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Avoiding surprises as a business owner is crucial to ensure you have a successful business. The same goes for managing your personal finances. By subscribing to our blog and newsletter you get the latest updates on the world of finance and taxes. Additionally, by visiting our main topic categories below you can educate yourself on the various topics regarding tax education, personal finance, and business ownership. 

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Tax Filing Season Starts February 12

Posted by Missy Dennis on Feb 9, 2021 8:01:00 AM

Although tax season usually starts in late January, this year, the tax filing season is delayed until February 12, 2021. The delayed start date for individual tax return filers allowed the IRS time to do additional programming and testing of IRS systems following the December 27, 2020, tax law changes that provided a second round of Economic Impact Payments and other benefits to many taxpayers. This programming work is critical to ensuring IRS systems run smoothly to minimize refund delays and ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.

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Topics: Business Ownership, Personal Finance, Taxes, Tax Return, Tax Preparation

Credit Reports: What You Should Know

Posted by Scott Farnes on Jan 26, 2021 8:04:00 AM

Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine credit worthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud - and you from identity theft.

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Topics: Personal Finance, Financial Success

Important Tax Changes for Individuals and Businesses

Posted by Missy Dennis on Jan 20, 2021 8:04:00 AM

Every year, it's a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead.

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Topics: Taxable Income, Business Ownership, Personal Finance, Taxes, Tax Deduction, Small Business, Tax Return, Tax Preparation

COVID-related Tax Relief Act of 2020

Posted by Missy Dennis on Jan 12, 2021 8:01:00 AM

The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, COVID tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, it was signed into law by President Trump on December 27, 2020.

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Topics: Business Ownership, Personal Finance, Taxes, Small Business

Working Remotely Could Affect Your Taxes

Posted by Missy Dennis on Dec 29, 2020 7:59:00 AM

When COVID-19 struck last March, employers quickly switched to a work-from-home model for their employees, many of whom began working in a state other than the one in which their office was located. While some workers have returned to their offices, many have not. If you're working remotely from a location in a different state (or country) from that of your office, then you may be wondering if you will have to pay income tax in multiple jurisdictions or whether you will need to file income tax returns in both states.

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Topics: Taxable Income, Personal Finance, Taxes, Tax Return, Tax Planning

Individual Taxpayers: Recap for 2020

Posted by Missy Dennis on Dec 9, 2020 8:15:00 AM

As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2020.

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Topics: Taxable Income, Personal Finance, Taxes, Tax Deduction, Tax Return, Tax Planning

Tax Preparation vs. Tax Planning

Posted by Scott Farnes on Nov 4, 2020 8:31:00 AM

Many people assume tax planning is the same as tax preparation, but the two are quite different. Let's take a closer look:

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Topics: Taxable Income, Business Ownership, Personal Finance, Taxes, Record Keeping, Managing Your Tax Liability, Tax Return, Tax Planning, Tax Preparation

Choosing a Retirement Destination: Tax Considerations

Posted by Scott Farnes on Oct 27, 2020 8:07:00 AM

With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside.

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Topics: Taxable Income, Personal Finance, Taxes, Retirement, Tax Planning, Financial Success

Tax Treatment of Virtual Currency Transactions

Posted by Missy Dennis on Oct 21, 2020 8:03:00 AM

Whether you've invested in Bitcoin and sold it at a profit or loss or received it for services performed, you'll need to report it on your tax return. Here's what you should know:

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Topics: Taxable Income, Personal Finance, Taxes

Taking Early Withdrawals From Retirement Accounts

Posted by Scott Farnes on Oct 14, 2020 8:31:00 AM

While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here's what you need to know.

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Topics: Personal Finance, Taxes, Retirement, Social Security