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Ideas to Improve Your Financial Health in 2022

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 […]

Small Business Tax Return To-Do List

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 […]

Plan Your Retirement Savings Goals for 2022

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 […]

Make Order Out of Chaos

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. […]

The Power of Comparative Financial Statements

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 […]

Fake Products (and Money!) Are Big Business

How to protect yourself from modern-day counterfeiters Counterfeiters are getting better at tricking you. They do this by using fake images, creating realistic websites and promising low prices. According to the Organization for Economic Co-operation and Development (OECD), fraudsters hold an estimated 3.3% of world trade, up from 2.5% in 2016. Here are some commonly […]

Year-End Tax Planning Ideas For Your Business

Here are some ideas to lower your business taxes, get organized, and to prepare for filing your 2021 tax return. As 2021 winds down, here are some ideas to consider in order to help manage your small business and prepare for filing your upcoming tax return. Identify all vendors who require a 1099-MISC and a […]

Social Security Announces 2022 Adjustments

Tax Moves to Make Before Year-End

There are always moves you can make to reduce your taxable income. Some of these tax-saving moves, however, must be completed by December 31. Here are several to consider: Tax loss harvesting. If you own stock in a taxable account that is not in a tax-deferred retirement plan, you can sell your underperforming stocks by December […]

IRS Backlog of Historical Proportions

What you need to know if one of your tax returns is stuck The IRS is coping with a backlog of historical proportions and it is impacting millions of taxpayers. According to IRS sources, as of July 31, there are still over 13 million tax returns that are to be processed. The nearly unprecedented delay […]