If you own a business, one of the smartest investments you can make is working with a competent bookkeeper. Keeping accurate financial records throughout the year is about much more than staying organized. It can make a significant difference in how smoothly your taxes are prepared, how much you spend on tax preparation, and how […]
QuickBooks has become one of the most popular accounting programs for small businesses, and for good reason. It makes it easier to keep track of income, expenses, invoices, and financial reports without having to spend hours working through spreadsheets. However, just because QuickBooks is widely used doesn’t necessarily mean it’s the right choice for every […]
Running a business comes with plenty of everyday expenses that can easily be overlooked when tax season arrives. Office supplies are a perfect example. Whether you’re purchasing printer ink, paper, pens, cleaning products, or new equipment for your workspace, many of these expenses can qualify as legitimate business tax deductions. The important thing is understanding […]
Every year, millions of Americans file extensions on their tax returns, but is it actually a good idea? The answer really depends on your financial situation. While filing an extension can be beneficial in certain circumstances, there are also times when it makes more sense to get your taxes filed and out of the way. […]
Buying a vehicle can have a meaningful impact on your taxes, especially if you own a business. But before you head to the dealership expecting a large write-off, it’s worth understanding what actually qualifies and how much money a deduction could save you. We’ve all heard someone say, “Just buy a truck and write it […]
Selling a property that has increased in value can feel like a big financial win, until you start calculating the taxes. If you own a rental home or other investment real estate and plan to buy another investment property, a 1031 exchange may help you keep more of that money invested. A 1031 exchange allows […]
So, you just won a significant amount of money from the lottery or at a casino. First of all, congratulations! That’s a pretty great problem to have. Before you start buying cars, paying off the house, booking vacations, or handing checks to family members, though, there’s one thing we strongly recommend doing first: figure out […]
If you’re planning to retire in 2027, you’re probably thinking about when your last day of work will be, what you want to do with your extra time, and whether you’ve saved enough to comfortably make the transition. One thing that’s easy to put off is figuring out what your taxes are going to look […]
We hear some pretty wild questions about tax write-offs. Can I write off my swimming pool? What about my dog? Can I take a trip to Florida and call it a business expense? What about that expensive suit I bought specifically for meeting clients? Believe it or not, sometimes the answer is yes. There are […]
Getting a letter from the IRS can make your stomach drop a little. Most people see that envelope and immediately think they’re in trouble or assume they’re being audited. That’s usually not the case. The IRS sends notices for all kinds of reasons. Sometimes there’s a difference between the income reported on your tax return […]