by somichcpa | Jan 14, 2022 | Uncategorized
Tax return filing season usually gets a little crazy, but this year will be more turbulent than most. Due to new tax legislation and guidance from the IRS, you will have to cope with a wide variety of tax changes, some of which relate to the pandemic. Here are several...
by somichcpa | Dec 13, 2021 | Uncategorized
Getting a bill for an unexpected expense can put a significant dent in your business’s cash flow. Here are some tips your business can use to deal with a surprise bill. Stick to a reconciliation schedule. The best advice is to be prepared for the unexpected. Do this...
by somichcpa | Dec 13, 2021 | Uncategorized
Creating a sound financial foundation for you and your family is anything but easy. With low interest rates as an incentive to borrow more and even lower interest rates on savings accounts is it any wonder that it’s tough to retain the discipline to save? Here...
by somichcpa | Nov 19, 2021 | Uncategorized
According to SSA.gov here is a quick infographic to help you better understand the 2022 social security adjustments.
by somichcpa | Nov 3, 2021 | Uncategorized
There are always moves you can make to reduce your taxable income. Some of these tax-saving moves, however, must be completed by December 31. Here are several to consider: Tax loss harvesting. If you own stock in a taxable account that is not in a tax-deferred...
by somichcpa | Oct 28, 2021 | Uncategorized
The accounts payable process is typically very labor-intensive for many small business owners. While moving to a paperless environment may help alleviate some of your accounts payable headaches, there will be new problems you’ll have to successfully navigate. Here are...
by somichcpa | Jul 17, 2021 | Uncategorized
In late 2020, the IRS announced that it will increase tax audits of small businesses by 50 percent in 2021. Here are several mistakes to avoid if you do get audited by Uncle Sam. Mistake: Missing income. A long history of investigating has led IRS auditors to focus on...
by somichcpa | Jul 17, 2021 | Uncategorized
Not all debt is created equal. Knowing the difference can change the way you look at your spending. Good debt adds value Good debt often leads to financial growth, because the product or service being purchased adds more value than the debt that comes with it. Student...
by somichcpa | Jul 15, 2021 | Uncategorized
Now is the time to begin tax planning for your 2021 return. Here are some ideas: Contribute to retirement accounts. Tally up all your 2021 contributions to retirement accounts so far, and estimate how much more you can stash away between now and December 31. So...
by somichcpa | Jun 21, 2021 | Uncategorized
Knowing your net worth and understanding how it is changing over time is one of the most important financial concepts that everyone needs to understand. This number is used by banks, mortgage companies, insurance companies and you! Your net worth impacts your credit...
