What to Know About Filing 2023 Taxes

  With a new year comes new changes to the tax rules. We’ve outlined some of the most impactful items on your 2023 taxes.  Note that since the year has just begun, there may be additional changes throughout the year. Income Tax Brackets Changes Tax brackets change each year to reflect inflation. For example, the […]

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Bookkeeping Rules for Prepaid Expenses

Expenses on the cash basis of accounting are simple. For example, if you write a check or charge something on your credit card, you’ve created an expense. But if your business uses the accrual basis of accounting, determining when you get to deduct an expense is more complicated. When you pay expenses for future accounting […]

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Will I Get a Venmo 1099 for 2022?

Remote work has produced an influx of 1099 independent contractors, and the IRS updated its rules in 2022 to ensure everyone pays their fair share of taxes. As a result of the new rules, many more people will get a Venmo 1099 in 2024.  This was originally to be implemented in January 2023, but there […]

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New IRS Tax Brackets for 2023: Explained by Pros 

In a season when inflation is eating away at incomes, there may be some relief in the new guidelines issued by the U.S. Internal Revenue Service (IRS) for 2023 filings. In addition to new tax brackets, 2023 also promises revisions in minimum tax, exemptions, credits, and limitations that may benefit taxpayers. Lower taxable incomes and […]

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Top-7 Tips for Smooth Corporate Accounting

Businesses of all sizes need reliable accounting and bookkeeping systems to track their finances, including corporations. Whether it’s a Wall Street PubCo or a small C-Corp, every corporate business’s accounting practices must comply with regulations. However, corporate accounting doesn’t have to be complicated. Your corporate accounting system is well on its way to success if […]

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Unearned Income Bookkeeping Rules

Most people dream of living on unearned income and enjoying the easy life. But the taxation of unearned income is complex, and you’ll need to ensure that you have adequate records.  We’ll look at what is and is not unearned income, the most common types of income, and how to tax and report the income. […]

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Inflation Reduction Act IRS Funding: Explained

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 […]

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