Jan 23 Tax Benefits for Homeowners
What tax deductions, programs, and housing allowances are available to you as a homeowner? Let's explore a few options that the IRS makes available....
Jan 23 Top Benefits of Hiring Outsourced Accounting Services
Do you outsource HR and IT but feel squeamish about letting someone else get too close to your numbers? You probably have a fluctuating need for a bookkeeper, an accountant, a controller, and a chief financial officer. You could hire all these people, but outsourcing...
Jan 10 Form W-2: The Basics
In many ways, Form W-2 is simple and straightforward: You enter information that is already available from payroll and personnel records. You then use your employer identification number and, in most cases, a state ID number to complete most of the form. The main challenge comes...
Jan 10 New IRS Guidance on State and Local Taxes
The IRS will be addressing the deductibility of state and local tax payments for federal income tax purposes. It's a reminder that federal law controls payments for federal income tax purposes no matter how state law wants to view things. The Tax Cuts and Jobs Act...
Jan 10 Is Long-Term Care Insurance Worth the Investment?
For many people in their 50s and 60s, the decision of whether to purchase long-term care insurance is a pressing concern. Yet, despite this, only a small fraction—around 2.3%—of individuals in this age group choose to buy such policies. The long-term care insurance industry has...
Jan 10 Understanding Depreciation: A Guide for Business Owners
When you acquire assets for your business—whether it's office equipment, machinery, or even vehicles—you're essentially investing in property that will help generate income over time. These assets, however, don’t retain their full value indefinitely. Depreciation is a way to account for the gradual decline in...
Jan 10 Navigating Customer Privacy and Data Collection in the Digital Age
In today’s data-driven world, businesses increasingly rely on various types of consumer data to optimize their marketing and advertising efforts. Understanding the nuances of first-party, zero-party, and third-party data is crucial to maintaining customer trust while safeguarding privacy....
Jan 10 Year-End Tax Considerations
You may be able to turn an IRS tax payment into a tax refund if you take some year-end actions now. Consult with your tax professional to determine if any of the following actions apply to your situation....
Jan 10 IRS Alerts on Health and Wellness Deductions: What You Need to Know
The IRS has issued important reminders regarding health and wellness deductions, emphasizing that many personal health-related expenses do not qualify for tax breaks. If you have an FSA (Flexible Spending Account), HSA (Health Savings Account), or MSA (Medical Savings Account), you cannot deduct or be...