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No one can deny the importance of taxes in running a business. While taxes are a necessary part of doing business, they can also be a barrier to growth. As a business owner, tax planning is crucial for managing finances effectively. Tax planning is a series of activities aimed at reducing your overall tax liability while maximizing your tax benefits. As an accounting firm, we help our clients develop effective tax planning strategies to keep their tax costs under control.

Understanding ...

Every year, tax season comes and goes, leaving many of us scrambling to get our affairs in order. This year, don’t let the stresses of tax season get to you! With a little bit of planning and forethought, you can make tax season a breeze. Here are a few tips to help you get started:

1. Stay Organized Throughout the Year – One of the best ways to reduce stress come tax time is to stay organized throughout the year. Keep ...

It’s easy to ignore finances during the holiday season. But with five weeks left in 2021, there’s still time for year-end moves to slash tax bills or boost refunds, experts say.

While tax planning is a year-round process, the last couple of months may offer the chance to finalize plans or pivot to better strategies, said certified financial planner Bryan Hasling, partner at Lodestar Private Asset Management in Alamo, California.

Here are some options to consider as the calendar winds down.

Adjust withholdings

Those ...

Many popular tax-planning strategies are on the chopping block as Democrats debate how to pay for their $3.5 trillion spending package. However, now is the time to consider year-end moves to lower next year’s tax bill, regardless of what happens in Congress.

“Year-end tax planning should be done every year — not just when there are impending legislation changes,” said Marianela Collado, a certified financial planner and CPA at Tobias Financial Advisors in Plantation, Florida.

While it’s difficult to predict how tax ...

It’s the time of year to start thinking about taxes — but the upcoming filing season is going to be a bit trickier for many Americans due to rampant unemployment, working from home and general upheaval due to COVID-19.

Here are a few pandemic specific conditions — good and bad — to be aware of.

UNEMPLOYMENT

Unemployment benefits are taxable income, which tax experts say may surprise some filers.

Workers are not required to have federal taxes withheld from their benefit payments. While people ...

We are all dealing with greater uncertainty than usual driven by questions like: How long will we be battling Covid-19? What will the economic impact be? How will the stock market perform? And will my kids ever go back to school?

Another worry that might not be on everyone’s radar is the likely increase in taxes that could occur as early as next year. But, unlike whether we will find a Covid vaccine or worrying about the stock market, this is ...

Unfortunately, tax season is a busy time for cyber criminals and scammers as well.

Once again it is tax time and this time of year also opens the door to identity theft and tax fraud. It has been a major problem for quite a while now.

In 2015, the IRS blocked 1.4 million fraudulent tax returns that would have amounted to $8.7 billion in stolen tax returns.

According to the IRS, “People continue to fall prey to clever cybercriminals.” These criminals trick ...