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 […]
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 fines? Could you end up in jail? Your mind may be racing, but it’s important to try to remain calm. The vast majority of audits […]
How to Manage Your WSOP 2023 Winnings
The 2023 World Series Of Poker (WSOP) attracted a record number of players. The Main Event amassed a whopping $93.3 million prize pool, the largest prize pool in live tournament history. From May 30 to July 18, poker players from around the world battled wits and tested their luck at the Horseshoe and Paris, the […]
Casino Winnings
Every year, lucky gamblers strike gold in Las Vegas. Whether you hit a slots jackpot or win a fortune playing table games, winning big can be electrifying. However, as every casino winner soon discovers, handling significant winnings involves more than just cashing in your chips. You need to understand the tax implications of your windfall. […]
Are Online Lotteries Gaining Steam?
In recent years, states have taken their lotteries online to boost ticket sales and increase profits. Georgia launched their online lottery program back in 2012, but last week, they rolled out a new addition to their program. The state partnered with Gtech, an Italian gaming company, and expanded the game library offered online. Along with […]
IRS Employment Woes Deepen
It is no secret that the IRS will be completely understaffed for the upcoming tax season. I have talked about it before and am reminded whenever I call the tax preparer hotline and wait on hold for over two hours. After the budget was cut and hiring was lessened, it would seem that things could […]
Repairs Regulation Update
Great news for small-business owners, and accountants as well. The previously discussed repairs regulation, which would have cost small businesses time and money this tax season, has been simplified. Today, the IRS announced relief under the regulation, which allows companies with assets of $10 million or less (or annual gross receipts of $10 million or […]
