fbpx

CPA Insights - Personal Tax Tips

Featured Pages

Licensed CPA Accountant vs. Unlicensed Tax Preparer

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?

Read more >>

2024 Legal Tax Tips: 5 Ways to Reduce Your Tax Bill

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.

Read more >>

Discover 5 Tax Credits Every Small Business Owner Can Claim in 2024

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.

Read more >>

How to Calculate Crypto Income Tax: 2024 IRS Rules

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.

Read more >>

Home Office Tax Deduction : Work from home FAQs, Rules, and more!

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.

Read more >>

Amend Tax Return: Do I need to file one?

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. 

Read more >>

401K vs. IRA: Benefits and Differences for Smart Retirement Planning in 2024

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.

Read more >>

Why is loan documentation for business loans important?

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.

Read more >>

Do I need to update my ITIN number?

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.

Read more >>

Reasonable Compensation and S Corps in 2024

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. 

Read more >>

Guide to S Corp taxes for Small Business Owners: S Corporation FAQs and Tips

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?”

Read more >>

How to reduce S-Corp Tax as an S Corporation Shareholder in 2024

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.

Read more >>

What are the phases of an eCommerce Business? Stage 0: Profits Under $100,000 (Part 1)

You’ve decided to take the leap and start an eCommerce business. Congrats! Whether you’re just thinking about selling online, have started dipping your toes into online selling,

Read more >>