5 Common Business Entities and Their Tax Implications
Choosing the right business entity is one of the most important decisions entrepreneurs make when launching or restructuring a business. The type of entity selected affects how the business [...]
Hiring independent contractors? Make sure you’re doing it right
Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for [...]
The Tax Rules for Legal Awards and Settlements: What Recipients Should Know
If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay [...]
Tax Advice for Recent College Grads
New college graduates will face some of the harsh realities of adulthood, including paying taxes, filing their own tax returns and possibly coordinating with their parents to achieve the [...]
Still Have Tax Questions? You’re Not Alone
Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring. [...]
The “Wash Sale” Rule: Don’t Let Losses Circle the Drain
Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm account, the good [...]
Explore SEP and SIMPLE retirement plans for your small business
Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple [...]
An HSA Can Help Fund Your Retirement
The Health Savings Account (HSA) was designed to help taxpayers with high-deductible health insurance save for medical expenses, but it can also be a powerful retirement planning tool. With [...]
Red Flags That Could Trigger an IRS Audit
Keeping up with ever-evolving tax laws can be challenging for individuals and small business owners. Because the IRS continuously refines its systems for detecting errors and inconsistencies, it's important [...]
What tax documents can you safely shred? And which ones should you keep?
Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for [...]
Do You Qualify for “Head of Household” Tax Filing Status
When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Only some [...]
401 (k) Plan Catch-Up Contributions
How big is your retirement nest egg? Too often, people sacrifice retirement savings to afford a bigger home, cover emergency expenses or pay for their children's education. But time [...]
Deduct a Loss From Making a Personal Loan to a Relative or Friend
Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help by [...]
Riding the Tax Break Train: Maximizing Employee Transportation Fringe Benefits
There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s [...]
Dispelling 10 Federal Tax Myths and Misconceptions
In the complex world of federal taxes, myths and misconceptions can lead to costly mistakes and missed opportunities — especially for business owners and high-net-worth individuals. Here's a look [...]