Finding the Top Audit Firms for Your Business
Have you tried to get a loan for your business and the bank had the nerve to question the validity of your financial statements? Are you in need of an external audit for your business? All because someone had the nerve to question the validity of your financial statements. Don’t take it personally. It’s a […]
HSA Audit Warning Signs and How to Stop Them
Opening a letter from the internal revenue service is an instant headache. Usually, it’s a Notice CP2000, the standard automated letter the IRS sends when their computers think you forgot to report your hsa distributions on your tax return. These unexpected notices can be extremely stressfull, especially if you assumed your tax professional handled everything […]
Financial Advisor vs Accountant: Who Should You Hire?
If you have ever asked yourself whether you need a financial advisor vs accountant, you are not alone. Many small business owners and families think a certified public accountant and a financial advisor are the exact same thing. While their knowledge might overlap, they actually handle completely different sides of your money. Think of it […]
IRS Rejected your Tax Extension? Here’s How to Fix It Fast
Seeing an IRS rejection notice is enough to make anyone’s stomach drop. You thought you bought yourself some breathing room, but suddenly you are right back on the clock. If your e-filed extension was denied, take a deep breath. You typically have a five-day grace period to correct errors and resubmit your request. But the […]
What Happens to My 401k Loan If I Get Laid Off?
Losing your job is one of the most stressful and devastating events you can go through. Whether you quit or got fired, facing sudden unemployment is hard enough without the IRS knocking on your door. If you have an outstanding loan balance on your retirement account, losing your job can trigger rapid repayment demands that […]
Are Sexual Abuse Settlements Taxable?
Navigating the aftermath of sexual abuse is an incredibly difficult journey. If you recently settled a lawsuit for sexual harassment or abuse, you already carry a heavy burden. As you take steps to rebuild your life, you are likely wondering, are sexual abuse settlements taxable? If you recently settled a lawsuit for sexual harassment or […]
How to Avoid Crypto Taxes Legally
Tired of feeling like the IRS watches every single click inside your crypto wallet? You are completely right to feel that way. The government treats your crypto assets like property. That means all of your crypto transactions can trigger a painful crypto tax liability. But here is the insider secret, if you want to avoid […]
Understanding Qualified vs Non Qualified Dividends
Dividends are the secret weapon of wealthy investors. But making money is only half the battle. Keeping it from the IRS is the real challenge. But the IRS watches those dividends paid just as closely. Their rules will directly hit your bottom line. Throwing cash into mutual funds or dividend stocks feels great. But you […]
Understanding Unreimbursed Partnership and Business Expenses
As a partner in an LLC or LLP, you’ve probably paid for business expenses out of your own pocket. Fortunately, you are still able to deduct these. However, the IRS treats these dollars very differently than if you were an S-Corp owner or a standard employee. These out-of-pocket costs are known as Unreimbursed Partnership Expenses […]