While tax planning is crucial every year, 2020 presents some interesting opportunities. For example, the CARES Act is still in the process of sending out stimulus payments. If you have yet to receive yours—and you still haven’t finalized your 2019 tax return—you may want to think about how those records are organized. Removing a dependent over the age of 16 could allow them to collect their own $1,200 stimulus payment from the IRS, rather than the standard $500 payment for dependents.
If you’re like most taxpayers, you’re hoping to save as much as possible on your returns each year. That being said, you still want to be a law-abiding citizen! Fortunately, the standard mileage deduction gives you the best of both worlds. You can get reimbursed for certain travel expenses, and feel good knowing that’s completely legal.
Making a charitable contribution can be a wonderful way to support a cause you care about. The act of giving itself feels good because you know you’re trying to help others. But don’t forget about the other benefits! Your generous support can also impact your tax returns—as long as it’s reported correctly.
It can be a lot of fun to shop around online. But whether it’s the holiday season or you’re looking to fill some summer birthday wish lists, you have to keep cyber threats off your trail. Your financial details and personal information can be incredibly valuable, and there are plenty of hackers out there who want your details. That’s why you’ve got to take the right steps to protect your accounts.
We all want to think our company is fail-proof, but that doesn’t mean we can lay down our guard. Because every business is trying to make money, there are bound to be a few problems and faulty motives now and again. If you don’t have the right people on your side, your company money can end up in the wrong hands.
Getting an official letter from the IRS can put anyone on edge. You probably want to know why your records were flagged, or whether there’s been a mistake. It can be extremely complicated to navigate a tax audit. If you don’t know what you’re up against, the situation can turn from bad to worse. Taking a closer look at how the process might go can help you analyze your own risks and determine whether you need to call a professional
If you think tax planning is reserved for springtime, think again! Getting started early is always better, so that makes autumn a great time to look ahead. Before the holidays hit and your local accounting company gets swamped with tax prep, why not take some time to update them on what’s been going on in your world? Then you’ll be prepared for a strong start to the new year.
It’s rare to come across a business owner who isn’t looking to grow. When we believe in our work and quality of service, we obviously want to reach more people. Of course, it isn’t always easy—even with all of the business advice floating around today. That’s why it can help to stick to the basics. One of the best practices is to focus on your online reviews. Boosting these stats can help prospects trust your business before they even work with you. Plus, it’s free!
Creating an effective marketing budget can be a struggle for any business. Whether you’re a sole proprietor or managing a team of 25 employees or more, it can be difficult to determine exactly how much money (and time) you should be spending on building your brand and connecting with prospects. Fortunately, there are plenty of straight-forward strategies for business owners and marketing team leads to follow to get the most bang for their buck—especially with digital marketing.
It’s always nice to be able to kick back with a movie or favorite show. But once school’s in session, a lot of families want to unplug from their summer habits. Having some other entertainment options can help make each weeknight more enjoyable. Use these ideas as a way to mix things up. Start by limiting your screen time, then add in new hobbies to take their place!
You might think tax season is in the rearview mirror, but this summer could have something for in store for this year’s tax planning. Taking action now to get some great benefits and deductions. If you’ve already been following some of this advice, be sure to tell your accountant so you can get the most on your next return. You don’t want to miss out on these helpful tax tips!
When disaster strikes, there are a variety of challenges to rebuild what’s been lost. To make matters worse, individuals and families might not be able to deduct those losses on their tax return. Catastrophic events like tornadoes, floods, and fires can only be deducted as casualty losses when you’re living in a presidentially declared disaster area. That means a lot of people will need assistance in other ways than just a tax break.
The daily responsibilities of running a business can add up fast. You’re busy helping customers, following up with projects, and making sure your processes are running smoothly. Even still, you can’t ignore what’s going on in the “back office.” Your accounts tell the story of how well your company is growing and thriving. When you have accurate bookkeeping practices in place, you’ll be better equipped to catch problems before they get out of control.
After you file your taxes and get squared away with any payments, it’s normal to think that you’re home free. But what about an IRS audit? Even if you’ve paid what you owe, there are common mistakes with taxes that might flag some extra attention—especially if you’ve prepared your taxes on your own.
Working a summer job is a great way for teens to get valuable experience for their resume—not to mention extra spending money. Learning a little more about the tax implications can help them avoid any surprises when tax season rolls around next year. These tips are designed for you to make the most of your new earnings.
