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 […]
Category: Tax Tips
Roth IRA Conversion: Explained by Experts
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. […]
How to Use Tax Loss Harvesting to Save on Taxes
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. […]
How Does the EV Tax Credit Work for 2023?
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 […]
Capital Loss Tax Deductions for Real Estate
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. […]
IRS Postpones $600 Threshold on Form 1099K Reporting
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 […]
America’s Progressive Tax System: Explained
The U.S.’s progressive tax system charges higher tax rates for higher earners. This system is designed to ensure taxpayers of various income levels pay a fair tax rate at the […]
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 […]
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 […]
IRS Underpayment Penalties and How to Avoid Them
Did you know that if you owe the IRS money and you don’t pay them by the deadline, they will charge you a penalty? In this blog post, we’ll explain […]