Barklee Financial Group
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Barklee Financial Group is made of teachers, guides, friends, and listeners. They exist to help their community achieve and lead a financially healthy lifestyle by promoting Financial Awareness. They help busy entrepreneurs and business owners take charge of their finances with their suite of virtual accounting services. Read articles on accounting, financing, taxation, and more.
Barklee Financial Group
2M ago
Mastering Efficiency: Exploring the World of Virtual Tax Preparation Services
In today's ever-changing financial landscape, the traditional methods of tax preparation are making way for more efficient and accessible solutions. Virtual tax preparation services have become a cornerstone in managing financial responsibilities for both individuals and businesses .
This means that your CPA can deliver your tax returns directly to you, on your schedule, to your inbox, and with the peace of mind that your documents are secure. This blog will be your guide to understanding the ins and outs of virt ..read more
Barklee Financial Group
7M ago
October 11 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 11. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return fo ..read more
Barklee Financial Group
7M ago
le Highlights:
Medical Savings Account
Retirement Account
High-Deductible Plan
Eligible Individuals
Monetary Qualification for an HSA
Qualification Chart
Maximum Contributions
Establishing an HSA
The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by insurance due to the high-deductible provisions of their insurance coverage.
However, an HSA can act as more than just a vehicle ..read more
Barklee Financial Group
7M ago
According to one recent study , about 27% of people in the United States between the ages of 55 and 67 years old have less than $10,000 saved for retirement. If you needed just one statistic to outline how important it is to plan ahead when you're younger, let it be that one.
Similarly, you need to understand that planning isn't about simply making sure that you CAN retire. It's also about doing what you can to maximize those benefits when they do start to arrive. The system itself is designed to reward certain actions and, if you make the right financial decisions today, you'll be able to ..read more
Barklee Financial Group
7M ago
According to one recent study conducted by the Small Business Administration, there are approximately 32.5 million organizations that classify as a small business in operation in the United States. Half of all American workers are either employed by a small business or own a small business and are significant drivers of not only the economy in this country but on a global scale as well.
Coming up with an idea for a new business, however, is one thing. Actually becoming a successful business owner is something else entirely.
Coming up with an idea for a new business, however, is one ..read more
Barklee Financial Group
7M ago
Article Highlights:
Assembly Requirement
August 15 Deadline
Transition Rule
The New Law
Income Limit
Manufacturer's Suggested Retail Price Limitation
New Vehicle Definition
Transfer of Credit to the Dealer
Credit for Used Vehicles
With the recent passage of the Inflation Reduction Act of 2022, the electric vehicle credit has undergone some major changes. Although most of the changes take effect in 2023, to qualify for the current credit, vehicles purchased after August 15, 2022, are required to meet the final assembly requirement of ..read more
Barklee Financial Group
7M ago
There have been instances where scammers have posed as IRS representatives in order to extract money from unsuspecting victims. Here are a few tips on how to protect yourself from these scammers. First, be aware of the different methods that the IRS uses to contact taxpayers. If you receive a phone call or email from someone claiming to be from the IRS, do not reply or give out any personal information. Second, remember that the IRS will never threaten you with arrest or demand immediate payment. Finally, if you are unsure about whether or not a contact is legitimate, you can always call the ..read more
Barklee Financial Group
7M ago
Article Highlights:
Mid-Year Planning
Avoiding Unpleasant Surprises
Events That Have Tax Consequences
All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially benefit them. Mid-year is the perfect time for tax planning. The following are some events that can affect your tax return; you may need to take steps to mitigate their impact and avoid unpleasant surprises after it is too late to address them. Here are some events that can trigger tax consequences. Did ..read more
Barklee Financial Group
7M ago
Article Highlights:
Marriage
Buying a Home
Having or Adopting Children
Getting Divorced
Death of Spouse
Throughout your life there will be certain significant occasions that will impact not only your day-to-day living but also your taxes. Here are a few of those events:
Getting Married – If you just got married or are considering getting married, you need to be aware that once you are married you no longer file returns using the single status and generally will file a combined return with your new spouse using the married filing jointly (MFJ) status ..read more
Barklee Financial Group
7M ago
Article Highlights
PTIN Requirements
CPAs, EAs, and Attorneys
State Regulations
American Families Plan
Taxpayer Protection and Preparer Proficiency Act
Anyone preparing a tax return for compensation must have a PTIN issued by the IRS, but there are no requirements associated with obtaining a PTIN—no advance training, no continuing education, and no ethical standards to abide by. On the other hand, CPAs, enrolled agents (EAs), and attorneys have strict ethical standards, educational or testing requirements, and continuing education requirements that keep th ..read more