by Karen Baksa | Oct 16, 2024 | Tax Tips
Putting off distributions and holding assets in your retirement accounts as long as possible may seem like a good idea, but waiting too long can cause a major tax problem. When you reach age 73, the trigger requiring minimum distributions (RMDs) from qualified...
by Karen Baksa | Sep 25, 2024 | Financial Planning, Individual Taxes, Tax Tips
Here are some tips that should trigger you to conduct a full tax planning session to ensure your tax bill next year is not higher than it needs to be. 1. You owed tax last year. If you have not adjusted your withholdings, you could be in for a big tax bill. Time...
by Karen Baksa | Aug 26, 2024 | Business, Corporate Taxes, Individual Taxes, Tax Tips
When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expenditure is a must. Here are some typical areas where taxpayers often fall short, costing them plenty during tax filing season and during IRS audits: Cash...
by Karen Baksa | Aug 8, 2024 | Individual Taxes, Tax Tips
If you recently got married, plan to get married, or know someone taking the matrimonial plunge, here are some important tax tips every new bride and groom should know. Notify Social Security. Notify the Social Security Administration (SSA) of any name changes by...
by Karen Baksa | Jul 2, 2024 | Corporate Taxes, Individual Taxes, Tax Tips
There’s usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you always file an amended return? Here are some things to consider. Errors in the IRS’s favor Errors...
by Karen Baksa | Jun 25, 2024 | Business, Tax Tips
Suppose you take your best client out to dinner to celebrate your business relationship. If you own a business, are self-employed or run a side business, can you deduct any of the cost? Here are some tips to stay on the right side of the new rules: Make clear it’s a...
by Karen Baksa | Jun 11, 2024 | Financial Planning, Tax Tips
The 2024 HSA Contribution Limits have been set for 2024. And inflation adjustments break through the historic trends of 1 to 2% increase each year. Next year the amount you can save to pay for health costs with pre-tax dollars jumps by more than 7%! HSA defined An HSA...
by Karen Baksa | Jan 5, 2024 | Business
New law that affects all business owners starting in 2024 NEW – Corporate Transparency Act (CTA) One of the most significant legislative changes affecting all small businesses starting in 2024 is the Corporate Transparency Act (CTA). What is a Corporate Transparency...
by somichcpa | Dec 18, 2023 | Uncategorized
Somich & Associates CPAs, the distinguished full-service accounting firm renowned for its steadfast commitment to empowering family-owned businesses, welcomes Karen Baksa as their Tax Director. Embracing the Somich & Associates CPAs culture, Karen...
by somichcpa | Nov 16, 2023 | Business, Individual Taxes
Thankfully it’s not too late to try and minimize your taxes for 2023. If you haven’t scheduled a tax planning session, now is a great time to do so. Here’s how a tax planning session can potentially help your situation: It can make a difference. This is...
