Receiving an IRS notice can be intimidating, but it’s important to remember that not all notices are bad news. Often, they are just requests for additional information or notifications of minor issues. Here’s a step-by-step guide on how to handle IRS notices effectively: 1. Stay Calm First and foremost, don’t panic. Not all IRS notices imply […]
How Do I Handle IRS Notices? A Complete Guide Read More »
Overview The Tax Cuts and Jobs Act (TCJA), which introduced several tax benefits starting in 2018, is scheduled to sunset on December 31, 2025. This guide aims to help individuals and businesses prepare for these upcoming changes by understanding the implications of the sunset provisions. Individual Provisions Individual Income Tax Rates Key Changes for Individuals
Sunset Planning for the Tax Cuts and Jobs Act (TCJA) Read More »
As a Director of CFO Services, I recognize the unique challenges business owners face with the transition to remote work, particularly in managing teams and handling payroll. Successfully overseeing a remote workforce demands new strategies, tools, and processes to maintain efficiency, compliance, and employee satisfaction. Here are some insights and best practices to help you
Managing Remote Teams and Payroll: A Comprehensive Guide Read More »
As a Director of CFO Services, I understand the challenges that inflation and economic uncertainty pose for business owners. Rising costs, fluctuating market conditions, and unpredictable economic trends can create a precarious environment. However, with strategic planning and effective financial management, you can navigate these turbulent times successfully. Here are some key strategies to help
Navigating Inflation and Economic Uncertainty: A Guide for Business Owners Read More »
Selecting the appropriate business structure is a pivotal decision for any start-up. It impacts everything from day-to-day operations, taxes, and personal liability. Here’s a detailed look at the four main types of business structures: 1. Sole Proprietorship Definition: A simple business structure where the owner is personally responsible for all business activities, assets, and liabilities. 2.
What are the Pros and Cons of Different Business Structures for Start-Ups? Read More »
Cryptocurrency has revolutionized the financial landscape, offering new ways to trade, invest, and transact. However, it’s essential to understand how these digital assets are taxed. Here’s a concise guide to the four main cryptocurrency transactions and their tax implications: 1. Buying Cryptocurrency Treatment: InvestmentTax Implications: No taxes are owed at the time of purchase. When you buy
How is Cryptocurrency Taxed? Read More »
Planning for retirement can be daunting, but avoiding common mistakes can ensure a comfortable and secure future. Here are the top mistakes people make when planning for retirement, and how to steer clear of them. 1. Late Start Many people delay saving for retirement, believing they have plenty of time. The Fix: Start early! The
Common Retirement Planning Mistakes (And Their Solutions) Read More »
Investing in real estate offers various tax advantages that can greatly improve your financial health. Whether you’re an experienced investor or just getting started, understanding these benefits can help you maximize your return on investment. Here are the key tax advantages of investing in real estate: 1. Tax Rate on Rental Income Rental income is generally
What are the Tax Advantages of Investing in Real Estate? Read More »
As a Name, Image, and Likeness (NIL) player, you have a unique opportunity to monetize your personal brand through endorsements, sponsorships, and other deals. However, with great opportunities come great responsibilities, particularly when it comes to managing your taxes and avoiding surprise bills or penalties. One key aspect of tax planning is understanding what expenses
NIL Athletes: What can I Take as an Expense? Read More »
Estate planning often includes a charitable component. Understanding when and how to give can maximize the benefits for both the donor and the recipient. Consider the following options and how they might fit into your legacy, 1. Giving Now Direct Donation Donor Advised Funds (DAFs) Charitable Trust (CRATs and CLATs) 2. Giving at Death Charitable
Charitable Intent: When Do I Give? Read More »
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