New Corporate Transparency Act – What Does It Mean For You?

TLDR: There is a new law that you are likely required to comply with if you have ownership in an entity, including a single member LLC (exceptions apply for larger businesses, see details below). This new law requires you to provide information about the owner(s) of your entity to the Financial Crimes Enforcement Network (FinCEN) and goes into effect on January 1, 2024.
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Recommended Apps & Online Software for New Business Owners

Starting a small business can be totally overwhelming.  You have so many to-do’s on your list…it’s hard to know where to start.  Technology available today should make this easier…but it can feel harder because there are so many options.  Here are some online apps and programs that I recommend when you are getting started.   Accounting programs Wave – Wave can be a good
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Midyear Tax Planning Tips

As the year reaches its halfway point, it’s a good time to take proactive steps to optimize your tax situation. Planning ahead for your taxes can help you save money and reduce stress at tax filing time. Here are some midyear tax tips to consider. If you are a W-2 employee: – Review your income tax withholding to make sure you are having
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What to Do If You Receive a Tax Notice

Receiving a tax notice from the Internal Revenue Service (IRS) or a state taxing agency can be stressful. Here are a few tips on how to deal with a notice. If you are a current client – I do not charge to review a tax notice for current clients.  Please upload a copy of every page of the notice to your client portal
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2022 Year End Tax Planning for Individuals

Here’s a look at some tax planning considerations for individuals as we approach year-end. 2022 Tax Law Changes There have been few major tax law changes from 2021 to 2022.  One item of note is that several tax credits will return to their pre-pandemic levels, which may result in smaller refunds or balances due with 2022 federal tax return filing.  Changes include amounts
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Last-Minute Year-End Tax Strategies for Your Stock Portfolio

Here are seven possible tax planning strategies to consider implementing using your taxable brokerage accounts. When considering using any tax strategy such as selling investments in your portfolio to realize a loss, be sure it makes sense for your bigger financial picture (in this case your portfolio allocation and strategy). “Don’t let the tax tail wag the economic dog.” Strategy 1 Consider selling
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