What Every Employee Needs to Know About 401(k) Savings

by Admin | Jun 7, 2022 | Individual Taxes, Retirement, Tax Planning

Are you familiar with 401(k) retirement funds? More and more employers are offering 401(k) plans as an employee benefit, and if you have the option and are not currently taking advantage of it, it may be time to rethink your savings strategy. Not only do these popular...

ICYMI: IRS Destroys An Estimated 30 Million Paper Tax Documents

by Admin | Jun 6, 2022 | Business Taxes, Individual Taxes, Tax Planning

An audit conducted by TIGTA has found that the IRS intentionally destroyed an estimated 30 million paper-filed tax return documents in March 2021. However, the tax collection agency says no taxpayers were negatively affected by the destruction of these documents. The...

Summer Employment for Your Child

by Admin | Jun 2, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Tax Planning

Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals increased from $12,550 in 2021 to $12,950 in 2022, meaning your child can now make up to $12,950 from working without paying any income tax on their...

Why Proactive Planning is More Important Than You Realize

by Admin | May 24, 2022 | Business Taxes, Individual Taxes, Tax Planning

There’s an old saying that reminds us “if you fail to plan, you plan to fail.” Whoever coined that phrase was talking about the world of small business accounting whether they realized it or not. Financial and tax literacy aren’t just an...

The Ever-Changing Role of Tax and Accounting Professionals in the Modern Era

by Admin | May 17, 2022 | Business Taxes, COVID-19, Entrepreneurial, Individual Taxes, Marketing, Tax Planning

To say that there is a lot going on in the world right now is truly a bit of an understatement. Starting a few years ago with the onset of the still ongoing COVID-19 pandemic, the role of the accounting professionals in the context of a small business began to change....

Tax Issues That Arise When Converting a Home into a Rental

by Admin | May 12, 2022 | Entrepreneurial, Individual Taxes, Tax Planning

With the current substantial appreciation in home values and demand for housing exceeding the available inventory, along with low home mortgage interest rates, more and more homeowners are converting their existing homes into rentals when they buy a new home. Other...