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Looking for a smart way to reduce your tax burden while supporting education? The Alabama Accountability Act (AAA) offers taxpayers a unique opportunity to claim a state income tax credit by contributing to a Scholarship Granting Organization (SGO). These organizations fund scholarships for students attending non-public schools across Alabama, and your donation can offset up … Read More

In the food and beverage industry, tips are a significant part of employee earnings, and restaurants must pay FICA and Medicare taxes on these tips. However, there’s a silver lining for restaurant owners: the FICA Tip Credit. This credit can significantly reduce your tax liability, and here’s how it works: What is the FICA Tip … Read More

The story begins before Sheriff Franklin took office in Morgan County, Alabama, where sheriffs were traditionally responsible for providing food for inmates, funded by a state allowance. Excess funds from this allowance were legally considered the sheriff’s personal property. Prior to Franklin, this system was exploited, with inmates receiving minimal meals like corn dogs while … Read More

The IRS has announced that its Free File Guided Tax Software will be available this Friday, 1/10/25. Eight private-sector partners will provide online guided tax software products for taxpayers with AGI of $84,000 or less in 2024. Additionally, one partner will offer a product in Spanish. For more information, visit https://www.irs.gov/filing/irs-free-file-do-your-taxes-for-free

Governor Kay Ivey announced on Thursday that the application period for the CHOOSE Act, Alabama’s new Education Savings Account (ESA) program designed to enhance educational outcomes for K-12 students, is now open. Families can submit their applications online for the 2025-2026 academic year via the CHOOSE Act website, with the application window open until April … Read More

Improving your basic budget-building skills is a powerful step toward financial empowerment. Mastering the fundamentals can help you gain control over your spending, save for a specific goal, or simply build a safety net. In this guide, we’ll explore practical strategies to enhance your budgeting prowess and set you on the path to financial success. … Read More

Facing a business audit can be daunting, but the key to a successful outcome is meticulous preparation. Whether you’re a seasoned entrepreneur or a small business owner, understanding the steps to prepare for an audit is essential. In this comprehensive guide, we’ll walk you through five crucial steps that will not only make the audit … Read More

Filing your Foreign Bank and Financial Accounts Report (FBAR) can be a maze of regulations, requirements, and potential pitfalls. As a U.S. taxpayer with foreign financial interests, the intricacies of FBAR filing may leave you feeling overwhelmed. In this guide, we’ll explore why entrusting this task to a qualified accountant is not just a convenience … Read More

You’ve got plenty of tax time to file next year’s taxes, but will you be ready when tax season rolls around? When it comes to tax planning, it’s never too early to get started. Taxes can be complicated, but they don’t have to be. There are several steps you can take throughout the year to … Read More

January 16 Individuals: Pay the fourth installment of 2023 estimated taxes (Form 1040-ES) if not paying income tax through withholding or not paying sufficient income tax through withholding. Employers: Deposit Social Security, Medicare and withheld income taxes for December 2023 if the monthly deposit rule applies. Employers: Deposit nonpayroll withheld income tax for December 2023 if the monthly deposit rule … Read More