Taxes on 2023 Gambling Wins: What You Need to Know

Gamblers know that your finances can change with one lucky bet. Whether you pump money into a slot machine or wager that your favorite team will win, success could mean […]

2023 Education Tax Credits: A Guide for Taxpayers

Are you or one of your dependents currently pursuing higher education? You may be eligible for special tax credits. These credits help reduce your bill and could even provide you […]

Senior Tax Deductions

The IRS gives seniors over 65 a break by offering several lucrative tax deductions. Whether you’re retired or still earning income, taking advantage of these deductions could help cushion your […]

Guide for S Corp Shareholders: What’s a Reasonable Salary?

If you work for yourself, operating as an S Corp instead of a sole proprietorship often makes more sense. Your business remains the same, but the tax benefits can be […]

Maximizing Your IRA:  Updates for 2023

Individual Retirement Accounts (IRAs) have long been a cornerstone of retirement planning, offering individuals a tax-advantaged way to save for their golden years. Recently, the IRS has made noteworthy changes, […]

Little Known GAAP Facts: Uncovering the Nuances of Generally Accepted Accounting Principles

If you own a business, you’re likely familiar with GAAP in a broad sense. Officially called the Generally Accepted Accounting Principles, GAAP aims to ensure consistency, comparability, and transparency in […]

Pros and Cons of Filing Your Taxes Early

Most Americans receive tax refunds every year, yet tax season is still a time of dread. Many filers wait until the last minute. There’s nothing inherently wrong with this strategy, […]

7 Benefits of Working with a CPA

In a world ruled by ever-evolving tax regulations, individuals and businesses alike face a daunting challenge: managing their finances effectively. The work requires time, attention to detail, and knowledge of […]

What Is the Difference Between Employees and Contractors?

Introduction Business is thriving, and you’re ready to hire more help. Should you find a new employee or look for a contractor? The answer is complex and has large financial […]

What Small Business Owners Need to Know About 1099s

If you work with independent contractors, knowing when, why, and how to issue a 1099 is an integral part of your business. Forgetting or mishandling this crucial step will eventually […]

What to Do If You’re Audited by the IRS

The IRS has sent you a letter- and it’s not great. You’re being audited. For many Americans, the idea of an audit is terrifying. Will you have to pay heavy […]

Maximizing Tax Deductions for Freelancers and Independent Contractors

Being your own boss is incredibly rewarding. You can choose your schedule and work on your own terms. However, the tax implications of being self-employed can seem daunting. A simple […]