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Ever feel like you’re juggling a million tasks at your business? Marketing, sales, operations – it’s enough to make any business owner want to pull their hair out.
Looking for the best Austin Accounting Firm? For the fourth year in a row, Insogna CPA has been recognized as a Top 3 Accounting Firm in Austin, Texas.
Running your own business is a lot. You’re the boss, calling the shots and chasing your dreams. That’s where a licensed CPA steps in as your secret weapon.
Did you know: Anyone with a high school diploma can pay the IRS a small fee and become a “tax expert” filing your income taxes. Are you certain you want to leave your most intimate financial details to someone who has no recourse?
Sales tax is not a straightforward subject; in fact, it has a lot of moving parts. When it comes to sales tax for online sellers, things can get even more complicated.
These rental tax rules include some interesting twists that you should know about before you begin renting. While some individuals prefer never to rent out their vacation homes, others find such rentals to be a helpful way of covering the property taxes and other costs of the home.
Small business bookkeeping can be challenging and full of obstacles, but you can increase your chances of avoiding an IRS tax audit by understanding what accounting mistakes generally trigger suspicion and how to avoid them.
In the past, I’ve had a “tax professional” handle my personal and business taxes. However, lately, I suspect I might be missing out on some deductions that could increase my return.
If you’re still waiting for a tax refund or have tried to contact the IRS directly in 2024, here are six reasons why you might not be getting a response.
Hiring the right eCommerce CPA accounting firm to contribute to your team’s success is crucial. It takes time, expertise, and diligence to find the perfect match for your growing eCommerce or online retail business.
If you’re still waiting for a tax refund or have tried to contact the IRS directly in 2024, here are six reasons why you might not be getting a response.
Not sure what your business really needs? Your business might not need a full-time financial guru clocking 40 hours a week in the year 2024.
If you put in some real effort, you can use this outlet to become a very successful online merchant. However, an inexperienced Amazon seller filing taxes might not know that there are nuances to the task that might not be immediately intuitive.
Starting January 1, 2024, FinCEN’s Beneficial Ownership Information Reporting Rule comes into effect. This rule ensures transparency in business ownership by requiring companies to report key information to the U.S. Government.
The rise of automation has been a game-changer for many businesses, enabling them to cut costs and streamline operations in 2024. Have you ever considered why your small business needs more than just automated bookkeeping?
Taxes can be stressful, and it may be tempting to procrastinate—don’t give in to that temptation. By thinking ahead and working with an expert, you can turn the hassle of doing your taxes into an opportunity to keep some of your hard-earned income in your pocket where it belongs.
Running a business comes with many financial responsibilities, and paying taxes is a significant one. While it might seem like a hefty expense, with a proper tax strategy, it can also be one of the best ways to save money. Knowing which tax credits your small business can claim could be a game-changer.
Companies on the 2024 Inc. 5000 Regionals: Southwest list had an average growth rate above 135 percent. Inc. magazine today revealed that Insogna CPA is ranked on its fourth annual Inc. 5000 Regionals: Southwest list.
Did you sell or exchange any cryptocurrency during 2023? If so, you must disclose this information when you file your personal taxes this year, and you must pay cryptocurrency taxes.
The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction in 2024, you generally must exclusively and regularly use part of your home or a separate structure on your property as your primary place of business.
The most recent data from the IRS on individual tax returns indicates that out of 131 million returns filed, about 5 million were expected to be amended. This comes to less than 4 percent, but that projection still affects a significant number of taxpayers.
How can you keep up with your eCommerce accounting when you also have partners to meet, logistics to manage, and a business to run? It’s impossible to do it all yourself. And, you’re not alone.
An Individual Taxpayer Identification Number (ITIN) is a nine-digit number issued by the IRS for individuals who need a U.S. taxpayer identification number but are not eligible for a Social Security number (SSN). If you don’t renew your ITIN on time this year (2024), it could delay your tax return.
There’s a lot of buzz around the S Corporation Election and its implications for businesses. Let’s clear the air and help you make informed decisions.
Feeling overwhelmed? We specialize in helping eCommerce and online sellers drive profitable results by taking the bookkeeping headache away.
If you’re thinking about becoming an entrepreneur, you might have more questions swirling around in your mind right now than you can count.
As an individual and a business owner, the choices you make today will significantly impact your future, the future of your employees, and the future of your business. This is especially true when planning for retirement and making decisions about benefits.
In the world of business in 2024, transactions can get complicated, and it’s essential to keep everything above board to avoid trouble with the IRS.
By now, your eCommerce business is likely no longer a side hustle but instead has become a part- or full-time job. And with an increase in sales comes an increase in responsibilities – as well as complexities.
Unlike a C corporation, which pays taxes on its income, an S corporation distributes its income, losses, deductions, and credits to shareholders’ individual tax returns on a pro-rata basis.
At this phase in your business growth, take a moment to pause and congratulate yourself. But that’s exactly why it’s crucial to stop and recognize how much hard work you’ve invested in building this company from the ground up.
While we see a number of questions related to S Corp tax saving strategies, the top question we get from small business owners regarding taxes is: “Am I paying too much in taxes?
This is where you present your current financial state, which helps with securing funding (if needed) and getting that commercial space you’ve had your eye on — because your house simply cannot handle another delivery.
As an S Corporation, one of the best ways to minimize taxes is by compensating shareholders fairly. This article reviews setting appropriate compensation levels for your S Corp in 2024.
You’re not just running a business; you’re managing an enterprise. With multiple channels in play and a growing team, your processes must communicate seamlessly to drive strategic decisions.
Congratulations on setting up your new LLC or Incorporation (Inc.)! Now that your business entity is officially active, it’s time to take a few crucial steps to ensure everything runs smoothly and efficiently.
Expanding into the global marketplace? You’re not alone. Many eCommerce businesses are diving into omnichannel marketing, content personalization, and automation.
The process of starting a small business can be an arduous one; there are numerous steps that need to be taken — and often in a precise order — to legally establish a business. As a result, the process can be overwhelming. Unfortunately, it’s also easy to overlook some important details and steps along the way.
Whether you’re just thinking about selling online, have started dipping your toes into online selling, or your business is taking off after your first “big” month with profits trending over $30,000 this year, this is the start of your hard work and investment into building your business to reach your goals.
Here are the top 12 tax issues, broken down into categories for business owners and individual taxpayers, and how everyone can minimize their impact this year.
But let’s be honest—how many people actually create these business plans before starting a business? In our experience, very few. The most important thing is keeping an updated cash-flow forecast.
We take your accounting worries away by creating monthly Balance Sheets and Profit & Loss statements that are easy to interpret and analyze over time.
Carried interests, partnership interests held in connection with services performed, will experience significant changes in reporting and taxation treatment this year.
Whether you chose direct deposit into one account, split your refund among several accounts, or asked the IRS to mail you a check, this tool provides online access to your refund information nearly 24/7.
Selling on Amazon is like getting lost in a digital jungle among thousands of other sellers. Amazon’s services don’t cover your store’s day-to-day financials and accounting, leaving you to fend for yourself in the wild.
Today we’re breaking down some crucial IRS updates in a way that doesn’t make your eyes glaze over. So, let’s dive into the world of IRS Form 1099-K.
Because people are living longer now than ever before, many individuals are serving as caregivers for loved ones (such as parents or spouses) who cannot live independently.
An eCommerce business has the potential to make an individual extremely wealthy while also allowing them to start a company from the comfort of home with very little capital.
The Inflation Reduction Act (IRA) contains funding for energy programs, including a $7,500 tax credit for electric vehicles (EVs). The law also provides tax credits for commercial trucks and home charging installations in rural areas. Plus, some used electric vehicles are also eligible for an incentive.
No matter the phase of your eCommerce business in 2024, we identify the ongoing CPA resources needed to be accounting efficient and minimize your taxes as much as legally possible.
Regardless of how well your business is doing, the tax levied on your revenue probably feels like an extra expense, and it’s often treated this way. Properly managed, however, your tax responsibilities can be turned into an opportunity for growth and stability.
You’re onto something big – a seasoned CFO who guides your financial moves to scale your business. But let’s face it, not every business has full-time CFO money to throw around. Enter our virtual CFO services – the ultimate fix.
I’ve got some real talk for you about that car of yours. No, not about the latest car wax or sweet rims—today, we’re diving into the world of taxes. That’s right, taxes. Don’t snooze on me now; this is important!
The Financial Crimes Enforcement Network (FinCEN) has recently issued a rule under the Corporate Transparency Act that’s going to change how you report beneficial ownership information.
Who doesn’t love a good status upgrade, right? We’re thrilled to announce our new “Preferred Partner” level with our integrated accounting partner, Reach Reporting. Now, let’s dive into the good stuff.
As a business owner, your finances should be at the top of your priority list. However, with all the other responsibilities you have taken on with your growing business, it can be difficult to give your existing practices and financial systems the attention they need for your company to truly thrive.
Generally, taxpayers should hold on to their tax records for at least three years after the due date of the return to which those records apply.
Anyone can call themselves a “virtual CFO” without ever being a CPA or formally trained in Accounting. Non-licensed individuals have no regulation, professional liability, or obligation to protect your data.
Instead of adding it to your ordinary income and taxing it at your top marginal tax rate, the IRS considers bonuses to be “supplemental wages” and levies a flat 22 percent federal withholding rate, unless your employer pays bonuses alongside regular wages.
“With our tech stack of 20 different technologies, we provide up-to-date financial and reporting information quickly so business owners can act and make real-time decisions”.
Whether you’re a business owner, high-level executive, or investor, you know that every cent counts. As you scale operations, your Human Resources (HR) needs will grow exponentially.
Cloud accounting software is similar to traditional, on-premises accounting software, but it is hosted on remote servers, similar to the SaaS (Software as a Service) business model.
Below are just a few of the fraud-related news stories from recent years about unlicensed tax preparers committing fraud. From all over the country and all walks of life, these “tax preparers” knew what they were doing. Unfortunately, their clients did not.
Our goal is to connect people with the best local experts. We scored Austin accountants on more than 25 variables across five categories and analyzed the results to give you a hand-picked list of the best.
Gambling takes many forms, including casino games, horse racing, sportsbook betting, lotto tickets, scratchers, bingo, and more. For most, gambling is a fun, recreational activity.
If you’ve been flying solo without the help of a Certified Public Accountant (CPA), you might be missing out on valuable tax deductions, business strategy insights, and profitability initiatives.
Business owners often wonder which business entity makes the most sense for their situation. An S Corporation (S Corp) is a popular choice because it offers both personal liability protection and certain tax benefits for corporate and personal income tax.
On a basic level, a virtual CFO (or vCFO for short) is exactly what it sounds like. This is someone who performs all the services normally associated with a chief financial officer, only in a third-party capacity.
Starting a new business is rarely a walk in the park. First-time entrepreneurs often underestimate the journey from a concept to a real-world business.
Insogna CPA is thrilled to announce its ranking on the prestigious Inc. 5000 Regionals Southwest list, marking our third consecutive year on this coveted list. This ranking reflects our ongoing commitment to excellence as a top CPA firm in Texas.
When a self-employed individual embarks on a business trip outside the U.S., and the journey is entirely for business, all ordinary and necessary business travel expenses are deductible—just as if the trip were within the U.S.
There are plenty of understandable reasons why you might not have filed your income taxes in 2024. Perhaps you’re new to the job market, and the requirement to file just slipped under your radar.
To reach this level, every top accounting firm undergoes a thorough evaluation, including customer reviews, history, complaints, ratings, satisfaction, trust, cost, and overall excellence. When it comes to your financial health, you shouldn’t settle for anything less than the best.
When you’re passionate about something, it’s easy to lose track of time—and money—pursuing it. But if that passion starts bringing in cash, it’s time to ask yourself: Is this a hobby, or have I inadvertently become a business owner?
In 2024, businesses can still deduct 50% of the cost of business-related meals. The temporary 100% deduction that applied in 2021 and 2022 is no longer available, so it’s back to the usual rules.
As you piece together your budget, it’s not just about the numbers—it’s a chance to gain a deeper understanding of how your startup operates.
When tax season rolls around, every business owner starts looking for ways to minimize their tax bill and keep more of their hard-earned money. Knowing which business tax deductions you can claim is key to ensuring you’re not overpaying.
If you run a small business or are self-employed and pay taxes annually, you might be missing out on savings due to inefficient tax planning. Paying your tax bill all at once at the end of the year might seem straightforward, but it can lead to poor cash flow and those dreaded IRS penalties.
Hey there, athletes! It’s your friendly CPA team at Insogna CPA, here to share some smart tax tips tailored for your Olympic triumphs in 2024.
Intuit promotes their products like QuickBooks and TurboTax as quick fixes for your tax needs. And sure, if you’re a seasoned pro, handling your own taxes might work out just fine.
Hey there, business owners! It’s your team at Insogna CPA, and we’ve got some must-know updates about IRS Form 8300 that might just save you a headache or two.
We’re all responsible for paying our fair share of taxes each year. But what happens when the amount you owe is simply out of reach?
Accounting for small businesses can feel overwhelming, but with the right help, it doesn’t have to be. A certified public accounting (CPA) team can play a critical role in helping startups and small businesses through the dreaded tax season and beyond, making day-to-day operations smoother.
In 2024, it seems like every other headline is about another breach, another hack, or another case of personal information being stolen. This time, it’s Social Security numbers that are in the crosshairs, leaving many wondering, “Am I next?”
Do you know if the accounting method you’re using is the right one for your business? The difference between cash and accrual accounting lies in the timing of when sales and purchases are recorded.
Most businesses begin as a sole proprietorship because it’s easier to start and requires less paperwork and regulatory overhead. It generally costs less than filing as a Limited Liability Company (LLC) or Incorporation (INC).
If you aren’t one of those lucky Americans who get a tax refund from the IRS, you might be wondering how to go about paying your balance due.
In recent years, the IRS has fine-tuned the rules surrounding Form 1099, and 2024 is no exception. If you’re handling non-employee compensation, you’ll need to stay updated.
How much (if any) of your Social Security benefits are taxable depends on several key factors. The following information will help you understand the taxability of your Social Security benefits.
A mid-year tax check-up isn’t just for procrastinators—it’s for anyone who wants to make sure they’re not leaving money on the table. If you’re already starting to worry about taxes, don’t wait until the last minute.
At Insogna CPA, we’re thrilled to share some exciting news: this month, we’re proudly featured as a partner in the A2X Directory.
Egg donation is a generous act that can help families achieve their dreams of parenthood. However, if you’re considering becoming an egg donor, it’s important to understand the financial implications—especially when it comes to taxes.
It’s a common problem: You want to file your taxes on time, but you already know you’ll owe more than you can afford right now. So, you’re tempted to delay filing, thinking the IRS won’t come knocking until they have that latest tax return in hand.
We’ve all heard the saying about death and taxes, but it’s surprising how many people still skip filing their tax returns. If you’re one of them, thinking you can fly under the radar, it’s time to rethink that strategy.
With tax season behind us, the next big worry is paying off those remaining tax bills. If you’re considering your options, paying your taxes with a credit card might have crossed your mind. It’s an alternative to IRS payment plans and could even offer some tempting rewards if your card has the right perks.
Taxes—no one loves ’em, but everyone has to deal with ’em. But don’t worry, we’re here to guide you through the maze of tax deductions and savings your tax accountant should be working on for you.
As your small business probably knows, anyone can perform basic bookkeeping tasks. Categorizing synced transactions from the bank isn’t rocket science. But it’s not just about finding someone who can handle these responsibilities.
In the spotlight or not, life changes, like an impending divorce, can flip your financial world upside down. Just ask JLo and Ben Affleck.
In the U.S., alimony—also known as spousal support—is considered taxable income for the recipient and a tax deduction for the payer.
If you’re eyeing Austin, Texas, as your next home—whether for retirement, a job relocation, or just a change in scenery—here’s the lowdown on what to expect tax-wise in 2024.
This is a common question that often comes with confusion. When someone passes away, their assets may be subject to an inheritance tax before anything is passed on to the beneficiaries.
As electric vehicles (EVs) become more common in the business world, we receive plenty of questions about how the Commercial Electric Vehicle Federal Tax Credit works. Here are some of the most frequent queries you might be pondering.
If you received the Child Tax Credit or monthly payments in 2021, you might still have questions about how it affects your current tax situation. As we move into 2024, it’s important to stay informed about how these credits play a role in your IRS filings.
As a business owner, how much should I pay myself on a W2 before year end? How you pay yourself as a business owner largely depends on your business structure, where you are in your business journey, and a few other key factors.
If you’ve been procrastinating on filing your tax return or have skipped past years, it’s time to think about the consequences. From penalties and interest to potential IRS enforcement actions, the costs of delaying can add up.
If you’re eyeing a significant deduction (and who isn’t?), the Section 179 IRS tax code allows businesses to deduct up to $1,080,000 on qualifying capital equipment.
If you’re the tidy type and have just filed your tax return for this year, 2024, you might be eyeing that stack of old tax records and wondering if it’s time to declutter.
Guess what? Inflation isn’t just about rising prices—it’s also giving your federal tax breaks a bit of a boost. By the end of this, you’ll be walking around like a tax-saving pro.
If you’re staring down a tax debt you can’t possibly pay, it’s time to consider an IRS Offer in Compromise (OIC). This option lets qualified individuals settle their tax debt for less than the full amount owed, offering a financial lifeline when times are tough.
Have you kicked off your year-end tax planning yet? As we are approaching the final quarter, it’s the perfect time for strategic tax planning to reduce your tax bill. If you’re a business owner, tax planning isn’t a one-and-done deal—it’s an ongoing process.
Haven’t filed your taxes yet? It’s okay, you’re not alone. Believe it or not, many people don’t file in early February when tax season starts. In fact, about one-third of taxpayers in the U.S. wait until the last two weeks before the April deadline to file!
Year-end is just around the corner, but you still have time to make some smart tax-saving moves before the clock runs out. These Power 8 strategies can help you lock in savings and set yourself up for a successful tax season.
To keep the financial ghouls and gremlins out of your books this fiscal year, here’s your 2024 guide to preventing accounting nightmares.
Sometimes life happens, and meeting that tax deadline isn’t feasible. A tax extension can give you up to six extra months to file your return, which is a relief when you need some breathing room.
Hey, athletes! As you shine on the Paralympic stage, don’t let taxes steal the spotlight. With Name, Image, and Likeness (NIL) earnings rolling in, and your Olympic Medal monies piling up, understanding tax savings is your new game plan.
Many working parents need to arrange childcare for their kids under 13 (or any age if disabled) during the school break. One popular option that comes with a tax perk?
Many taxpayers, from short-term vacation hosts to long-term landlords, often wonder how to handle the income from renting their home or investment property.
Military members benefit from a variety of special tax benefits. These include certain non-taxable allowances, non-taxable combat pay, and a variety of other special tax provisions designed to support those who serve.
Many of our clients own rental properties, whether as their main business or part of a diverse entrepreneurial portfolio. At Insogna CPA, we specialize in helping property owners maximize their rental property tax deductions and reduce tax burdens with strategies that work.
With tax season behind us, many are finding unexpected IRS notices in their mailboxes. While seeing the IRS letterhead can cause a spike in anxiety, the good news is that most of these notices are routine.
Real estate investing can enhance the risk-and-return profile of your portfolio, offering competitive returns. But let’s be honest—without proper guidance, navigating property investments can feel like you’re wandering in the dark. Don’t worry, though. We’ve got your back with some practical tips and insights to keep you on track in 2024.
Rental activities typically fall under “passive” activities. This means rental losses can only be deducted against passive income, not nonpassive income like wages or investment earnings. If you’re unable to use rental losses in a given year, don’t worry—they carry forward indefinitely until your passive activities generate enough income to offset those losses.
Before you dive into preparing your income tax return, check out our updated 2024 Tax Preparation Checklist. Not every section will apply to you, so feel free to skip what doesn’t. By organizing your tax documents ahead of time, you’ll save yourself time (and stress) when it’s time to file.
Navigating the complexities of business partnership taxes is crucial for every partnership entity. Staying compliant while optimizing your tax strategy can make a world of difference for your business’s bottom line.
In some situations, the rental income may be tax-free. In other situations, your rental income and expenses may need to be treated as a business, as opposed to a rental activity.
Mistakes on tax returns are more common than you might think. Taxes can be tricky, and the paperwork? Well, it’s not winning any “simplified process” awards. If you’re filing taxes on your own, the chances of making a mistake can feel even higher. Read more >>
Here are four key questions (and answers) to help you make smart, well-informed decisions about your rental properties, ensuring your real estate investment pays off.
Did you know one of the smartest ways to reduce your taxable income is by investing in your retirement? Retirement savings not only prepare you for the future but can also help you keep more of your hard-earned money today.
Several IRS factors determine whether you can claim your rental property as a Schedule C business or a Schedule E. The primary factor is whether you’re providing substantial services to your rental guests regularly.
There are plenty of opportunities—and a few pitfalls—for individual retirement account (IRA) owners. While you don’t want to fall into a tax trap, you should definitely take advantage of these IRA tax tips and smart strategies available for 2024.
One of the most important compliance requirements for partnerships is registering with the appropriate state agency. This involves filing a partnership agreement, which outlines the terms of the partnership, with the state.
Have you been leaning on online reviews to boost your brand’s credibility? Well, buckle up—because the Federal Trade Commission (FTC) just dropped a new rule on fake reviews and testimonials, and if you’re not careful, you might find yourself in hot water.
Hey there, fellow taxpayers! If you’re climbing the income ladder or managing foreign accounts, you might want to stick around for this one.
You’re living your best life abroad, but there’s a nagging question in the back of your mind: Do I still have to deal with U.S. taxes?
If you’re a business owner with an LLC or corporation, we’ve got an important update for you. There’s a new federal requirement under the Corporate Transparency Act that means you need to file a Business Ownership Information (BOI) Report with FinCEN.
Thinking about withdrawing your Roth IRA? Maybe it’s for a new home, unexpected expenses, or you’re just curious about accessing your retirement savings. The good news is, yes, you can withdraw money from your Roth IRA—but there are some important rules and timing to consider.
A disaster loss is a tax-deductible loss that occurs in federally declared disaster areas—think floods, forest fires, or earthquakes. Much like a casualty loss, it involves damage to property, but only if the President has declared the area a federal disaster zone.
Remote work has become the new normal, but it’s not without its tax implications. As companies navigate the post-pandemic landscape, one important question remains: does remote working create income tax nexus for your business?
With all the tax reform changes and reduced income tax withholding for most taxpayers, there’s growing concern that while more take-home pay is great now, it could mean an unpleasant surprise at tax time next year.
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