Payment processing apps such as PayPal and Venmo will now be required to report transactions of $600 or more to the IRS in 2022. Article Summary Beginning Jan. 1, 2022, if you receive $600 or more payments for goods and services through a third-party payment network, such as PayPal, Venmo or … [Read more...]
Section 179 Tax Credit Calculator (and Deadline)
The Section 179 Credit can save SMBs a lot of money on equipment costs (the deduction is up to a robust $1,050,000). Passenger vehicles exceeding 6,000+ pounds GVW (gross vehicle weight) will usually qualify, but they are typically limited to a $25,000 deduction. Article Summary Section … [Read more...]
The Recovery Rebate Credit – Am I Eligible?
Taxpayers who did not receive the full amount to which they were entitled can claim it as a refundable credit when filing 2020 taxes in 2021 Article Summary -This article helps define what the Recovery Rebate Credit is, which taxpayers are eligible for the rebate and how to properly claim … [Read more...]
What’s A Gold-Backed IRA and How Can You Use It?
Setting up an IRA (Individual Retirement Account) is a secure way to garner a steady retirement nest egg over the span of your career. There are many types of IRA’s; which one is right for you is determined based on your assets, including: stocks, bonds, and mutual funds. … [Read more...]
Know The Difference Between A Budget and A Forecast?
Financial management directly influences the performance of your business. Overestimate cash flow, and you could find yourself in the red. Underestimate, and you could miss out on investment opportunities. To ensure proper fund forecasting and budgeting, businesses should always entrust their … [Read more...]
Avoid Credit Score Mistakes With Help From a CPA
Do you know what your credit score is? Do you know what other people see when they check your credit score? If you’re not sure, it’s probably a good idea to personally check your own score. Everyone is eligible to one free credit report each year from each of the three major credit reporting … [Read more...]
Make the Most Out of Your Tax Refund
A tax refund is not a bonus, but people often treat it that way. In reality, your tax refund is a reimbursement from the government for withholding too much of your income. The average federal tax refund this year will exceed $3,000. Before making a reservation at the nicest restaurant … [Read more...]
Millennial Millionaires? A Financial Advisor Could Help You Join The Ranks.
Millennials, or young adults under the age of 35, may not feel they’re on a career trajectory toward becoming a millionaire. However, with careful planning and advising, many millenials can obtain this goal and set aside a comfy nest egg for adulthood and retirement. The key is … [Read more...]
Retirement Income Payment Plans – Choose Wisely
If you are getting ready to retire, you may find yourself faced with the question of how you should receive income payments – in increments or all at once. Most people end up choosing steady payments, or "life annuity". Having that steady income can make for less stress than taking a big lump … [Read more...]