The Inflation Reduction Act (IRA) was passed in August 2022 to lower inflation, lower prescription drug prices, and promote clean energy. Some provisions were immediately enacted, while others will be phased out over the next few years. The question on everyone’s mind is, “what’s up with the Inflation Reduction Act IRS Funding?” The short answer […]
HSA Taxes: Healthcare Savings Account Tax Tips
Health Savings Account (HSA) often emerges as a rare opportunity for tax planning. An HSA provides a way to save for medical expenses and offers unique tax benefits that can significantly enhance your overall financial health. In this article, we’ll delve into the nuances of HSA taxes, providing essential tax tips that will help you […]
The Best Married Couples Tax Tips
It’s hard enough to navigate taxes when you’re on your own, but once you get married, everything becomes more complicated. Married couples face a unique set of challenges and opportunities. As a married couple, you have some flexibility to maximize your financial benefits and minimize your tax liabilities. From optimizing filing status to leveraging deductions […]
Watch Out for These IRS Scams
Tax season can be stressful enough without the added worry of falling victim to IRS scams. But unfortunately, scammers are constantly coming up with new ways to take advantage of taxpayers and steal their money. What You Need to Know About IRS Scams Scammers are continuously improving their tactics and becoming more sophisticated in their […]
The Best Monthly Bookkeeping Services for 2023
Financial statements are at the heart of every business. They enable you to keep track of your expenses and make decisions about your business’s future. But having accurate books starts with having good data to work with, which is why bookkeeping is an essential function for any business. Allow us to show you the best monthly […]
4 Reasons to Extend Your Taxes in 2024
Tax extensions are a controversial subject, and there’s lots of bad information swirling around the internet. Truthfully, six-month extensions have become commonplace among businesses and individual tax payers, and there are virtually no downsides associated with filing one. In fact, filing a tax extensions can provide several valuable benefits, and we’re going to cover some […]
Can I Deduct Moving Expenses in 2023?
The average cost for an in-town move is about $2,000, while moving across the country can approach $30,000. Because moving is often related to a new job, many people wonder if these considerable expenses are deductible. First, we’ll take a look at the current and previous rules regarding how to deduct moving expenses. Can I […]
Buy Now Refinance Later Mortgages: Are They Legit?
With home sales slowing down, lenders are looking for ways to increase the number of mortgages lenders issue. One of the latest marketing ploys is a “buy now, refinance later for free” mortgage. It promises that borrowers can take advantage of lower interest rates in the future. But are these mortgages good for real estate […]
What’s the IRS Standard Mileage Rate for 2023?
Transportation expenses can be among the biggest expenses for employees and business owners. The IRS allows you to take either the actual expenses for your travel costs or a standard mileage rate. Knowing which one to take can mean significant tax savings. We’ll look at the current standard mileage rates, their use, and the alternative […]
Tax Software vs Accountant: Which One Do You Need?
Maybe you’ve been doing your taxes on your own for years, or perhaps you’re filing taxes for the first time ever, but at some point, most people ask themselves: Tax Software or accountant? Should I buy software for tax season or hire someone to do it for me? In this article, we’ll discuss the intricacies […]