You Haven’t Filed Your Tax Returns for Years-What Do You Do Now?

Sometimes life gets in the way or stress takes over and you get behind on filing your tax returns. To help you get started, we have created a step-by-step guide to help you take the first steps to becoming compliant. 1.) Don't Wait The longer you wait, the more penalties and interest will accrue. Depending on your tax balance, you could start facing liens and levies or garnishments. If you’re owed a refund, you can actually lose your tax refund to [...]

QuickBooks Online-Is it worth it?

If you know anything about us, then you'll know that we have used Quickbooks Online (QBO) for a long time now. There are no perfect services out there, but QBO provides the best bang for your buck.  What We Love About QuickBooks Online One thing we love about QBO is the ease of access. All the accounts are connected, including bank accounts, credit cards, and even PayPal, so it's easy to categorize all transactions. Since QBO is a web-based platform, it [...]

Common Tax Problems

You are not alone! There are several tax problems that our clients have in common, and it is possible to solve them. Here are the main problems we most often deal with. You haven't filed your taxes in several years.  Just because you neglected to file your tax returns, doesn’t mean that they were forgotten by the IRS. We understand that life gets in the way of filing tax returns. People get married and get divorced. People lose jobs and businesses. [...]

Withholdings-How Much is Enough?

What Are Withholdings? Withholdings are a portion of your wages that is not included in your paycheck but instead is sent directly to the federal, state, or local tax authorities. Withholdings greatly reduce the amount of taxes you will have to pay at the end of the tax year when you file your tax return.  How Do I Start my Withholdings at my Current Job? When you first start at a new position, you should fill out Form W-4. A W-4 allows [...]

Earned Income Tax Credit

What is the Earned Income Tax Credit? The Earned Income Tax Credit (EITC) is a tax credit for taxpayers with low to moderate income, especially those with children. Read on to find out if you qualify for the EITC. How do I qualify? You (and your spouse if filing jointly) must be a U.S. Citizen or resident alien · If married, you and your spouse cannot file separately (MFS) · You must have earned income from an employer or from a self-employed business or [...]

What Not to Do With Your Tax Return

Tax returns are confusing, there's no doubt about that. So, we have to compiled a list of things that you should avoid when it comes to filing your tax return. Waiting Until the Last Minute This is an obvious one. Although life can be stressful, putting off your taxes will only make it worse. You will save more time and energy in the long run by filing before the deadline. Your accountant will thank you too! Not Filing an Extension If you know [...]

5 Ways to Maximize Your 2019 Tax Refund

Maybe your refund this year was less than expected, or maybe you want to lower your tax bill to $0. If so, here are 5 ways to maximize next year's refund. 5. Start a Savings Account If you don't already have an IRA, create one! You can deduct a certain amount that you contribute to the account each year and prepare for retirement at the same time. If you're wondering exactly how this will affect your return, contact us and we [...]

Health Savings Accounts-Are they really that beneficial?

What are Health Savings Accounts (HSA) and how can they benefit you and your tax situation in the future? You may have heard of a 401(k) plan and other individual savings and retirement accounts. HSAs are similar in tax benefits but not as well-known. An HSA is a tax-advantaged medical savings account. You Qualify For An HAS If… You are enrolled in a high deductible health plan. You do not qualify for any health coverage exemptions. You are not enrolled in Medicare. [...]

Top 7 Reasons Start-Ups Fail

We help lots of new companies get their start in the business world. However, start-ups tend to struggle greatly in the first five years. In fact, 51% of businesses fail in the first 5 years. We've compiled a list of the top 7 reasons that we believe cause start-up companies to fail. 7. Failure to Pivot Often entrepreneurs get caught up in their ideas and they refuse to change or pivot when things go awry. Being able to change and adapt [...]

The Lifetime Learning Credit

What is the Lifetime Learning Credit? The Lifetime Learning Credit (not to be confused with the American Opportunity Tax Credit) is a credit that qualified students (or parents of students if they claim the student as a dependent) can take while the student is enrolled in classes for an undergraduate, graduate, professional degree courses, and courses taken to gain or improve job skills. You can claim up to $2,000 in credits per student (20% of the first $10,000 of education [...]