A Guide for Small to Medium Sized Business OwnersAs an owner of a smaller business, you know you can’t gamble with your finances. Whether you file the wrong tax form or hand a messy budget to an investor, it takes one mistake to cause financial ruin. To avoid this, consider adding an accountant to your team. What exactly is accounting … Read More
Child Tax Credit Portal Update
Families receiving monthly Child Tax Credit payments can now update their direct deposit information and more! Now families can conveniently receive their monthly child tax credit payment online and with a direct deposit to your designated bank account. The account feature was added only to the Child Tax Credit portal available only on IRS.gov. This is good to know, so … Read More
Deductions and More: Getting Ready For the Next Tax Season
Americans love paying taxes. They love it so much that over 120 million of them chose to pay extra and had to get refunded.All jokes aside, there’s a lot of serious information to know when you’re prepping for tax time, and it’s never too early to get started! It could save you time and money next year.Luckily, it doesn’t have … Read More
Tax Preparation vs Tax Planning
Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: WHAT IS TAX PREPARATION? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your return and finding out whether you owe the IRS money … Read More
Taxable vs. Nontaxable Income
Tax season front and center. Some people have gotten their taxes done, good for you. This article is for the other part of the population that is still putting together the information they need to file, and those who haven’t moved a muscle to get started. Unless you are an accountant it might be hard to tell what is taxable … Read More
Social Security Benefits & Taxes: The Facts
Social Security Benefits & Taxes: The Facts Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits.Examples include wages, self-employment, interest, dividends, and other … Read More