Tax and Accounting Blogs

2024 How a New Vehicle Could Maximize Tax Deductions for Small Business Owners As a small business owner, one of the most effective ways to reduce your tax liability is by taking advantage of tax deductions. If you require a new business vehicle, 2024 could be an excellent opportunity to get the ...

Submitting Personal Tax Information & Documents Our firm has extensive quality control and security processes in place to ensure the safe and efficient handling of your tax information. Please support these processes by following our firm’s best practices for submitting your tax documents. Send personal documentation (W2, 1099, etc.) at one time ...

Filing Requirements for Business Owners We have important news to share regarding a new filing requirement that will impact the vast majority of small businesses in the United States starting in January of 2024. In 2021, Congress, with bipartisan support, enacted the Corporate Transparency Act to address the problem of corruption, money ...

In 2024, the IRS has made important adjustments to the standard mileage rates, affecting various aspects of business, medical, moving, and charitable activities involving the use of vehicles. Here's a closer look at some key details and implications of these rate changes: Business Standard Mileage Rate Increase: The most significant change is ...

Big news in the world of employment law in Minnesota that you should be aware of: the Earned Sick and Safe Time (ESST) law kicks off on January 1, 2024. This new regulation is designed to benefit employees across the state, ensuring they have access to paid sick and safe time. Let's ...

Let's discuss steps that can be taken to reduce taxes and help you save for your future. Though there has been a lot of political attention to tax law changes, inflation, and environmental sustainability, political compromise has led to smaller impacts on taxes this year. However, with the passage of the Inflation ...

As we wrap up 2022, it’s important to take a closer look at your personal taxes Let's discuss steps that can be taken to reduce taxes and help you save for your future. Though there has been a lot of political attention to tax law changes, inflation, and environmental sustainability, political compromise ...

Now is the time to get the books updated, see where you stand, and schedule your year-end planning with us. Buy I Bonds Now to Earn Huge Interest! Inflation is high, but there is one good thing that can come from it. The U.S. Treasury Department is offering Series I bonds that ...

Ready For Your Mid-Year Check-In? For those of you on our monthly maintenance advisory package, this is just a friendly reminder that we’ll be reaching out to you soon to schedule your mid-year check-in. Why? To make sure your business is on the right track, opportunities for tax savings are not overlooked, ...

New Tax Breaks for Individuals The PPP loans and stimulus checks have attracted most of the attention from the new 5,600+ page stimulus package. However, there were some small new or extended tax breaks for individuals. Charitable Donations – Normally, you could only deduct charitable contributions on the federal tax return if ...