Submitted by Debra Rodway on Fri, 2024-09-27 16:07
As September brings peak hurricane season and heightened wildfire risks, the IRS urges taxpayers to create or update their emergency preparedness plans for 2024. National Preparedness Month is the perfect time to ensure you are equipped to handle potential disasters by safeguarding key documents, documenting your assets, and knowing how to access critical information in an emergency.
Submitted by Debra Rodway on Wed, 2024-09-25 15:49
Why You Should Revisit Your Tax Withholdings
As the summer draws to a close, the IRS is encouraging taxpayers to take a proactive step: review your tax withholdings or payments now to avoid surprises during next year’s tax season. It is easy to put off thinking about taxes, but making necessary adjustments now can save you from stress—and potential penalties later.
Submitted by Debra Rodway on Thu, 2024-08-29 13:41
Working from home has become increasingly common, and with it, the need to understand the tax implications of using your home for business purposes. This guide will help you navigate the requirements and benefits of claiming home office deductions.
Qualifying for Home Office Deductions
To take a business deduction for home office expenses, your home must be used under one of the following scenarios:
Submitted by Debra Rodway on Tue, 2024-07-09 15:55
Managing the financial health of your business requires a solid grasp of key financial reports that provide crucial insights into your company’s performance, profitability, and overall financial stability. Let’s explore in detail three fundamental financial reports every business should prioritize:
Submitted by Debra Rodway on Thu, 2024-06-06 09:06
Small business owners are often characterized by their passion, drive, and willingness to take risks. They work tirelessly to bring their innovative ideas to life, aiming to fill niches or serve customers in unique ways. However, no matter how brilliant the idea or how dedicated the entrepreneur, neglecting critical details like cash flow management can lead to significant issues.
Submitted by Debra Rodway on Tue, 2024-05-21 14:34
Owning a home can be a significant financial commitment, whether you're a current homeowner or planning to buy a home. Fortunately, there are tax benefits available through the IRS that can help you save money and offset some of the costs associated with homeownership. Let’s break down various tax deductions, programs, and housing allowances that homeowners should review to see if they are eligible.
Submitted by Debra Rodway on Tue, 2024-05-14 15:36
Are you pursuing higher education, job training, or graduate studies? If so, you might be eligible for valuable tax credits to help offset the costs.
The IRS offers two main education tax credits: The American Opportunity Tax Credit and the Lifetime Learning Credit. These credits can also apply to your spouse or dependents' educational expenses.
But how do you know if you qualify for these tax credits?
Submitted by Debra Rodway on Fri, 2024-04-19 15:02
Becoming a parent is a life-changing experience filled with joy, love, and, let's face it, a fair share of financial responsibilities. Thankfully, the tax code recognizes the unique challenges of raising children, offering numerous tax breaks and benefits for new parents. These breaks can not only result in a lower tax bill but also a higher refund. Here are some key things that new parents should know in order to navigate their tax situation more efficiently.
Submitted by Debra Rodway on Fri, 2024-04-12 15:29
Meeting tax obligations is a critical part of financial responsibility, and the IRS offers various avenues for individuals to handle their tax debt, including payment plans and alternative strategies. It's important to note that while payment plans are available, they can lead to additional costs over time due to accruing interest and penalties, making them a less-than-ideal choice for some taxpayers. Let’s explore how you can navigate this situation:
Submitted by Debra Rodway on Fri, 2024-04-12 15:22
As we near the end of another tax season, accountants and taxpayers alike are facing a landscape filled with uncertainties. While April 15th, the traditional tax filing deadline, is just around the corner, there are significant matters that remain in limbo due to pending legislation and court decisions. These are topics we have previously delved into in our blogs, and here's an update on where they stand today.