Should You Form an LLC?
If you’re self-employed, it’s common to structure your business as an LLC. However, it’s not necessary for every entrepreneur. According to the IRS, LLCs represented just 10% of non-farm sole proprietorships in 2020. So, how do you decide if an LLC is right for you? What is an LLC? LLC stands for Limited Liability Company. […]
Make a Mistake on Your Taxes? How to File An Amended Tax Return
Did you see a mistake on your tax return? You may have forgotten about a little-known deduction or an odd job that didn’t pay much. Unless you’re an expert CPA, these errors can be hard to avoid. That’s why the IRS allows taxpayers to file an amended tax return to correct any errors or omissions. […]
You Forgot to Pay Your 2023 Taxes. What Happens Next?
With work, family, and personal commitments demanding your time, tax season might go by in a blur. Did you file your 2023 taxes or request an extension by April 15, 2024? If the answer is no, you’re not alone. Forgetting to file your taxes can be stressful, especially if you have a big tax bill […]
What You Need to Know Before Filing Your 2023 Taxes
Tax season is officially here, and with it comes fresh regulations and adjustments you need to know about. These changes might have a significant effect on your tax return. Whether you’re filing your own taxes or getting help from professionals like Kondler & Associates, CPAs, read this guide to make sure you’re prepared. What’s the […]
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 […]
