February is a great time to file your taxes. The rush of January’s early filers has passed, and you will still be ahead of the last-minute crunch in April. Whether you expect a refund or need to pay, filing early can provide peace of mind and financial advantages. Here is why you should consider filing your taxes in February and... read more »
The IRS recently announced adjusted contribution limits for retirement accounts in 2025, addressing inflation's impact on retirement savings. These adjustments, outlined in Notice 2024-80, affect a range of retirement plans, including 401(k) plans, 403(b) plans, individual retirement arrangements (IRAs), and the federal government’s Thrift Savings Plan (TSP). 401(k) and Similar Plans See Increased Contribution Limit Starting in 2025, individuals can... read more »
Are you part of the ever-growing army of self-employed professionals, freelancers, gig workers or small business owners? If so, tax season can be a daunting prospect. The good news is, that with the right guidance and a bit of organization, you can navigate the intricacies of tax filing like a pro. In this guide, we are excited to walk you... read more »
In a significant move towards embracing digital transformation, the Internal Revenue Service (IRS) has recently announced its plans to expand access to business tax accounts and introduce new features aimed at simplifying and streamlining the tax filing process for businesses of all sizes. This initiative marks a pivotal moment in the IRS's commitment to modernization and responsiveness to the evolving... read more »
If you are a tax professional or business, you are vulnerable to identity thieves who may target your client’s sensitive information. According to the IRS, this is an ongoing concern, and every year, they compile an updated list noting 12 tax scams. The importance of proceeding cautiously cannot be overstated, and the IRS refers to this list as the "Dirty... read more »
February is here and we are talking taxes! There are good reasons to file your business taxes early by filing in February. That's because there are some benefits for doing so. You'll be a head of the game as the IRS anticipates processing more than 150 million tax returns! Get Money Back Filing your business taxes in February ensures that... read more »
When it comes to "cryptoassets," or cryptocurrencies, you are probably familiar with the most popular ones out there, such as Bitcoin, Ripple, Litecoin and Ethereum. These are essentially a kind of electronic cash, exemplifying the secure technology that not only records who owns what but also makes the payments being passed between users. Unlike physical cash you can carry in... read more »
There are benefits to filing for a tax extension, and there is no cost or penalty for doing so. An extension allows you to have up to six additional months to finish your tax return filing. But those aren't the only benefits! Filing a Tax Extension Benefits Are you a business partnership with complicated tax returns? Filing for an extension... read more »
Are you a small business filing your 2021 federal income tax return? Working with a tax professional or accountant can not only help you stay on top of what you need as you file your business taxes but can also help you understand which deductions and credits your business qualifies for: https://www.irs.gov/businesses/small-businesses-self-employed/business-tax-credits Your Business If you are a sole proprietor... read more »
It is that time of year again! With February already here, families are looking at filing their 2021 taxes. Last year, around 36 million of these families were given over $93 billion in monthly child tax credit payments from July through December 2021. If you were sent funds for the enhanced child tax credit in 2021, you need this important... read more »
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