Major life changes are thrilling – but with the excitement of big moves comes responsibilities. In this post, we’ll cover the most common tax implications of marriage, newborns and changing tax residency. How marriage impacts your taxes As a general rule,...
Looking at a tax bill that you can’t afford and wondering what to do? In this post, we’ll lay out your smartest course of action for minimizing the damage. Step 1: File your return on time The biggest mistake you can make when you can’t pay your taxes on time is...
When it comes to the new third-party payment rules for 1099s, confusion reigns! Don’t worry. We’re here with an easy explanation of what’s going on and how to best handle the situation as a business owner. Disclaimer: As of April 2024, the information below is...
First and foremost, let’s get this out of the way: Filing an extension is no big deal. Really, it’s not. If you need more time to get it right, it’s always better to extend than to file a return that’s not ready. But before we get into the scenarios where filing an...
Making smart tax choices for life’s biggest changes significantly impacts your net worth and available wealth to provide for your family. We help clients navigate milestones proactively, to make the right tax planning decisions for achieving long-term financial goals....
Scheduling a year-end tax planning meeting presents a fantastic opportunity to strategize and optimize your finances, ensuring that you make the most of available tax-saving opportunities or at a minimum, understand your tax liability for the upcoming season. Here are...
While every business owner’s situation is unique, learning from the mistakes of others is a great way to begin your journey towards tax efficiency from day one. In this post, we’ll cover the most common tax slipups made by freelancers and solo entrepreneurs. Note: The...
Losing a spouse is one of the most difficult experiences you can go through in life. Along with the grief, pain and uncertainty, recent widows/widowers must also manage legal and financial matters, including complex decisions regarding taxes. Importance of choosing...
Summer is coming and that means the IRS will soon be updating their Dirty Dozen, which is the bureau’s annual list of the most notable tax scams in the country. Every year these scams become more sophisticated and difficult to spot – but if you follow these simple...
Writing off business expenses to reduce taxable income is a vital tool all enterprises utilize to lower their total tax burden. Unfortunately, as not every company expense qualifies as a deduction, it’s also an area of tax accounting where many mistakes are made. In...
