Whether you own cryptocurrency or not, everyone should know the tax rules surrounding this type of property as it becomes more popular. If you have one take away regarding cryptocurrency, it should be this: Remember that Uncle Sam is watching you! Here’s what you need to know about the IRS and cryptocurrency: Background The IRS… Read More
In today’s digital age, it is impossible to avoid the internet. Even if you don’t have a computer and actively avoid social media, there is information about you in some corner of the web. Here are some ideas to help you manage your digital footprint: Actively manage your security settings. Every app, social media site and… Read More
Home-based businesses can be financially rewarding and provide a certain amount of flexibility with your day-to-day schedule. Here are some tips to keep your business running at full steam. Stay on top of accounts receivable. It’s easy to get caught up with fulfilling your business obligations while invoices you’ve sent out go unpaid. Agree to payment… Read More
5 Surprising Taxable Items Wages and self-employment earnings are taxable, but what about the random cash or financial benefits you receive through other means? If something of value changes hands, you can bet the IRS considers a way to tax it. Here are five taxable items that might surprise you: Scholarships and financial aid. Applying for… Read More
This year is a little more challenging With tax season now officially underway, here are several tax documents that may be easy to miss in your mailbox or inbox: Child tax credit letter. From July through December 2021, the IRS paid out 50% of projected child tax credit payments to qualified households. The IRS is sending… Read More
A new year. New resolutions. Here are five ideas to consider to help improve your financial health in the upcoming year. Save more for retirement. Plan for the future by feathering your retirement nest egg. For instance, you can contribute up to $20,500 to a 401(k) account in 2022, plus another $6,500 if you’re age 50… Read More
Eight ideas to make filing your tax return easier Consider these suggestions for helping to make tax season smooth sailing this year for your small business: Make your estimated tax payments. Tuesday, January 18th is the due date to make your 4th quarter payment for the 2021 tax year. Now is also the time to create… Read More
There’s good news for your retirement accounts in 2022! The IRS recently announced that you can contribute more pre-tax money to several retirement plans in 2022. Take a look at the following contribution limits for several of the more popular retirement plans: What You Can Do Look for your retirement savings plan from the table… Read More
Prepare for this year’s tax return filing season Tax return filing season usually gets a little crazy, but this year will be more turbulent than most. Due to new tax legislation and guidance from the IRS, you will have to cope with a wide variety of tax changes, some of which relate to the pandemic.… Read More
Your business has a story to tell. And one of the ways to hear your business’s story is by reading through comparative financial statements. The importance of comparative financial statements An up-to-date balance sheet, income statement and statement of cash flows are essential financial reports you should consistently analyze. But these financial statements by themselves… Read More