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Using a Certified Public Accountant (CPA) can offer several advantages, especially when it comes to financial matters and taxes. Here are some key benefits: 1. Expertise and Accuracy: CPAs are accounting professionals who stay up-to-date with all relevant laws, rules, and regulations related to accounting and taxes. Their knowledge helps prevent critical accounting errors that … Continued

Planning for retirement is crucial, and staying updated on the latest contribution limits can help you maximize your savings. For 2024, the IRS has announced several changes to retirement account contribution limits, reflecting cost-of-living adjustments. Here’s a breakdown of what you need to know: 401(k) Plans For 2024, the contribution limit for 401(k) plans has … Continued

Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living adjustments that may affect pension plan and other retirement-related savings next year. Highlights of changes for 2022 The contribution limit for employees … Continued

Some taxpayers still use the old-school method of filing their tax returns: on paper. For these people, now is the time to switch and file electronically. All taxpayers should consider joining the more than 138 million taxpayers who used IRS e-file last year. Here are the top reasons why taxpayers should file electronically in 2020: … Continued

Business owners may be able to benefit from the home office deduction Taxpayers who use their home for business may be eligible to claim a home office deduction. It allows qualifying taxpayers to deduct certain home expenses on their tax return. This can reduce the amount of the taxpayer’s taxable income. Here are some things to help taxpayers understand … Continued

Many taxpayers may need to take out money early from their Individual Retirement Account or retirement plan. Doing so, however, can trigger an additional tax on early withdrawals. They would owe this tax on top of other income tax they may have to pay. Here are a few key points to know: Early withdrawals. An early withdrawal is … Continued

The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. The IRS has received a number of questions from the tax community concerning the deductibility of prepaid real property taxes. In general, whether a taxpayer is allowed a deduction … Continued

Taxpayers who are looking for a new job that is in the same line of work may be able to deduct some job-hunting expenses on their federal income tax return, even if they don’t get a new job. Here are some important facts to know about deducting costs related to job searches: Same Occupation. Expenses … Continued

Summertime is a time of year when people rent out their property. In addition to the standard clean up and maintenance, owners need to be aware of the tax implications of residential and vacation home rentals. Receiving money for the use of a dwelling also used as a taxpayer’s personal residence generally requires reporting the … Continued

We are seeking a goal oriented accountant to join our team. If a friendly work environment, above average salary, and generous benefits package is what you’re looking for, look no further! This is a tremendous opportunity for the right individual to advance in the field of public accounting. We maintain a diverse blend of successful … Continued