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 a windfall. However, be prepared for Uncle Sam to take a cut. The IRS has very specific rules about taxing gamblers, and if you’ve hit […]

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 with a refund. This post will discuss the two major education tax credits, including eligibility criteria and the claiming process. Understanding Education Tax Credits The […]

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 later years. At Kondler & Associates, CPAs, we want to ensure you know all your options. Here are seven tax deductions for seniors. The IRS […]

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 immense. Why? Because with an S Corp, you can split your income between salary and tax-free distributions. The lower your salary, the less you pay […]

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, increasing yearly contribution limits and providing new avenues for charitable giving through IRA assets. In this post, we delve into these updates. IRA Contribution Limits […]

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 financial documents across different entities. However, many business owners and even financial professionals may not know some of the lesser-known facts about GAAP. 1. GAAP […]

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, but there are also benefits to being proactive. Let’s talk about the pros and cons of early tax filing. When You Can File 2023 Taxes […]

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 complex tax laws. This is where working with a Certified Public Accountant (CPA) becomes extremely beneficial. A CPA can act as a trusted advisor, providing […]

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 implications, as both options come with distinct costs and benefits. Ultimately, the choice between an employee and a contractor depends on factors such as the […]

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 lead to fines from the IRS. To ensure that your business is compliant, here are the key points to remember when it comes to issuing […]