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

January is tough. The holidays are over. Tax forms are starting to trickle in. You probably have a lot of things on your to-do list that you didn’t get done in December because you were so busy. Now you don’t know when you’ll have time to catch up because the new month and new year … Read More

The IRS has issued the 2024 optional cents-per-mile rates used to calculate the tax-deductible costs of operating a vehicle: Effective Jan. 1, 2024, the standard mileage rate for the business use of a car (including vans, pickups, and panel trucks) is 67 cents per mile. (This is up from 65.5 cents per mile for 2023.) … Read More

Your filing status options for your 2023 income tax return depend on your marital status on Dec. 31. The married-filing-jointly status is typically the most beneficial way for married taxpayers to file, but it’s a good idea to take a “what-if” look at the married filing separately status. For example, if one spouse has high … Read More

The 2023 individual income tax return filing season will open soon. Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You may be able to protect yourself from tax identity theft. In a tax identity theft scheme, a … Read More