THE TAX OBLIGATIONS IF YOUR BUSINESS CLOSES ITS DOORS

By |2023-06-21T15:30:18-04:00June 21st, 2023|Accounting and Auditing, Business, Taxation|

Sadly, many businesses have been forced to shut down recently due to the challenges of the economy, including the supply chain.  If this is your situation, we can help you meet the various tax responsibilities that go with closing a business.   Of course, a business must file a final income tax return and some [...]

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ADOPTING A CHILD? BRING HOME A TAX BREAK TOO

By |2023-05-22T15:21:32-04:00June 19th, 2023|Accounting and Auditing, Taxation|

Two tax benefits are available to offset the expenses of adopting a child.  In 2023, adoptive parents may be able to claim a credit against their federal tax for up to $15,950 of “qualified adoption expenses” for each child.  That’s a dollar-for-dollar reduction of tax.   Also, in 2023, adoptive parents may be able to [...]

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IS IT A GOOD TIME FOR A ROTH CONVERSION?

By |2023-05-22T15:12:03-04:00June 5th, 2023|Accounting and Auditing, Taxation|

The volatility in the stock market may have caused the value of your retirement account to decrease.  But if you have a traditional IRA invested in stocks, a decline may provide a valuable opportunity by allowing you to convert your traditional IRA to a Roth IRA at a lower tax cost. TRADITIONAL VS. ROTH Here [...]

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Have you explored QuickBooks’ Snapshots? They can provide a quick but deep look at your financial status.

By |2023-05-23T14:24:05-04:00June 1st, 2023|Accounting and Auditing, Business, QuickBooks Tips|

5 Things You Should Do Every Time You Open QuickBooks Some habits are good. Here are five of them that will keep you in the know about your financial status in QuickBooks. Usually when people talk about habits, they’re trying to find ways to break bad ones. Sometimes it’s difficult to even trace them back [...]

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IS YOUR WITHHOLDING ADEQUATE?

By |2023-03-29T14:59:52-04:00April 24th, 2023|Accounting and Auditing, Business, Taxation|

If you were distressed to find you owed money when you filed your last federal tax return, you might want to change your withholding so that this doesn’t happen again.  You might even want to adjust your withholding if you got a big refund, because you’re essentially giving the government a tax-free loan of your [...]

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BE PREPARED FOR TAXES ON SOCIAL SECURITY BENEFITS

By |2023-03-29T14:54:46-04:00April 17th, 2023|Accounting and Auditing, Estate planning, Retirement, Taxation|

Whether you’ve filed your 2022 tax return or soon will, one thing you don’t want to experience is a surprise.  Many older people are caught off guard when they find that their Social Security benefits may be taxable.   How much might you have to pay? That depends on your other income.  If you’re taxed, [...]

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