Tax planning isn’t just a year-end scramble—it’s a strategic financial practice that pays dividends throughout the year. Let’s delve into why consistent tax planning matters. Tax planning is not a once-a-year task. By maintaining good records, maximizing deductions, avoiding surprises, considering investments, adapting to tax law changes, and addressing business needs, you’ll achieve better financial […] The post Staying Ahead: The 6 Benefits of Ongoing Tax Planning appeared first on Jeanine Hemingway CPA ..read more

Although it might appear excessive, maintaining meticulous records—including receipts, bills, invoices, and other payment documentation—is crucial for both businesses and individuals. By maintaining organized records, you can easily track your financial health, streamline tax preparation, and make informed decisions. Establishing good recordkeeping habits not only saves time and money but also ensures compliance with regulations. […] The post Good Recordkeeping = The Backbone of Business Success appeared first on Jeanine Hemingway CPA ..read more

While the Tax Day deadlines may have passed, the threat of tax fraud is skyrocketing, especially with the advancements in AI technology leading to more sophisticated scams. Considering this, it’s never too late to safeguard yourself by implementing an Identity Protection Pin. Why the Rise in Tax Fraud Scammers? Last year, the IRS received 294,138 complaints of reported identity theft, the second most in its history. The most was 328,591 in 2021. Sadly, many victims only learn they’ve been scammed when they go to file their tax return and realize someone already did so in their name Last year ..read more

How QuickBooks Eases Tracking As a business owner, managing sales tax reporting can be quite a daunting task. This tax, however, is extremely important given a company’s clients need to understand the final price of the item and businesses must anticipate how much tax they are responsible for giving back to the government. The domino effect of improper sales tax calculations can affect a business’s long-term financial goals, a result easily avoided with the right tools that streamline the calculation process and ensure compliance across all avenues. The renowned accounting software that gets t ..read more

As a business owner, managing sales tax reporting can be quite a daunting task. This tax, however, is extremely important given a company’s clients need to understand the final price of the item and businesses must anticipate how much tax they are responsible for giving back to the government. The domino effect of improper sales tax calculations can affect a business’s long-term financial goals, a result easily avoided with the right tools that streamline the calculation process and ensure compliance across all avenues. The renowned accounting software that gets the job done: QuickBooks. Quick ..read more

Running a small business can be overwhelming, with so many daily tasks and responsibilities to manage. However, neglecting the financial health of your business can have serious consequences. To avoid this, it’s critical to hire a dedicated accountant to keep track of your company finances. With their expertise, you can focus on running and growing your business while they handle the bookkeeping and financial reporting. Undeniably, accounting expertise plays a crucial role in adding value to businesses in various ways. With knowledge and skills in financial management, tax planning, cash flow ..read more

As the year comes to a close, it’s important for businesses to consider their tax planning strategies. While common strategies like accelerating expenses and deferring income can be effective, there are also outside-of-the-box tactics that can provide significant tax savings. You can dramatically affect the amount of taxes you owe at year’s end depending on the amount of planning and preparation you put into business tax management. Proper planning can help you take advantage of timely tax breaks. Here are several strategies to consider as you plan for 2023 business taxes ..read more

You may have heard that President Biden recently signed the Inflation Reduction Act of 2022, a sweeping piece of legislation that is designed to address some of the significant issues that the U.S. is facing. Some of those issues include the high cost of prescription drugs, healthcare availability, climate change, and, yes, hopefully inflation. Proponents of the new law say that its various provisions for fighting climate change, supporting clean energy production, and raising tax revenue, will reduce the deficit and in turn, combat inflation. And some of the expanded tax credits in the legisl ..read more

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 this year, to qualify for the current credit, vehicles purchased after August 15, 2022, are required to meet the final assembly requirement of the new law. If you’re shopping for an electric vehicle (EV) or plug-in hybrid electric vehicle (PHEV), it’s important to be aware of the changes to federal EV tax credits. Highlights include: Qualifying vehicles must be assembled in North America. Starting in March 2023, increasing pe ..read more

Are you familiar with the First-Time Homebuyer Tax Credit?  This tax credit, (as of June 2022) is still a bill and has not yet been passed into law. The bill was introduced by lawmakers in 2021 as an IRS tax code, that if it passes, will grant first-time home buyers up to $15,000 in refundable federal tax credits! The credit is aimed to help low-and middle-income Americans attain homeownership. Rather than having to wait until you file your return to see the funds, the funds would be advanced to the homebuyer at the time of closing. Experts say that this bill could pass by the end o ..read more