In the realm of estate planning, naming beneficiaries is a critical step that ensures your assets are distributed according to your wishes after your passing. However, the process doesn’t end with simply naming beneficiaries; it’s equally important to keep these designations up to date. Life events such as divorce, marriage, and death can significantly impact […]
Remember that rollercoaster ride we all thought was over? Well, buckle up—because the Beneficial Ownership Information (BOI) saga just took another wild turn. An appeals court recently reinstated an injunction that halts BOI enforcement (yes, again). If your head is spinning trying to keep track, you’re not alone.
If you’re the driving force behind a small or medium-sized business, you know that cash flow is the lifeline of your operations. Yet, in the daily whirlwind, an incredible opportunity often gets overlooked—tax credits. These aren’t just numbers on a financial statement; they’re transformative tools that can give your cash flow the boost it needs. […]
As tax professionals, we know that changes in leadership often bring shifts in tax policy, affecting everything from deductions and exemptions to estate taxes and business regulations. With President Donald Trump’s recent re-election, we may see updates to tax policy based on his prior administration’s actions and new proposals. For individuals and businesses alike, understanding […]
As the year draws to a close, small business owners have a unique opportunity to implement strategies that can significantly reduce their tax liability for the upcoming year. By taking proactive steps in the final months, businesses can not only minimize their tax burden but also streamline their financial operations. Here’s a comprehensive guide on […]
Tax season can be stressful, especially if you’re worried about penalties. Whether you’re an individual or a small business owner, IRS penalties can add up quickly, turning a simple oversight into a costly mistake. Understanding what triggers these penalties—and how to avoid or reduce them—can save you time, money, and frustration. In this article, we’ll […]
The Internal Revenue Service has announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia.
As the year draws to a close, it’s time to take stock of your business’s financial health. A year-end financial review isn’t just a box to check—it’s a crucial opportunity to assess your profit and loss, evaluate growth potential, and ensure your business is on track for continued success. Whether you’re looking to maximize tax […]
Ah, game shows! The glitz, the glamour, the chance to win fabulous prizes! Who hasn’t dreamed of spinning the big wheel on “The Price is Right,” answering the million-dollar question on “Who Wants to Be a Millionaire,” or surviving the grueling challenges of “Survivor” to claim the grand prize? But behind the confetti and the […]
Taxpayers are limited in the annual amount they can contribute to a Roth IRA. The maximum contribution for 2024 is $7,000 ($8,000 if age 50 or older), but the allowable 2024 contribution for joint-filing taxpayers phases out at an adjusted gross income (AGI) between $230,000 and $240,000 (or an AGI between $0 and $9,999 for […]
