Tax & Financial News
Important Tax Deadlines
2023 individual quarterly estimated Federal tax payments are due September 15, 2023 and January 15, 2024 for the remainder of the tax year. The extended business tax deadline is September 15, 2023 and the extended individual tax deadline is October 16, 2023. In order...
Marital Status Changing This Year? Unpleasant Surprises May Await You at Tax Time
Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions can be stressful or ecstatic times, and the last thing...
Did You Get a Letter from the IRS? Don’t Panic.
Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the past. However, since the IRS now does most of its auditing through correspondence, an IRS letter...
Virginia’s RetirePath Program
Virginia has created a new, state-facilitated, retirement account savings program called Retirepath Virginia to expand access to retirement savings for Virginians. This is an automatic-enrollment program that is mandatory for certain Virginia for-profit and non-profit...
Eldercare Can Be a Medical Deduction
Because people are living longer now than ever before, many individuals are serving as care providers for elderly loved ones (such as parents or spouses) who cannot live independently. Such individuals often have questions...
What is the Difference Between an HSA and a Health FSA?
The tax code provides two tax advantageous plans for taxpayers to pay medical expenses. One is a Flexible Spending Account (FSA) and the other is a Health Savings Account (HSA). The two are often misunderstood and their provisions...
Bookkeeping Challenges That Come With The Gen Z Freelance Movement
If it seems like more and more employees are turning to freelance work these days, you're not imagining things. According to one recent study, there are currently 73.3 million freelancers in the United States alone. The fast-paced...
Considering Converting an S Corp to a C Corp?
The type of business that you're running has major implications in virtually all areas of your operations, especially when it comes to federal taxes. An S Corporation (or S Corp for short) is one that passes corporate income,...
Tips for Staying on Track for the 2023 Tax Year
Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year. W-4 Updates – If you are employed, then your employer takes the information from your Internal Revenue Service...
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