Three months of the year is already behind us, which means we are now facing tax time! Let’s make sure that you are prepped and ready to file 2024 tax returns from your 2023 earnings.   The most common questions we get from our clients are related to payments, withholdings, and quarterly tax payments. These topics are of primary interest to many tax players.  Let’s take a closer look at their meaning. Understanding these terms will enable you to avoid any last-minute surprises when you file your taxes.   Payments are generally referred to as the taxes that you owe Uncle Sam ba ..read more

Filing your taxes in time for the 2024 season comes with a lot of questions. These common questions could be about deductions, credits, and changes to tax laws. We understand how complicated it can be, and that’s why we’re here to provide answers to some of the common inquiries you may have about your taxes. With the expertise of a tax advisor in Atlanta, we can help you follow the right process when filing your taxes for 2024. Filing Requirements and Documentation What personal information do I need to file my taxes? For filing your taxes, the core personal information you’ll need include ..read more

Hiring a tax advisor can be a game-changer, especially if you’re a small business owner who wants to grow your business. You’ll have an expert professional who will help you navigate complex tax policies to benefit your business, particularly in reducing liabilities and optimizing your financial situation. As noted in a Forbes Business Council article, the advantages of engaging a tax strategist extend beyond mere compliance; they include strategic financial insights, helping in long-term business planning, and more. Instead of paying more taxes, a tax advisor can help you save money that yo ..read more

Taxes might not be the most thrilling topic, but paying attention to tax deadlines is critical for individuals and small businesses. Waiting until the last minute to sort out your taxes is a recipe for stress-induced chaos. You’ll be scrambling through receipts and staring at spreadsheets, wondering how to comply while the deadline is coming up fast.   Missing tax deadlines can quickly result in new problems. Penalties and interest can start piling up, and suddenly, what was a manageable tax bill turns into a financial headache.   That’s why it’s important for both individuals and ..read more

The SECURE 2.0 Act, signed into law in December 2022, has some pretty awesome changes that can help you stretch your retirement savings further. If you’re considering adjustments to when and how much you want to withdraw, the SECURE 2.0 Act provides amendments to the Required Minimum Distributions (RMDs) and retirement plan contributions. What are the Key Changes Introduced by the SECURE Act 2.0 of 2022? RMD Age Rules and Penalties RMDs, or Required Minimum Distributions, are the amount you must withdraw from your retirement accounts each year once you reach a certain age.   Before ..read more

Not a day goes by, it seems, without news of another scam or data breech. Unfortunately, since our real lives are now entirely intertwined with our online presence, criminals will continue to push the boundaries in a continuing game of cat and mouse. The latest round of scams uses some old techniques combined with artificial intelligence (AI) to impersonate the IRS. We all receive phishing messages, but these are particularly convincing. The IRS logo and email format look like real IRS messages, and the message may be a mix of true and inaccurate information. The goal, of course, is to trick ..read more

It’s extension season, and the IRS is gearing up to receive your 2022 returns. The extension deadline this year for 2022 Partnership (Form 1065) and Subchapter S Corporation (S Corps, Form 1120S) tax returns is September 15, 2023. The extension deadline for individual 2022 returns is October 16, 2023. Certain members of the military (https://www.irs.gov/individuals/military) and support personnel in combat zones (https://www.irs.gov/newsroom/extension-of-deadlines-combat-zone-service) may have different filing deadlines. Taxpayers who have been affected by officially declared natural disaste ..read more

Having more than one stream of income is gaining popularity.  In fact, 45% of Americans have a side hustle.  As tax time approaches, it is imperative that you understand the tax implications of having a second job and how to report it to the IRS. More importantly, you want to be sure that you don’t pay more taxes than you should. Who Has To File? If you earned more than $400 from self-employment, you must file a tax return. Self-employment includes sole proprietors and independent contractors. It also extends to individual taxpayers who have full-time jobs but make additional in ..read more

Many business owners and individual taxpayers find tax filing challenging. They make costly mistakes in a frenzy to meet the tax filing deadline. However, tax filing does not have to be complicated. With a bit of preparation and convenient online tax filing tools, taxpayers can confidently face the challenges that the tax filing season throws at them. Here are some simple steps to take for hassle-free tax filing.  Gather Tax Records Inaccurate tax filing can lead to processing or refund delays. If the IRS notices a glaring mistake in your return, they may send you a notice or letter ..read more

Small business owners face a never-ending cycle of tax seasons, with personal and corporate tax filing deadlines to keep track of. To avoid unexpected tax bills or a last-minute rush to complete an IRS form, it’s crucial to stay ahead by marking key dates on your calendar. Also, you need to be aware of the important deadlines to keep your finances in order. In this post, we list a few key dates you must mark on your calendar so that you have enough time to organize and make informed decisions for a stress-free tax season. Jan. 31, 2023: Deadline for distributing W-2, 1099-NEC, or 1099-MISC ..read more