Surprising Tax Impact of Converting Your Traditional IRA to a Roth IRA
Taxpayers are limited in the annual amount they can contribute to a Roth IRA. The maximum contribution for 2024 is $7,000 ($8,000 if age 50 or older), but the allowable…
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Making Home Improvements? You May Qualify for a Substantial Tax Credit.
The Internal Revenue Code Section 25C credit, also known as the Energy Efficient Home Improvement Credit, is a valuable tax incentive for homeowners who make qualifying energy-saving improvements to their…
A Retiree’s Guide to Reducing Taxes on Social Security Benefits
Social Security benefits serve as a crucial financial backbone for millions of retirees, disabled individuals, and families of deceased workers in the United States. However, the taxation of these benefits…
Navigating the Corporate Transparency Act: Essential Insights and Compliance Reminder for SMBs
As the deadline for compliance with the Corporate Transparency Act (CTA) approaches, small and medium-sized businesses (SMBs) must remain vigilant. This legislative milestone, aimed at enhancing corporate transparency, requires businesses…
Boost Your Income: How Renting Your Vacation Home Can Maximize Your Earnings and Minimize Your Taxes
Volume 11 Issue 6, Blog, eNewsletter
Owning a dwelling unit that is used as a vacation home can be a dream come true, offering a personal retreat and potential rental income. However, the tax implications of…
Breaking News: The IRS Has Just Updated Their Position Related to Denying or Paying Employee Retention Credit (ERC) Claims
Volume 11 Issue 6, Blog, eNewsletter
The Employee Retention Credit (ERC) was introduced as a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in 2020 to help businesses keep employees on their payroll…
Understanding the Types of IRS Audits: Why Professional Help is Essential
Volume 11 Issue 6, Blog, eNewsletter
Dealing with the IRS can be a daunting experience, especially when you receive an audit notice. Understanding the different types of IRS audits and what each entails can help you…
Top 5 Accounting Mistakes Small Business Owners Make and How to Avoid Them
Volume 11 Issue 6, Blog, eNewsletter
Proper accounting is the backbone of any successful small business. It ensures that your financial records are accurate, helps you make informed decisions, and keeps you compliant with tax regulations….
Technology Trends for Business to Watch in 2024
The unrelenting advancement of technology is still going strong even as we enter 2024. The business landscape is poised for transformative changes, driven by ongoing developments that demand organizations to…
Embracing Your Next Chapter: A Guidee for Retirees Returning to Work
As you approach retirement age, the thought of returning to work might be on your mind. Whether you’re considering part-time roles or fully immersing yourself back into the workforce, this…