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...
by somichcpa | May 24, 2021 | Uncategorized
We’re always being reminded to save for retirement in tax-advantaged accounts like 401(k)s or IRAs. But did you know the government does an about-face and forces us to take money out of those accounts once we reach retirement? It’s called the required...
by somichcpa | May 24, 2021 | Uncategorized
Paying bills is an inevitable part of everyday life, but that doesn’t mean it has to be stressful. Here are some ways to get control of your budget and perfect the art of stress-free bill paying. Make a budget. Knowing what you are making and what you are spending is...
by somichcpa | May 4, 2021 | Uncategorized
It’s hard to believe a little over a year ago the COVID 19 pandemic hit everyone. As things slowly turn back to normal, you need to be ready for the normalizing of the tax rules and adjusting to new ones. Here is how you can be prepared. Required minimum...
by somichcpa | Apr 28, 2021 | Uncategorized
With housing prices skyrocketing, more homeowners are considering cashing out to multiples over list price! Especially since one of the largest tax breaks available to most individuals is the ability to exclude up to $250,000 ($500,000 married) in capital gains on the...
