by Kimberly Cosens | Feb 15, 2024 | Business, Tax, Uncategorized
Businesses basically have two accounting methods to figure their taxable income: cash accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be...
by Kimberly Cosens | Feb 7, 2024 | Blog, Tax, Uncategorized
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing jointly, Married filing...
by Kimberly Cosens | Jan 12, 2024 | Blog, Business, Tax
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Credit fundamentals The FICA...
by Kimberly Cosens | Nov 15, 2023 | Uncategorized
If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA...
by Kimberly Cosens | Nov 1, 2023 | Blog, Tax
If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a great tax and retirement saving deal! These plans help an employee accumulate a retirement nest egg on a...
