Blogs
What To Do After Filing Your Tax Return
Enjoy the Relief, But Don’t Relax Just Yet Filing your taxes can feel like a hefty weight lifted off your shoulders, but the process isn't necessarily over. To ensure a smooth post-filing experience,
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Maximize Your Tax Savings with Charitable Donations
Can you write off donations on your taxes? It's a common question and knowing the answer can offer potential financial benefits. Understanding tax-deductible donations can not only enhance your philan
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The Educator Expense Deduction can help offset out-of-pocket classroom costs
The Educator Expense Deduction lets eligible teachers and administrators deduct part of the cost of technology, supplies and training from their taxes. They can claim this deduction only for expenses
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AI: The Good; The Bad; The SCARY!
Artificial Intelligence or AI is everywhere and on the rise and is not restricted to business use. Certainly there are many examples of AI in business-related tools and applications that can assi
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Here Ye; Here Ye: Calling all ERC Claims!
HERE YE; HERE YE: CALLING ALL ERC CLAIMS!I know we’ve all been hearing about the Employee Retention Credit (ERC) for a couple years now, but the bandwagon is reaching a fever pitch. I am even receivi
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Fiscal Responsibility Act of 2023
Fiscal Responsibility Act of 2023The Fiscal Responsibility Act of 2023, signed into law on June 3, 2023, suspends the federal debt ceiling until January 2025. The legislation also includes a number of
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Will AI Upend the American Workforce?
Transformative Tech: Will AI Upend the American Workforce?A chatbot with uncanny human-like writing abilities has become the poster child for artificial intelligence (AI) since it was released in lat
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What You Should Know About the Federal Reserve’s New Instant Payments System
What You Should Know About the Federal Reserve’s New Instant Payments SystemThe use of mobile payment apps and person-to-person (P2P) payments are more popular than ever, giving businesses and consum
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IRS Releases Standard Mileage Rates for 2023
IRS Releases Standard Mileage Rates for 2023Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an
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Taxpayers shouldn’t let gift card scammers ruin the holidays
Taxpayers shouldn’t let gift card scammers ruin the holidaysDuring the holiday season, taxpayers should be aware of gift card scams thieves commonly use this time of year. Con artists will target tax
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Companies who promise to eliminate tax debt sometimes leave taxpayers high and dry
Companies who promise to eliminate tax debt sometimes leave taxpayers high and dryAs the old saying goes: When something sounds too good to be true, it probably is. Taxpayers with outstanding tax bil
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Build Back Better: Executive Summary Bill
Build Back Better: Executive Summary BillThis executive summary (which is a whopping 28 pages!!) is a high-level overview of many of the individual, business, green energy, and international provisio
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Advancing Tax Proposals Put Corporations and High-Income Individuals in Spotlight
Advancing Tax Proposals Put Corporations and High-Income Individuals in SpotlightOn Saturday, September 25, 2021, the House Budget Committee voted to advance a $3.5 trillion spending package to the H
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A Closer Look at the IRS Making Progress
A Closer Look: IRS making progress on key areas slowed by the pandemic, but more work remains The IRS plays an important role in serving our country. We interact with more Americans than any other U.
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Reviewing year-round tax planning
Reviewing eligibility for credits and deductions is an important part of year-round tax planning. Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about t
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Advance Child Tax Credit – Opt in or out?
Should you opt in or out of the Advance Child Tax Credit? There is no right answer, as it is dependent on your situation. There are new online tools to help families manage and determine which is rig
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Impacts of the 2020 Tax Season Extension
Unfortunate Impacts of the 2020 Tax Season ExtensionI’m sure you all know by now that the IRS has provided a bit of relief for taxpayers for the 2020 tax returns (2021 filing season) and that we have
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Tax & Pandemic Relief Update
Tax & Pandemic Relief Update Whew! We just finished a crazy month of filing hundreds of W-2s and 1099s and applying for PPP 2.0 loans. Now we shift gears and focus on the upcoming tax season and work
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Year-End Charitable Giving
Year-End Charitable GivingWith the holiday season upon us and the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable
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Putting the finishing touches on next year’s budget
Putting the finishing touches on next year’s budget!By now, some businesses have completed their 2021 budgets while others are still crunching numbers and scrutinizing line items. As you put the fini
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Earning side income: Is it a hobby or a business?
Earning side income: Is it a hobby or a business?I get asked this question fairly frequently: What do I need to do about extra money I’m making on something I’m doing on the side? There is a lot of i
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IRA Choices – Traditional IRA, Roth IRA, SEP-IRA, and SIMPLE IRA
IRA Choices – Traditional IRA, Roth IRA, SEP-IRA, and SIMPLE IRAAt one time, there was relatively little confusion about IRAs because there was only one type available. Now, however, IRAs have prolif
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July 15 Due Date Approaches for Federal Income Tax Returns and Payments
July 15 Due Date Approaches for Federal Income Tax Returns and PaymentsThe due date for federal income tax returns and payments is Wednesday, July 15, 2020. Due to the Coronavirus pandemic, the origi
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U.S. Government Sends Millions of Economic Impact Payments by Prepaid Debit Card
U.S. Government Sends Millions of Economic Impact Payments by Prepaid Debit CardIn May 2020, the IRS sent Economic Impact Payment (EIP) prepaid VISA debit cards to individuals who qualified for a sti
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NEW CHANGES to the Paycheck Protection Program (PPP) Loan Forgiveness
NEW CHANGES to the Paycheck Protection Program (PPP) Loan ForgivenessOn Friday, June 5th, the President signed the Paycheck Protection Program Flexibility Act into law. This brings many anticipated a
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Coping with Market Volatility: Understand How Your Biases Can Affect Investment Decisions
Coping with Market Volatility: Understand How Your Biases Can Affect Investment DecisionsWhen it comes to your finances, “go with your gut” might not be the wisest adage to follow. In fact, it may wo
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2019 IRA Contribution Deadline Has Been Extended
2019 IRA Contribution Deadline Has Been ExtendedDue to the coronavirus tax filing extension, there’s still time to make a regular IRA contribution for 2019. You have until your tax return due date (no
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CARES Act: Retirement Plan Relief Provisions
CARES Act: Retirement Plan Relief ProvisionsThe Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. This $2 trillion emergency relief package represents
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Federal Student Loan Borrowers Get Expanded Relief in CARES Act
Federal Student Loan Borrowers Get Expanded Relief in CARES ActOn March 27, 2020, Congress passed the CARES Act, the largest economic stimulus bill in the history of the United States, in response to
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Watch Out for Coronavirus Scams
Watch Out for Coronavirus ScamsFraudsters and scam artists are always looking for new ways to prey on consumers. Now they are using the same tactics to take advantage of consumers’ heightened fi
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Covid19 Economic Impact Payments
Who is eligible for the economic impact payment?Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full p
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