomes something they know they'll have to do...
Considering a New or Pre-Owned Electric Vehicle? Read This First to See If You Will Benefit From a Tax Credit
2023 brings with it a whole new set of rules related to qualifying for the tax credit for purchasing a new or used electric vehicle. Among the changes that must be navigated are buyer income limitations, vehicle assembly and component limitations and even vehicle...
The IRS Issues Update to the Tax Scams to Be Aware of For 2023 and Beyond
When it comes to income taxes, two things tend to be true every year. The first is that April will always roll around yet again, whether you like it or not - which means that it's in your best interest to make sure your tax filing needs are accounted for. The second...
When an IRS letter arrives, taxpayers don’t need to panic, but they do need to read it
Getting a letter from the IRS can make some taxpayers nervous – but there’s no need to panic. The IRS sends notices and letters when it needs to ask a question about a taxpayer's tax return, let them know about a change to their account or request a payment. When an...