Tax & Financial News

  • Tax Form Pic

    Important Tax Deadlines

    2022 is coming to a close and the last individual 4th quarter estimated tax payments are due January 16, 2023. For the upcoming tax season we will be sending out our engagement letters in December via email and using SafeSend to allow you to sign …

    Read More
  • Intuit

    QuickBooks Year-End Tasks for 2022

    December is the perfect time to take steps to make sure your QuickBooks file is cleaned up for year-end and ready for 2023. The following tasks will ensure that you have accounted properly for 2022 revenue and expenses and will help get your books ready …

    Read More
  • Tax Form Pic

    Proactive Planning is Powerful and Possible!

    There’s an old saying that reminds us “if you fail to plan, you plan to fail.” Whoever coined that phrase was talking about the world of small business accounting whether they realized it or not. Financial and tax literacy aren’t just an important part of …

    Read More
  • Tax Form Pic

    Making the Most of Leaner Years

    People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who are having a lower-than-normal income year. So, if 2022 is not producing a lot of income for you, …

    Read More
  • Tax Form Pic

    Individual Implications of the Inflation Reduction Act

    On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 which is a scaled-back version of the prior Biden administration proposals originally included in the Build Back Better Act. The legislation includes a variety of provisions, including substantial green energy …

    Read More
  • Tax Form Pic

    Deductions to Consider as a Small Business

    As a small business owner, you should always be on the lookout for legitimate ways to minimize your taxes. Waiting for year-end to do your tax planning can be too late and you may miss many possible opportunities. The following are valuable tips that help …

    Read More
  • Tax Form Pic

    The Hidden Benefits of Health Savings Accounts

    The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by insurance due to …

    Read More
  • Tax Form Pic

    IRS Increases Mileage Rate for Remainder of 2022

    The IRS has increased mileage rates for the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year. The new rate for deductible medical …

    Read More
  • Tax Form Pic

    2022 -1099-K Filing Requirement Reduced from $20,000 TO $600

    Effective for 2022 and later years, Congress reduced the threshold for the Form 1099-K filing requirement from $20,000 to a mere $600. So, you might ask, what does that have to do with me? This change can impact taxpayers in several ways, some unexpected, so …

    Read More
  • Tax Form Pic

    Home Solar Power Tax Credits Ending After 2023

    If you have been considering installing a solar electric system on your home and taking advantage of the lucrative federal tax credit, time is running out. Unless Congress extends the credit, it will no longer be available after 2023. The home solar tax credit is …

    Read More

Leesburg Office    5 Loudoun St. SW Ste. B Leesburg, VA 20175           Phone 703.771.1818  Fax 703.777.5708 

Warrenton Office  10 Rock Pointe Lane Ste. 3 Warrenton, VA 20186        Phone 540.347.5681  Fax 540.347.3353