Spring is right around the corner, and that means warmer weather and longer days. Unfortunately, it also means tax season is upon us. The sweet, siren song of Spring can make it easy to put things off. So can the fear that stems from navigating the web of tax laws. No matter what’s holding you […]
One of the greatest dangers a business can face is a run-in with the IRS over payroll taxes. IRS auditors won’t hesitate to swoop in and take care of the problem whenever they suspect payroll taxes aren’t paid. The reason is simple. The IRS considers it their money, and they would rather shutter the doors […]
Chances are you’ve heard nightmare stories about a friend-of-a-friend who had to go through an IRS audit. Unfortunately, these scary scenarios almost always end in financial calamity. The first thing to remember is the IRS conducts individual tax audits on less than 1% of all filers in an average year. So your chances of going […]
The new year brings resolutions, but it also brings taxes. So, if you’ve resolved to keep more of the money you made last year, take a look at this list of often-overlooked tax deductions. State sales tax Louisiana has its fair share of state taxes. But you can turn these in your favor by claiming […]
Flipping that calendar to December seems to trigger a single question in the minds of many entrepreneurs. How can I lower my end of year tax bill? Often the second thought is on the first one’s heels. I know! I’ll buy something! If you have this thought, then congratulations! You must have had a great […]
Since Bitcoin launched in 2009, the idea of cryptocurrency has captured people’s imaginations. In only 11 years, crypto has moved from speculative funny money to legitimate investment. Like all investments, it has tax consequences. So check out the ideas below to save money on your crypto tax bill. Hang on to it One way to […]
There are many misconceptions surrounding taxes. However, we don’t suggest taking advice from anyone other than a tax professional. We have highlighted some of the biggest tax misconceptions and have provided the accompanying, accurate information. Myth 1: Filing your taxes is voluntary Filing your taxes is reporting your income and taxes paid to the IRS. […]
Legislation has officially passed for taxpayers to obtain a third stimulus payment. The third round of Economic Impact Payments will be based on the taxpayer’s latest return from either 2020 or 2019. Payment Breakdown $1,400 for single filers $2,800 for married filing jointly An additional $1,400 for each dependent Individuals earning up to $75,000 would […]
On Thursday, March 11, the President signed into law the $1.9 trillion American Rescue Plan. While this does include another stimulus payment for eligible taxpayers, it also includes a large one-year increase to the Child Tax Credit. What is a Child Tax Credit? Child Tax credits were implemented to assist parents and/or caregivers to help […]
With the economic stimulus payments that were distributed in 2020, many questions have arisen. What happens if I didn’t receive my payment? What if I only received partial payment? What if I received it all? We will address what you should do for each of these scenarios as we head-dive into tax season. What amount […]