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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?
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.
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.
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.
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.
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.
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.
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.
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.
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.
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?”
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.
What are the phases of an eCommerce Business? Stage 1: 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,
What are the phases of an eCommerce Business? Stage 1: Profits Under $100,000 (Part 2)
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.
Are elder care or caregiver expenses tax deductible?
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.
Where’s my Refund? How to Check Your Federal Tax Refund Status in 2024
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.
EV Tax Credits: Things Electric Vehicle Owner Should Know in 2024
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.
How to Increase Business Cash Flow with Tax Planning
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.
Avoiding Tax Audit Nightmares: The Importance of Keeping a Mileage Log
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!
2024 Corporate Transparency Act Reporting Requirements
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.
2024 Corporate Transparency Act Reporting Requirements
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.
How Long Should You Hold On To Old Tax Records?
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.
2024 Corporate Transparency Act Reporting Requirements
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.
Why Hiring a Licensed CPA in 2024 is Crucial for Your Business
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.
Taxes on gambling winnings?
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.
What to Do If You Haven’t Filed Your Tax Return Yet
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.
Do Olympians Pay Taxes on Their Medals? Tax Hacks for Winning Athletes
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.
Tax Prep vs. Tax Planning
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.
11 Business Tax Deductions in 2024
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.
Why Traditional Accounting Still Matters in 2024: Beyond QuickBooks and TurboTax
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.
Offer in Compromise FAQs: Your Guide to Tax Relief
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?
Your 2024 Guide to IRS Form 8300: Cash Reporting Made Easy
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.
Social Security Breach: Is Your Financial Safety Net at Risk? Here’s How a CPA Can Shield You
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?”
How an S-Corp Can Reduce Your Taxes in 2024
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).
Understanding your Form 1099-K: How IRS 1099 Rules Impact Your 2024 Taxes
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.