by Mary Philipps | Mar 11, 2023 | Bookkeeping, CFO Services, Small Business, Taxes, What is Hot
How Long Does an IRS Audit Take?You finally finished your tax return and just when it’s finally off your mind you get a letter from the Internal Revenue Service letting you know you’re being audited. Not all audits result in you having to pay more money to...
by Mary Philipps | Mar 1, 2023 | Bookkeeping, CFO Services, Small Business, Taxes, What is Hot
Use After-Tax Contributions to Funnel More Into Your 401(k)As the end of the year approaches, you may have already maxed out your 401(k) plan contributions for 2022. However, some plans have an option to keep making after-tax contributions past the deferral limits....
by Mary Philipps | Feb 28, 2023 | Bookkeeping, CFO Services, Small Business, Taxes, What is Hot
What Freelancers Can Write Off on Their TaxesWhen you are self-employed or freelance outside of your day job, there are additional taxes you need to navigate. While this sounds like (and often is) a killer headache, you also have the opportunity for unique tax breaks....
by Mary Philipps | Dec 29, 2022 | Bookkeeping, CFO Services, Small Business, Taxes, What is Hot
5 Things to Know About Your 2023 TaxesAs 2022 draws to a close, tax filing season is just around the corner, but it’s never too early to start planning ahead for the changes coming to tax policies in 2023 and how those will impact your finances. While the...
by Mary Philipps | Aug 11, 2022 | Bookkeeping, CFO Services, Small Business, Taxes, What is Hot
The Inflation Reduction Act and Taxes: What You Should KnowYou’re probably not thinking much about taxes right now, in part because record inflation has you paying sky-high prices for essentials like food, clothing, and gas. But the U.S. Senate on Sunday passed the...
by Mary Philipps | Jun 23, 2022 | Bookkeeping, CFO Services, Small Business, Taxes, What is Hot
Don’t Pay Too Much Self-Employment TaxAre you self-employed? If so, it’s important to make sure that you’re not paying too much in self-employment taxes. This type of tax is meant to cover your Social Security and Medicare contributions, but it can be easy to...
by Mary Philipps | May 18, 2022 | Bookkeeping, CFO Services, Small Business, Taxes, What is Hot
How Taxes Impact Your Wealth GapImagine you’re standing on the bank of a river. The bank you’re standing on represents your current financial status, and the opposite bank is the amount of wealth you need for retirement. The river itself is the difference between how...
by Mary Philipps | Apr 1, 2022 | Bookkeeping, CFO Services, Small Business, Taxes, What is Hot
Ways to Increase Your After-Tax Investment ReturnsTaxes are a drag. A drag on your investment return, that is. Dividends are taxable, interest income is taxable and capital gains are taxable. Your after-tax investment return – what you keep, not make, on your...
by Mary Philipps | Mar 25, 2022 | Bookkeeping, CFO Services, Small Business, Taxes, What is Hot
Why Your Tax Refund Could Be Bigger This YearAt a time when many Americans are paying more for everything from gas to ground beef, tax refunds will provide much-needed cash for many families. And this year, those refunds could be particularly generous. Through the...
by Mary Philipps | Jan 13, 2022 | Bookkeeping, CFO Services, Small Business, Taxes, What is Hot
Earn Side Income? Know This New Tax RuleA new rule by the Internal Revenue Service (IRS) changes the way third party network transactions are reported on Form 1099-K for self-employment income earned in 2022 and beyond. Form 1099-K is used to report...
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