by somichcpa | Dec 14, 2020 | Uncategorized
Which unique method of budgeting will work for you? You have your own unique personality, preferences and lifestyle. Likewise, how you manage and organize your finances can have its own personality, including how you budget. Here are five different methods of...
by somichcpa | Dec 7, 2020 | Uncategorized
You’re ready to take out a loan to buy a house, a car or get a credit card. You fill out the application and wait to hear back from your bank on its decision whether to loan you the money. And then you get the dreaded phone call. Your credit score wasn’t high enough...
by somichcpa | Nov 28, 2020 | Uncategorized
The IRS recently announced its 2020 edition of its annual Dirty Dozen list of tax scams with a special emphasis on aggressive and evolving schemes related to COVID-19 tax relief, including Economic Impact Payments. Here are six of the more common scams. Phishing....
by somichcpa | Nov 21, 2020 | Uncategorized
With 30-year fixed rate mortgages approaching historical lows of 3%, you may be thinking about refinancing an existing mortgage. But you better read the fine print before signing on the dotted line to avoid paying too much money. Here are some common mistakes...
by somichcpa | Nov 14, 2020 | Uncategorized
You may have started your business as a simple sole proprietorship that files its taxes as a Schedule C on your Form 1040. As your business grows, you may want to change the structure. Here are several scenarios where it may make sense to do just that. Reasons to...
by somichcpa | Nov 10, 2020 | Uncategorized
Action to take now! Now is a good time to assess your current situation and address those lingering tax moves that may improve your tax picture for 2020. Here are five things to consider: 1. Check on your withholdings. Review your taxable income and the amount of tax...
by somichcpa | Jun 30, 2020 | Individual Taxes
Numerous new laws provide economic relief to individuals and businesses hardest hit by this year’s pandemic. This much-needed financial assistance, however, comes with a few strings attached. Here are three potential surprises if you use the available economic relief...
by somichcpa | Jun 8, 2020 | Individual Taxes
The weather is warm, kids are out of school, and it’s time to think about tax saving opportunities! Here are five ways you can enjoy your normal summertime activities and save on taxes: Rent out your property tax-free. If you have a cabin, condo, or similar property,...
by somichcpa | May 27, 2020 | Business, Corporate Taxes, Individual Taxes
Are you one of the now 33% of Americans who work as either an independent contractor or freelancer? If you answer yes, you are now a participant in the gig economy, a modern term for an economy characterized by workers who earn money through short-term contracts or...
by somichcpa | May 14, 2020 | Individual Taxes, Tax Tips
Who would ever have foreseen a time when petroleum companies would pay you to take their oil? This phenomenon underscores the concept that within every problem there is an opportunity. Here are some tax strategies to think about during the COVID-19 pandemic. Look into...
