Taxes and Tax Planning

Tax Planning Strategies for Your Business

Filing taxes can feel like navigating a minefield. One wrong step, and you might attract unwanted attention from the IRS. As someone who works closely with service-based businesses and nonprofits, I understand how important it is to keep your financial records clean and compliant. Today, I want to share some key insights about top IRS audit triggers to avoid so you can protect your business and focus on growth. Let’s dive into the most common reasons the IRS might take a clo

In our previous article, we provided a summary of the major changes in the Republicans’ One Big Beautiful Bill Act. In this follow-up article, we delve a little deeper into some of the major changes from the OBBBA. We take a look at how some of these provisions will work in practice, the actual benefit…

President Trump signed the Big Beautiful Bill into law on July 4, marking his first major legislative victory of his second term. What does this mean for tax payers? Here, we will take a look at some of the main provisions for businesses and individuals. For Individual Taxpayers For Businesses Budgetary & Social Impacts While…

In this edition of our newsletter, we provide an update on the Financial Crimes Enforcement Network’s (FinCEN’s) beneficial ownership information (BOI) filing requirements. A court granted an injunction which stays implementation of the filing requirements for now. We also discuss the importance of bookkeeping for businesses. This is an important task that too many businesses…

In this edition of our newsletter, we provide an update on the Financial Crimes Enforcement Network’s (FinCEN’s) beneficial ownership information (BOI) filing requirements. A court granted an injunction which stays implementation of the filing requirements for now. We also discuss the importance of bookkeeping for businesses. This is an important task that too many businesses ignore to their detriment. We look at some of the reasons why proper bookkeeping is of utmost importa

This is an important update regarding the Beneficial Ownership Information (BOI) reporting requirements. On December 23, 2024 the 5th Circuit Court of Appeals reversed its previous rejection of FinCEN’s appeal of the BOI injunction . As a result, the injunction has been lifted, and the original filing deadline of January 1, 2025, has been reinstated . If you haven't register your company yet please do so by January 1, 2025.   The Business Owner, Stockholder, Member, Partner o

Below are the deadline based on when you start your company. The Financial Crimes Enforcement Network (FINCEN) requires that most companies file beneficial ownership information to report the beneficial owners.   All Business Entities enabled or recognized by the State must register their company with the FinCEN. Foreign companies that are registered to do business in the United States must also register. The deadlines for reporting this information is as follows:   The Bus

As we close out 2024 and look forward to 2025, we review the recent tax changes announced by the IRS for tax year 2025. These changes will apply to income tax returns filed in the 2026 tax season, and are important for tax planning in 2025. It is important to do your tax planning throughout the year, and not wait until the end of the year or when you are ready to file your taxes.   This is a video explaining the changes. The same information is below in the text. Below are so

BEWARE OF EMAIL AND TEXT SCAMS INVOLVING ECONOMIC IMPACT PAYMENTS, EMPLOYEE RETENTION CREDITS, TAX REFUNDS. Email and text message scams have been going around this summer promising tax refunds or offers to help fix tax problems. Some of these schemes are Economic Impact Payments, Employee Retention Credits and tax refunds. In these emails they request personal documents in order to help you resolve the issue. DO NOT RESPOND TO THOSE EMAILS OR CLICK ON THE LINK THEY PROVIDE I

Taxpayers who file as married filing jointly and make the balance-due payment online may find out that their payment does not get credited to their account. This may happen if the secondary person (spouse) on the tax return makes the balance due or estimated tax payment online in his/her name and social security number (SSN) and not the primary person. The system does not reflect the payment on your taxes if you are the secondary person paying and use your name and social sec

https://www.mysolo401k.net Last Updated on 12/22/2022 Depending on what stage you are in the solo 401k process, you basically need to be aware of the following 4 important solo 401k deadlines: Solo 401k Contribution Deadline Solo 401k Establishment Deadline Solo 401k Loan Payment Deadline Solo 401k Form 5500-EZ Filing Deadline Solo 401k Form 1099-R Filing Deadline Solo 401k Contribution Deadline Contributions to a Solo 401k plan must be made by your business tax return due da

Did you make a profit this year and is wondering what you can do to reduce your taxes? Well, it is not too late to get that professional advice from your CPA, CFO or tax professional. To get proper advice on how to reduce your taxes and save for retirement, your financial statements must be up to date and accurate. What are you waiting for? You have exactly 45 days before the end of the year to get your books in order. Give us a call and we will help you get your books up

It is common knowledge that the IRS audits a very small percentage of tax filers – less than 1% - but audits are spread unevenly among income groups. The IRS has limited resources, so it prioritizes where it spends them. Naturally, the IRS directs most of its resources towards larger earners. According to the IRS , it audits 8.2% of taxpayers with incomes above $10 million, 2.5% of those with incomes between $1 million and $10 million, and less than 1% for incomes below $1 mi

The Democrats' $1.9 trillion stimulus plan signed by President Biden on March 11, 2021 - The American Rescue Plan Act - has goodies for almost everyone, from individuals getting stimulus checks - officially called recovery rebates, or, as the IRS calls them, economic impact payments, to states getting billions of dollars to help balance out of whack budgets. We take a look at some of the help coming to individuals and businesses. Recovery Rebates Individuals earning under $7