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Can you pay your kids to work for your business? 100% YES! In 2024, you can pay your children, under 18 years old, up to $14,600 without any federal income tax! Personally, I think it’s one of my responsibilities as a parent to prepare my kids to become responsible adults and contributing members of our […]
Last week I had a nice chat with a good friend Jacob, who has also been a CPA for over 35 years. “Jacob, any new changes in the tax laws worthy of talking about?” “Adam, we’ve been hammered with audit notices for clients filing a Schedule C!” Often, people start a side hustle or start businesses and don’t […]
Tip #1: Understand Your Tax Bracket Different income levels are subject to varying tax rates. For instance, if you are in a lower tax bracket, you may benefit more from investments that offer capital gains, which are often taxed at a lower rate than ordinary income. Alternatively, focusing on tax-deferred or tax-free investment could make […]
Although an audit may seem overwhelming, understanding the process and implementing the best measures can help ease the stress and ensure compliance. Types of Audits Correspondence Audits The IRS typically sends a letter requesting clarification or additional documentation for specific items on the tax return. Taxpayers must respond within a specified timeframe, providing a comprehensive […]
There are several tools that you can use to plan for your retirement. But out of all of them, one stands out the most: Tax Qualified Retirement Plans. Tax Qualified Retirement Plans are designed specifically to help you get more tax savings in your retirement. But what other benefits do they offer? If you’re curious […]
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