Preparing for Hurricanes and Other Natural Disasters
The Atlantic hurricane season officially begins on June 1, and now is a good time for individuals, organizations, and businesses to make or update their emergency plans. Here are five steps taxpayers can take to safeguard their tax records before disaster strikes: 1. Secure key documents and make copies. Taxpayers should place original documents such […]
HSA Limits Increase Significantly for 2023
Contributions to a Health Savings Account (HSA) are used to pay the account owner’s current or future medical expenses, their spouse, and any qualified dependent and are adjusted annually for inflation. For 2023, the annual inflation-adjusted contribution limit for a Health Savings Account (HSA) increases to $$3,850 for individuals with self-only coverage (up $200 from […]
Common Small Business Budgeting Errors to Avoid
When creating a budget, it’s essential to estimate your spending as realistically as possible. Here are five budget-related errors commonly made by small businesses and some tips for avoiding them. Not Setting Goals It’s almost impossible to set spending priorities without clear goals for the coming year. It’s important to identify, in detail, your business […]
Tips to Help You Get Started Saving for Retirement
It’s never too late to start saving for retirement, but the sooner you begin, the more time your money has to grow. That’s because gains each year build on the prior year’s gains thanks to the power of compound interest – and it’s the best way to accumulate wealth. Here are a few tips to […]
Estimated Tax Payments: The Facts
Estimated tax is the method used to pay tax on income that is not subject to withholding, including income from self-employment, interest, dividends, alimony, rent, and gains from the sale of assets, prizes, and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your salary, pension, […]
What To Know About Tax-related Identity Theft
Tax-related identity theft occurs when someone uses a taxpayer’s stolen SSN to file a tax return claiming a fraudulent refund. In the vast majority of tax-related identity theft cases, the IRS identifies a suspicious tax return and pulls the suspicious return for review. The IRS then sends a letter to the taxpayer and won’t process […]
Is Your College Student’s Scholarship Taxable?
May 1st is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you’re wondering if your child’s scholarships are taxable, here’s what you should know. First, it’s important to understand how a scholarship is defined. Generally, a scholarship is an amount paid […]
Now Is the Time To Check Your Federal Tax Withholding
Now that tax season is over, it’s time to get the new tax year off to a good start by checking your federal income tax withholding. Taxpayers can do this by using the Tax Withholding Estimator on IRS.gov. Let’s take a look at why using this valuable online tool is a good idea: The Tax […]
How Do You Manage Vendors in Quickbooks?
If you buy and resell products or need to purchase materials to create your own items, good management of your company’s vendor records is critical. Maintaining a physical card file is way too inflexible. You can’t find or edit individual records quickly or easily. They get lost or are illegible because you’ve updated the cards […]
Tax Return Tips for Last-minute Filers
When it comes to working on your taxes, earlier is better, but many people find preparing their tax return stressful and frustrating and wait until the last minute. If you’ve been procrastinating on filing your tax return this year, here are eight tips that might help. Don’t Delay Resist the temptation to put off your […]