Our Blog & News
This Month’s Posts:
Retirement Plan Options Available for Small Businesses and Self-Employed Individuals
If you are starting your own business, opening up a private practice or thinking about implementing a new retirement plan for your existing business, you have several retirement plan options available to you. Below is a list of the primary retirement plan options for...
New Year-End Tax Reporting Rules for Digital Assets on the Horizon
The IRS recently issued proposed regulations requiring brokers to provide reports of digital asset transactions, including cryptocurrency sales, to their customers at year-end. Per the proposed regulations, beginning with the 2025 tax/calendar year, brokers that...
3rd Quarter Estimates Due 9/15
Third quarter estimated taxes are due 9/15. For anyone paying estimated taxes, we now recommend that you make those payments online. Doing so is much safer than sending the IRS a check, and you receive an instant confirmation that the payment has been processed. ...
IRS Issues Stern Warning To Business Owners Who Overstate Their ERC
From IRS News IR-2023-49, March 20, 2023 In a further warning to people and businesses, the Internal Revenue Service added widely circulating promoter claims involving Employee Retention Credits as a new entry in the annual Dirty Dozen list of tax scams. For the start...
How To Minimize Taxes Following The Sale of Your Practice
We recently received this question from a client: Q: Just wanted to give you a heads up. If all goes according to plan, we will be signing the sale agreement this week for my office. Is there any way to reduce the tax implications of the transaction? A: Here are 5...
Two Practice Financial Planning Lessons Parents Can Teach Their Kids In College
Did you recently drop off one or more of your kids at college? As we all know from our undergraduate years, a lot of what college kids learn is learned outside the classroom. Why not take this opportunity to plant the seeds for a few practical personal finance lessons...
Last Month’s Posts:
Time for Your Mid-Year Tax Projection
August is the perfect time to review your year-to-date taxable income and allowed deductions for 2023, as well as factoring in your projected income and deductions for the remainder of the year. Taking a look at your specific tax situation throughout the year helps to...
Tax Considerations for Recent Newlyweds
May through October is commonly known as “Wedding Season” with July and August generally being the peak months for weddings. If you, or perhaps one of your children, tied the knot this year, here are a few items to add to your checklist before the end of the year: If...
IRS Warns Taxpayers to be Aware of Possible Tax Scams and Phishing Schemes
With so many people relying on the internet to obtain or provide personal and financial information, it’s often a “guess” for individuals trying to determine what emails that are received are real and which may be phishing scams. For IRS tax issues and...
Take A Moment To Check That You Are On Track To Max Out Your 2023 Retirement Plan Salary Deferrals
Contributing to a retirement plan is one of the best tax shelters available to people during their working years. Contributions made to non-Roth accounts are tax-deductible and grow tax deferred. With the Roth option, you give up a current year tax deduction in...