IRS Announces Record High Bumps to HSA Contribution Limits
If you’ve been thinking about ways to save on medical expenses, now may be the perfect time to open a Health Savings Account (HSA). Thanks to persistent inflation, the IRS recent
Corporate Transparency Act Establishes Expanded Reporting Requirements
The Corporate Transparency Act (CTA), which was enacted by Congress in 2021, will establish a national database of Beneficial Ownership Information (BOI) to crack down on
It’s Not Too Late for an IRA Contribution
Most of the time an expense that may be tax deductible needs to be paid by the end of the year for which the expense will be claimed. However, there is an exception to that rule. I
Don’t Ignore Household Employee Payroll Tax Rules
If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ig
UPDATE: IRS Increases Tax Filing Extension for California Storm Victims
On Friday, February 24th, the Internal Revenue Service (IRS) announced an additional extension to tax filing deadlines for Californians impacted by recent historic storms. The new
Haven’t Filed Tax Returns for Multiple Years? Here’s What You Need to Do Next
You’d be hard-pressed to find someone who actually enjoys the process of filing taxes. Having said that, it’s absolutely something that you’re supposed to do like
Are You Worried You Won’t Have Enough Money Saved for Retirement?
All of us dream of one day being able to retire – to finally be able to relax and enjoy the lifestyle we worked so hard for. However, you’ll need a significant amount o
Are You an S Corporation Stockholder? Are You Taking Reasonable Compensation in the Form of Wages?
S corporation compensation requirements are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pa
Be On the Outlook for Tax Reporting Forms
With tax season upon us, documents reporting income, sales and other items needed for your 2022 tax return should have arrived or will be arriving soon. Be on the lookout for them
What You Need to Know About Converting an S Corp to a C Corp
The type of business that you’re running has major implications in virtually all areas of your operations, especially when it comes to federal taxes. An S Corporation (or S C