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 […]
Many taxpayers turn to Certified Public Accountants (CPAs) for their expertise and guidance. However, hiring a CPA can come with substantial costs. In this article, we’ll answer the question, “do I need a CPA?,” and we’ll explain what to consider when deciding on the answer for yourself. What is a Certified Public Accountant (CPA)? CPAs […]
Roth IRAs offer substantial benefits for retirement savers, but there are limits on annual contributions. However, you can bypass the limits by converting a regular IRA to a Roth account. A Roth IRA conversion is a powerful tax planning tool, but it comes with some potentially severe tax implications. This blog post will explain everything […]
The tax code gets updated regularly, and this year is no exception. However, there are some particularly impactful changes coming this year thanks to recent legislation. Here are the 6 biggest changes to watch for on your 2023 taxes. What to Expect for 2023 Taxes The 2023 changes to tax laws include adjustments to tax […]
No one wants to take a loss on an investment, but it happens to the best. Fortunately, the government may allow you to deduct your losses on your tax return. Some taxpayers use strategically this write-off to lower their taxable income with a technique called tax loss harvesting. With tax laws constantly changing, it’s important […]
Buying a new vehicle is a large investment that requires careful consideration. Luckily, many electric vehicle buyers can earn an EV tax credit of up to $7,500 on their purchase starting in 2023, thanks to the recently-passed Inflation Reduction Act. The US government offers a federal electric vehicle tax credit to encourage individuals to purchase […]
Real estate looks like an attractive investment in today’s high inflation environment, but it comes with risks. If your investment property loses value, you end up with a capital loss. Nobody wants to lose money, but capital losses can provide valuable tax relief when you need it most. However, capital loss benefits have limitations, and […]
For 1099k 2022, third-party payment processors were scheduled to issue 1099-Ks if you received over $600 in payments. Form 1099-K reports the payments you receive from third-party processors such as Venmo or PayPal. However, the IRS recently announced it would postpone the new rule by one year. Now, it’s set to take effect in 2023. […]
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 […]
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 […]