Tax Insights with Hawkins Ash CPAs: Recent Episodes
Tax Insights with Hawkins Ash CPAs
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Learn more at www.HawkinsAshCPAs.com.
On today’s episode of Tax Insights, Jeff discusses key considerations for early retirement account withdrawals. He explains potential penalties and the new 2024 exceptions that could help you avoid them. Tune in to learn how these changes might impact your retirement planning and the steps you can take to stay compliant.
On today’s episode of Tax Insights, Jeff explains a new rule for 2024 that affects LLCs and similar businesses. These entities must file Beneficial Ownership Information with the government by December 31st to avoid hefty penalties. This filing is typically a one-time requirement unless changes occur within the business. Tune in to learn how this new regulation could impact your business and ensure you stay compliant.
On today’s episode of Tax Insights, Jeff breaks down the audit process for business owners. He explains that audits are often routine checks, not indicators of wrongdoing. Jeff covers the three-year audit timeline, common triggers, and the role of professional help. He also advises against refusing an audit to avoid complications. Tune in for essential audit tips.
On today’s episode of Tax Insights, Jeff explores the tax implications of GoFundMe gifts. He explains that these are considered individual-to-individual gifts without tax benefits. Jeff covers key points like the annual gift limit, which can impact your lifetime exemption if exceeded, and clarifies that recipients do not need to report these funds as income. Tune in for a clear overview of how GoFundMe gifts may affect your taxes.
On today’s episode of Tax Insights, Jeff highlights the importance of checking your credit reports. He explains how to get a free report annually from annualcreditreport.com to monitor your credit and prevent identity theft. Jeff suggests staggering requests for continuous monitoring and offers tips on disputing errors and placing a credit freeze. Tune in for essential advice on maintaining your credit health.
On today’s episode of Tax Insights, Jeff discusses unclaimed property. He explains how businesses must send unclaimed money, like unpaid wages or customer refunds, to the state after a certain period. He highlights resources like missingmoney.com for checking if the state is holding any of your money and how to claim it. Tune in for tips on managing unclaimed property and staying compliant with state regulations.
On today’s episode of Tax Insights, Jeff discusses the latest updates on the Employee Retention Credit. He explains the current state of ERC claims and what businesses need to know as the IRS moves to the next processing phase. Jeff breaks down key statistics and crucial considerations for those waiting on their ERC claims. Tune in for the most recent ERC updates.
Welcome to the Tax Insights Podcast, where we break down complex tax topics into bite-sized how-tos. In this episode, Jeff Dvorachek emphasizes the importance of mid-year tax planning. As we reach the halfway point of 2024, it's crucial to assess where you stand with your taxes, planning, and preparation. Let's dive in!
On today’s episode of Tax Insights, Jeff simplifies the Augusta rule. Discover how this special tax provision, linked to Augusta, Georgia, and the Masters, benefits homeowners nationwide. Jeff explores the conditions for tax-free rental income, explaining how you can maximize short-term rentals during events like the NFL draft. Join us as we uncover the rules and opportunities of the Augusta rule to empower your financial decisions. Let's jump in!
On today’s episode of Tax Insights, Jeff simplifies the complexities of Social Security. He explores whether Social Security benefits are taxable, breaking down how income levels affect taxation. Jeff also discusses the implications of taking Social Security early, explaining when repayment might be required. Join us as we unravel these key aspects to empower you with the knowledge needed for your Social Security decisions. Let's dive in!
In this episode of Tax Insights, Jeff breaks down the complexities of Social Security. He explores the various options available to listeners and examines the pivotal ages at which they can start claiming their benefits. Jeff shares considerations to equip you with the knowledge needed to make informed decisions about your Social Security journey. Let's jump right in!
Welcome to the Tax Insights Podcast, where we break down complex tax topics into bite-sized how-tos. In this episode of Tax Insights, Jeff Dvorachek provides clear guidance on how self-employed individuals can qualify for Social Security, from understanding contribution requirements to planning for a financially secure retirement.
In this episode of Tax Insights, Jeff sheds light on a common concern: IRS notices. These letters can be alarming, but they're not necessarily a cause for panic. Jeff explains how to interpret and respond to these notices, emphasizing the importance of timely action and seeking assistance from tax professionals. Let’s dive in!
On today's episode of Tax Insights, Jeff shares crucial information about an upcoming deadline that every nonprofit organization needs to be aware of. Neglecting the May 15th deadline for nonprofit tax returns can jeopardize an organization's tax-exempt status, risking their hard-earned benefits. Join the conversation and stay informed to maintain your tax benefits.
Extension Essentials: Tax Tips for Last-Minute Filers by Tax Insights with Hawkins Ash CPAs
Today on Tax Insights, Jeff discusses the intricacies of employment classifications. In this episode, we'll explore the differences between employees and independent contractors, and the criteria that determine work relationships. We'll also take a closer look at the tax obligations and implications associated with each classification. Let's tune in!
Welcome to the Tax Insights Podcast, where we break down complex tax topics into bite-sized how-tos. In this episode of Tax Insights Podcast, Jeff Dvorachek explores the new Department of Labor Joint Employer Rule. The joint employer rule determines when multiple employers share responsibility for an employee's working conditions and legal obligations. Tune in now to decode the regulations and complexities of the new law.
Join us today on Tax Insights as Jeff explores the nuances of personal tax management, weighing the convenience of software solutions against the expertise of professionals. From TurboTax to CPA consultations, we'll unravel the complexities to help you make informed financial decisions. Let’s dive in!
Are you aware of the potential reasons why you might need to amend your taxes? From overlooked investment statements to complex family dynamics impacting dependents, Jeff explores various scenarios that could prompt tax return revisions. Let’s dive in!
In this episode of Tax Insights Podcast, Jeff Dvorachek explores the ins and outs of IRA contributions, from maximizing refunds to navigating spousal contributions and age considerations. Get ready to unlock the potential of IRAs and optimize your tax strategy like never before.
Today on Tax Insights, Jeff explores into the realm of tax credits for homeowners looking to upgrade their properties. Tune in as he explores the benefits offered by the IRS for energy-efficient upgrades. From windows and doors to air conditioning units, discover how these tax credits can ease the financial burden of enhancing your home's efficiency and comfort.
Join us on today's episode of Tax Insights as Jeff dives into an often-overlooked aspect of personal finance: interest rates on personal family loans. Discover why charging interest on such loans is not just a choice, but a legal requirement, and learn how the IRS ensures compliance even within familial transactions.
The purposed tax bill would increase the child tax credit and restore critical research and development deductions. Dive into the latest Tax Insights Podcast as Jeff unravels the complexities of a new tax bill that could impact your 2023 and 2024 taxes.
In this episode of Tax Insights Podcast, Jeff explores the unexpected drawbacks of a larger paycheck in 2024. Discover the unforeseen complexities of reduced withholdings, increased tax brackets, and standard deductions. Let's listen in.
Welcome to the Tax Insights Podcast, where we break down complex tax topics into bite-sized how-tos. In this episode of Tax Insights Podcast, Jeff Dvorachek unravels a significant move by the IRS that took place in December 2023. Join us as Jeff explores the details of the IRS's penalty relief for millions of Americans, examining its impact, the criteria for forgiveness, and the automatic refund process.Stay tuned to understand how this decision, rooted in COVID-19 challenges, affects taxpayers and why some may find themselves receiving unexpected late Christmas gifts!
In our latest Tax Insights with Hawkins Ash CPAs, we're discussing the exciting journey from a side hustle to a legitimate business. Discover valuable tips, advice, and insights on record-keeping, structures for tax savings, and navigating the quarterly tax landscape. Whether you're just starting or experiencing significant growth, Jeff provides essential information to ensure you're on the right track.Subscribe now and empower yourself with knowledge to conquer your tax journey!
In this episode of Tax Insights Podcast, Jeff shares tips on making financial record-keeping and tax filing easier for you as a business owner. Acknowledging the transition from 2023, Jeff highlights the significance of early tax preparation to ensure a smoother fiscal journey. Let’s dive in.
As the year draws to a close, small business owners and individuals contemplate their financial standing, especially concerning capital gains and losses. In this episode of Tax Insights Podcast, Jeff sheds light on the significance of strategically managing capital gains and losses for optimal tax benefits.
The Corporate Transparency Act, also known as B O I (Beneficial Ownership Information) reporting, is a groundbreaking regulation set to take effect on January 1, 2024. This legislation mandates millions of small businesses, ranging from local LLCs to large corporations, to file a form with the U S Department of Financial Crimes and Enforcement Network. In this episode of the Tax Insights Podcast, Jeff provides expert insights on Beneficial Ownership Information reporting, outlining key requirements and deadlines.
As the financial landscape evolves, it becomes increasingly crucial for individuals to reconsider their retirement savings strategies. In this podcast, Jeff emphasizes the importance of understanding the tax implications of 401(k) contributions and how these changes could impact your financial future.
Succession planning is a crucial aspect of family-owned small businesses. Transitioning a business from one generation to the next requires careful consideration, particularly from a tax perspective. We delve into the various ways and ideas for family business owners to plan for the next chapter in their legacy. In the episode of the Tax Insights Podcast, we discuss how to make the process smoother, what to consider in the early stages, and the benefits of involving the next generation early on.
Welcome to the Tax Insights Podcast, where we break down complex tax topics into bite-sized how-tos. In this episode, Tax Manager Jeff Dvorachek explains the intricacies of paycheck withholding. Discover why those 'zero, one, two' numbers matter, and how they can impact your tax situation.Whether you're aiming for a big refund or breaking even, understanding paycheck withholding is crucial. Jeff shares insights on adjusting your withholding throughout the year and offers recommendations for individuals looking to take control of their financial destiny.Subscribe now and empower yourself with knowledge to conquer your tax journey!
Join Jeff Devorachek, a certified public accountant, in this episode as he delves into a common tax dilemma: what happens when you can't pay your tax bill? Jeff will shed light on IRS penalties, payment plans, and the options available to you when facing tax debt.Learn how to navigate this financial challenge and make informed decisions to protect your financial well-being. Whether you're a seasoned taxpayer or new to the world of taxes, this episode provides essential insights.Subscribe now to the Tax Insights Podcast and empower yourself with the knowledge to conquer tax troubles and achieve financial peace of mind!
Join Jeff Dvorachek, a Tax Manager, as he explains what a cash flow statement is, why it's crucial for your business success, and how it reveals the true health of your company.
Jeff shares his expertise on understanding cash flow components, getting paid as a business owner, and the importance of having a reliable team of experts. Whether you're a seasoned entrepreneur or a new business owner, we've got you covered with quick and entertaining tax tips.
Subscribe now to unlock the secrets of financial success for your business!
In this episode of Tax Insights, join Jeff Dvorachek as he dives into the world of financial ratios and their significance for business owners.
Jeff explains the importance of utilizing liquidity ratios, efficiency ratios, and profitability ratios to track business trends and make informed decisions for your company's future. These ratios provide valuable insights into your business's financial health, helping you identify trends, potential issues, and areas for improvement.
Don't miss this informative episode as the experts break down complex tax topics into easy-to-understand how-to's. Visit hawkinsashcpas.com to learn more about improving your business and making the most of your financial data. Like and follow Hawkins Ash CPAs on Facebook and YouTube for more quick and entertaining tax topics. Tune in and take your business to new heights with Tax Insights!
In this episode, certified public accountant Jeff Dvorachek discusses three essential reports that can help business owners stay on track with their goals.
Discover how customer detail reports, vendor reports, and job-specific division reports can provide valuable insights for your business's success. It's easy to get caught up in day-to-day activities, but these reports can keep you informed and ensure continued success. Tune in and gain expert advice from Jeff and his team at Hawkins Ash CPAs, who are dedicated to simplifying taxes and providing practical tips.
Don't miss out on staying ahead in the financial game. Subscribe now and visit our website at hawkinsashcpa.com for more valuable resources. Join us on Facebook and YouTube for quick and entertaining tax topics.
Discover how to make smart business decisions by harnessing the critical information found in financial statements. In this episode, Jeff Dvorachek, a tax partner at Hawkins Ash CPAs, dives into the world of QuickBooks reports and reveals actionable insights for maximizing your business's success. From balance sheets to customer reports, learn how to leverage the data at your fingertips to drive growth, identify opportunities, and enhance client relationships. Tune in now and unlock the key to informed decision-making!
Subscribe to the Tax Insights Podcast for more expert advice on navigating complex tax topics in bite-sized, actionable episodes. Join the professionals at Hawkins Ash CPAs as they break down tax complexities into easy-to-understand 'how-to' segments. Visit our website at hawkinsashcpas.com for additional resources and connect with us on social media. Start leveraging financial statements and QuickBooks reports today for a prosperous business future. Don't miss out!"
In this episode of the Tax Insights podcast by Hawkins Ash CPAs, Jeff Dvorachek, a tax partner at the firm, discusses the financial factors involved in transitioning a family-owned business to the next generation. The options of gifting versus selling the business are explored, along with considerations such as liabilities and tax consequences. Financing options and the concept of a stepped-up basis are also addressed.
This Episode Covers • Importance of Transitioning a Family-Owned Business • Gifting vs. Selling • Tax Consequences of Gifting • Buying Out the Business • Financing the Transition: • Stepped-Up Basis
Welcome to the latest episode of Tax Insights, where we explore the Employee Retention Credit (ERC). Discover the qualifying criteria, potential pitfalls with third-party companies, and the importance of seeking expert guidance. Join Jeff Dvorachek from Hawkins Ash CPAs in this informative podcast episode.
This Episode Covers • Understanding Employee Retention Credit (ERC) Qualification Criteria • Cautionary Insights: The Risks of Dealing with Third-Party Companies • The Value of Professional Guidance: Navigating the ERC Complexities • Discerning Ineligible Offers: Why Ignoring Non-Qualifying Letters Matters
The Tax Insights podcast episode delves into the crucial topic of the Employee Retention Credit (ERC). By understanding the qualification criteria, being cautious of third-party companies, seeking professional guidance, and knowing how to navigate ineligible offers, business owners can make informed decisions. Join Jeff Dvorachek from Hawkins Ash CPAs in this episode to gain valuable insights and maximize your understanding of the ERC.
Have you ever wondered what triggers a tax audit? From red flags to random selection, it's not always clear why the IRS chooses to investigate certain tax returns.In this episode, Jeff Dvorachek, a tax partner with years of experience in the field, sheds light on the audit process. He shares valuable insights on the factors that could lead to an audit, the types of items the IRS typically investigates, and important things to keep in mind if you've received a notice from the IRS that your tax return is being audited. Join us as we delve into the world of tax audits and learn how to navigate this often-intimidating process.
With the higher standard deduction, receiving a tax benefit for charitable giving requires more planning. In this episode, tax partner Jeff Dvorachek provides practical strategies for maximizing the impact of your charitable giving on both the community and your tax return. Learn how to optimize your tax deductions, plan for year-end giving, and choose the right charitable organizations to support. Join us for this informative discussion and start making a difference today!Leave a comment below and let us know your thoughts on charitable giving and tax benefits. Don't forget to share this video with others who may find it helpful!
If you operate a gig business on the side, your personal and business finances can quickly become a knotted mess.In this episode, Jeff Dvorachek, a tax partner, shares best practices for business expense tracking.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
If you filled your 2022 tax return and you're not satisfied with the outcome, now is the time to start planning for next year's tax savings.In this episode, Jeff Dvorachek, a tax partner, shares ways you can increase 401k, IRA, and HSA contributions to save on next year's taxes.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance.We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
As a business owner, you can choose among a variety of structures for operating your business. The business structure you choose influences everything from day-to-day operations to taxes and how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits.In this episode, Jeff Dvorachek, a tax partner, takes a closer look at the benefits of different types of business entities such as an S-corporation, C-corporation, partnership, or sole proprietor.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
As a small business owner, selecting the correct business structure is an exciting task, but it doesn't come without challenges. Many owners wonder about the differences between each business structure or if they should create an LLC.In this episode, Jeff Dvorachek, a tax partner, takes a closer look at LLCs to learn what they are, how they differ from other business structures, and what you'll need to know when choosing the proper business structure for your new endeavor. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
If your product enters another state or you have a remote employee working in another state. You may have a tax liability to states other than the state your business is in. Failure to collect and pay the appropriate tax can lead to additional payments, interest, and penalties.In this episode, Jeff Dvorachek, a tax partner, shares the information business owners need to determine their sales payroll and income tax liabilities to other states.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
In these 5 minutes, Jeff Dvorachek, a tax partner, explores the various ways hiring a child; or spouse can maximize the tax savings of a family-owned business.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
After you have filed your 2022 tax return, the IRS states that 9 out of 10 refunds will be issued within less than 21 days; that is if; you e-file with direct deposit.In this episode, Jeff Dvorachek, a tax partner, breaks down how fast your refund will arrive depending on the filing and; the refund method chosen.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
With a Roth account, you would not receive a tax deduction on your contribution. But you will also not have to pay tax on qualified distributions. With today's low stock values, Jeff Dvorachek, a tax partner, explains how contributing to or converting existing funds to a Roth account may be advantageous. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
Saving for retirement is essential, and it is crucial to maximize the funding of the retirement plan account available to you. In this episode, Jeff describes the various IRA, 401k, and SEP accountants available and the associated contribution limits.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
As a person nears 70 years of age, it's important to prepare for the proper retirement plan withdrawal amounts. In 2023 the required minimum distribution rules will affect those 73 years of age and older.In this episode, Jeff analyses the several factors that impact an individual's required minimum distribution amount.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
It's that time of year, form 1099 is due by January 31st. In general, a business owner would need to send a 1099 to anyone they paid more than $600 for things such as rent, services, or prizes.In this episode, Jeff Dvorachek explains what transactions would trigger a 1099 and the exemptions that may apply.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
Basis in the amount your home is worth for tax purposes. When you sell your home your gain or loss is determined by subtracting its current basis from the sale price. In this episode, Jeff Dvorachek brings light to some misconceptions of taxable home sale gain and the calculation of a home's basis.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
Form 1099-K has been around for a while, but due to a recent law change, many more people and business owners will receive one and need to report it on their 2022 tax returns.In this episode, Jeff Dvorachek explains why you might receive form 1099-K and what to do if you think yours might need a correction.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
It's easier for individuals to do tax planning before the end of the year than it is after.In this episode, Jeff Dvorachek shares how individuals can use stock sale losses, charitable donations as well as retirement plan and health savings account contributions to help offset taxable income for 2022.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
Now that the election is over, it looks like we will have a divided government in Washington for the next couple of years. What this typically means is that there will not be a lot of large tax changes.This podcast explains some tax planning ideas for the end to the year from a business point of view.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
Inflation over the past year or so has not been good for our pocketbooks, but there are some hidden benefits in the form of tax savings. This podcast discusses the tax rate and other tax changes for 2023 that are directly tied to inflation.This podcast explains the tax impact of personal casualties, disasters, and theft. We cover personal losses only. Business or income-producing losses have different rules.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
Prior to November 1, 2022 the rate of I Bonds was 9.62%. This rate got people's attention and many started purchasing these bonds. Although that rate is excellent, there are some other factors you need to consider. This podcast focuses on what I Bonds are and how they work.This podcast explains the tax impact of personal casualties, disasters, and theft. We cover personal losses only. Business or income-producing losses have different rules.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
This podcast explains the tax impact of personal casualties, disasters, and theft. We cover personal losses only. Business or income-producing losses have different rules.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
We have talked in the past about the Employee Retention Credit (ERC). Now you can’t listen to the radio without hearing adds saying that employers can get a $26,000 credit per employee. These adds are generally coming from ERC mills, some of which are taking improper positions related to the credit.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
This podcast explains what you should consider when purchasing a large piece of equipment.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
This podcast covers some changes that will be occurring in 2023 if there are not any law changes in Washington as well as review the changes that affected 2022.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
Cost segregation studies can be a great way to accelerate depreciation and save taxes today rather than waiting for years to take a deduction. This podcast talks about how a property owner can save.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
The recently signed Inflation Reduction Act included a lot of green provisions. This podcast talks about the residential clean energy credits that a homeowner can get by installing solar onto their home.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
The recently signed Inflation Reduction Act included a lot of green provisions, most of them will affect your tax return but some will not. This podcast talks about the rebates that are available for purchasing energy-efficient items and making certain improvements.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
The recently signed Inflation Reduction Act included a lot of green provisions. This podcast discusses the new additions to the electric vehicle credit, specifically the purchase of a used electric vehicle.Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
The recently signed Inflation Reduction Act included a lot of green provisions. In this podcast, we discuss the electric vehicle credits as they were expanded.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
The recently signed Inflation Reduction Act included a lot of green provisions. This podcast talks about the changes to the Energy-Efficient Home Improvement Credit for 2023.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
This podcast discusses Payroll Services, our services, and when you should outsource.
There are taxes that must be withheld from employee paychecks: Social Security tax, medicare tax, federal withholding, and state withholding. You also have to keep in mind employee benefits, some are taxed and some are pre-tax – it just depends on what type of benefit it is and what type of plan you have in place.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance.
We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa- hq/podcast/
This podcast discusses the benefits of looking at your financial statements. Financial statements summarize a certain time period of your business and show you information about your business’s health. You can see how much your business earns, spends and where that money goes.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance.
We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa- hq/podcast/
This podcast discusses different accounting software, such as QuickBooks and Sage 50. We also explain how to pick the correct accounting software for your business.
Ryan also covers some basic terminology, rules, and also misconceptions about Roth IRA conversions. In particular, we will discuss why you may want to consider this move today.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance.
We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa- hq/podcast/
This podcast discusses why it is important to keep track of income and expenses. Debby also covers some tips to get you started.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance.
We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa- hq/podcast/
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance.
We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa- hq/podcast/
A common misconception is that estate planning only applies to the wealthy or those that will owe taxes. We recommend that all clients review their estate plan documents with the same regularity as they would their own health.
Many people see their doctor for a check-up annually. Consider your estate plan the same light regardless of your net worth. This podcast explains the benefits of looking at your estate planning each year.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance.
We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa- hq/podcast/
The step up in basis at death rule says that when someone dies, most of their assets receive a new tax basis and holding period. The new tax basis is the fair market value as of the date of death, regardless of the original purchase price.
This podcast covers what you need to know about the step up in basis at death and how these provisions impact far more people than just the rich.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
A common question we receive is what are the tax consequences of gifting money or other assets to children, grandchildren or other individuals. There is no income tax to the recipient of a gift and non-deduction to the person marking the gift. This podcast covers the tax rules that fall under the Federal Estate and Gift tax system.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
IRAs and other retirement accounts are intended to help fund a person’s retirement. But sometimes, circumstances dictate the need for those funds. This podcast explains why taking money out of IRAs should be the last resort, since the distribution can come with a heavy tax penalty.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
This podcast covers Financial Statements and information you need to keep an eye on. Accounting software packages can generate reports so that a business owner can stay on top of how the business is truly doing. Many business owners only look at the checkbook balance and how far they are booked out with jobs to get an idea of how the business is doing, but there is much more information than the reports can give you.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
As baby boomers continue to get older, a transfer of wealth is passed onto the next generation. When a person passes away, their assets must be used to pay off their liabilities. The net amount can then be inherited by others. This podcast covers the tax impact on receiving an inheritance.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
When a business is just starting, the owner is trying to juggle many different things. One thing that can get pushed to the background is accounting. This podcast covers how the right accounting system can give an owner a lot of useful and critical information.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
In 2018, the corporation tax rate decreased from 35% to 21%. At the same time, the Qualified Business Deduction (QBI) was introduced. This podcast covers the Qualified Business Deduction, a tax deduction meant to even the playing field between corporations who pay their tax and businesses that pass their income to the shareholders or partners.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
If your organization is not tax exempt or had its exemption revoked, this podcast will cover the steps that can be taken and some general guidelines.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
This episode covers how to know if your organization is a charity. Some operations that are operating are not classified as nonprofits. Other organizations, that might be smaller, may have never applied to be tax-exempt. Some other organizations may have been tax exempt at one point, but never kept up with the IRS filings. It's not uncommon as many boards are made up of volunteers and the positions change frequently.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
The gig economy refers to individuals earning money from non-traditional sources, also called a second job. Sometimes these jobs produce income and sometimes, because of tax deduction, produce a tax loss. This podcast covers side jobs that, in the eyes of the IRS, are actually considered to be hobbies.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
The gig economy refers to individuals earning money from non-traditional sources, also called a second job. Sometimes these jobs produce income and sometimes, because of tax deduction, produce a tax loss. This podcast covers side jobs that, in the eyes of the IRS, are actually considered to be hobbies.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/
Multiple stimulus payments have increased the complexity of the tax code and can include new forms. Because of this, there are no easy returns anymore, and we have seen an increase in IRS and state notices. Most of these notices are due to the IRS matching program. No one likes receiving correspondence from the IRS. This podcast can help give you a better understanding of them and lower your stress level if one comes.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
Congress is working on making changes to retirement plans. Unlike most tax bills, a lot of changes are in this bill. This podcast covers those changes called the SECURE Act 2.0.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
As we get close to April 18th, this is what you should do if you cannot file your taxes on time or if you can't pay what is owed. Remember, that the filing of the return can be extended.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
This time of the year, we get a lot of questions from proprietors as to whether they should change the way they are taxed and whether they should look at becoming an S-Corporation. In this episode, we talk about what you need to know about S-Corporations.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
We have talked in the past about paying your taxes electronically and having your refunds deposited directly into your bank account and I want to continue to recommend doing both. So let’s say you filed your return and chose direct deposit, and now you want to know when your refund will be deposited. There are tools on the IRS and state websites to tell you when you can expect it.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
With the changes to tax laws over the last few years, most taxpayers now take the standard deduction. This limits the amount of tax deductions available for medical costs. That is why understanding Health Savings Accounts is important since you can take a deduction even if you take the standard deduction.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
With the service issues the IRS is having, there are ways to make your life and theirs a lot easier. Here are some things you can do.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
With all the changes in tax law, more importantly, all the stimulus from the last couple of years, it is important to keep track of the payments your business received as much of it is not taxable. This podcast covers the different stimulus, grants and loans that businesses may have received.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
With so much of our information being online these days, the risk of our identities being stolen is higher than it has ever been. Did you know that you can request a free copy of your credit report annually?
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
Most people are aware that they can do an online search to see if the state is holding any funds for them, but today I want to talk about how those funds get to the state. In general, when a business owes a customer money or refund and that customer cannot be located, the business is required to submit those funds to the state.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
The IRS is dealing with a backlog of work and a lack of staffing. Although the IRS has started processing returns, they are warning that it could be a rocky season. We recommend that anything taxpayers can do to help themselves will make their lives easier and get their refunds in the quickest way possible. Here are a few ways.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
In the past, the only way to pay your tax was by a paper check. Over the years, other electronic methods became available, but most of them required you to pay a fee. Now the IRS and many states have ways that you can pay your tax or estimates without any fees. We are recommending to our clients that they pay their tax electronically due to processing delays at the IRS.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
Now is the time that people are receiving their tax statements for last year. You can expect to see forms like W-2s and 1099s for interest and dividends earned. There are also statements showing how much mortgage interest and charitable contributions you made. But there are some forms that you will receive based on the tax changes that happened in 2021. This podcast covers the tax material you need to gather up for your 2021 taxes.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
As a business owner, you probably know that you are required to send Form 1099s to your vendors and that your customers may be required to send them to you. For any Form 1099s that you are required to send, they are due by January 31.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
There are certain benefits that owners of s-corporation get that need to be reported as income and be included on the Form W-2 for the year. This episode covers some of them.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
Along with the new-year comes New Year resolutions. If you are looking to make 2022 better than it was in 2021, starting off on a good note is important. That might mean putting money into retirement accounts or keeping better track of the business or personal records.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
As we get closer to the end of the year, many businesses are looking to get those last-minute expenses on the books so they can deduct them for tax purposes. No matter how a company accounts for its normal expenses, there are special rules for certain expenses.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
There has been a lot of talk about the Tax legislation going through Congress. It's called the Build Back Better Act. This legislation has already gone through the House and is now on its way to the Senate. The passage of the bill is expected by the end of the year. Last week, we talked about some income tax aspects of the plan. This week we talk about some potential changes.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
There has been a lot of talk about the Tax legislation going through Congress. It's called the Build Back Better Act. This legislation has already gone through the House and is now on its way to the Senate. The passage of the bill is expected by the end of the year. This podcast covers what we know so far about the Build Back Better Act.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
Back in June, we did a show on the new meals and entertainment rules. There has been some recent guidance on this issue that I want to discuss today.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
For many giving to charity is more important than the deduction, but why not get the benefit if you can. Here are the ways to make charitable contributions and get a tax deduction for doing so.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
As a business owner, you're most likely aware that you are required to send Form 1099s to your vendors and that your customers may be required to send them to you. Any Form 1099s that you are required to send are due by January 31st. This episode looks at the current reporting requirements when it comes to Form 1099s.
If you operate your own business, whether it be with Etsy, Uber, Eat Street or any business, you might be surprised to find out that there are additional taxes that you may have to pay on your income.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at HawkinsAshCPAs.com/.
Listen to more of the Tax Insights Podcast on YouTube at youtube.com/playlist?list=PLpF_…_y8NAdbouPr3pdgiQQG
Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.
One of the items being discussed in Washington is to have banks report to the IRS anytime a person has transactions of over $600 in their bank account. This would be a new reporting requirement, but many people do not know that the banks already have to report certain transactions to the IRS and this would be an expansion to those programs.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
Listen to more of the Tax Insights Podcast on YouTube at https://youtube.com/playlist?list=PLpF_o07d5AnStS_y8NAdbouPr3pdgiQQG
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
This week we talk about reporting foreign income and values to the IRS. A taxpayer is taxed on their worldwide income. It's important to know that the IRS looks at all of your income, but not all income is taxed in the same way.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
As a US citizen with foreign accounts that produce foreign income, you should remember that you are taxed on your worldwide income. There is no hiding of assets or income in other countries to avoid taxes.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at HawkinsAshCPAs.com/.
Many small business owners report their business income on their personal returns, these increases in tax rates may affect them. It's important to make sure you understand how tax brackets work.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
A great way to save on taxes is to hire family members in your business, which you can still do before the end of the year.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
Currently, it looks like the tax rate will be going up, especially for those in the higher brackets. If rates are expected to be higher when you retire than what they are now, Roth IRAs should be a part of your tax planning conversation. The problem is that if your income is too high right now, the amount that you can contribute to these accounts may be limited.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
We have been talking over the last couple of weeks about tax planning for the end of the year. Retirement plans are a great way to lower your tax bill. Also, with businesses having a hard time finding employees, this type of employee benefit may tip the scale to get that new employee.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
As we move into the 4th quarter now is the time to begin to look at tax planning for 2021. With the potential for big changes in Washington, this may be the year to do tax planning a little differently.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
Back in March, we talked about changes to the Child Tax Credit for 2021. Those checks and deposits started to arrive in July. On today’s show, I just want to make sure parents/guardians know how these payments will affect their 2021 return as it may produce some surprises.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
A common question we receive is what do tax accountants do in the summer. You would be surprised how busy our summers are. This summer, we are doing a lot of work with the Employee Retention Credit. In this episode, Jeff explains the ERC tax credit and how PPP can factor into the calculation.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
Listen to more of the Tax Insights Podcast on YouTube at https://youtube.com/playlist?list=PLpF_o07d5AnStS_y8NAdbouPr3pdgiQQG
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
In this episode, we go more in depth about some different aspects of the research and development tax credit including how to quantify the research being done and the basics of the credit calculation after determining the research is qualified based on the 4-part test.
In these lively interviews, Charlie Wendlandt, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
In this episode, we’ll go more in-depth about some different aspects of the research and development tax credit including what is considered research by the IRS.
In these lively interviews, Charlie Wendlandt, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
When people think of research and development, the first thing that comes to mind might be a person in a white coat in a laboratory. However, what if I told you that the IRS thinks of research in a different way and that through research and development there is the potential to significantly reduce your company’s tax liability and maximize your bottom line.
In these lively interviews, Charlie Wendlandt, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
Last week, we talked about the basics of the American Opportunity Tax Credit. If you want to hear that show, just go to our website it is posted there. This episode breaks down some important planning points to be able to maximize the credit.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
Even though most students have just started summer break, the fall semester will be here before we know it. In this episode, Jeff talks about the American Opportunity Tax Credit which can help offset some of the expenses of college for the first four years.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
There is a lot of talk in Washington about the American Families Plan that is being proposed by the Biden administration. In reality, there are parts of that plan that will not see the light of day since there is enough opposition by Republicans and moderate Democrats. Today I want to talk about the step-up in basis proposal.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
Listen to more of the Tax Insights Podcast on YouTube at https://youtube.com/playlist?list=PLpF_o07d5AnStS_y8NAdbouPr3pdgiQQG
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
As a business grows, cash flow can be an issue. But as a business grows, so does the potential tax bill at the end of the year. This episode covers how businesses pay their taxes and things that might be different here in 2021.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
Listen to more of the Tax Insights Podcast on YouTube at https://youtube.com/playlist?list=PLpF_o07d5AnStS_y8NAdbouPr3pdgiQQG
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
Taxpayers may only deduct 50% of the cost of food and beverages. The 2021 tax bill removed some of the limitations for expenses incurred in 2021 and 2022. In this episode, we talk about the IRS recently coming out with its clarification.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
Listen to more of the Tax Insights Podcast on YouTube at https://youtube.com/playlist?list=PLpF_o07d5AnStS_y8NAdbouPr3pdgiQQG
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
Now that we are past May 17th, the tax filing season is not done. There are still a lot of people who extended their returns and now have until October 15th to file. But as people file their returns there are many proactive steps that the IRS is taking to correct potential errors on people’s returns.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
Many of the younger people that are investing in Cryptocurrency may not know how the taxes work. In this podcast, we talk about cost basis and gains and losses, but even these concepts are not as easy as they first appear.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
Listen to more of the Tax Insights Podcast on YouTube at https://youtube.com/playlist?list=PLpF_o07d5AnStS_y8NAdbouPr3pdgiQQG
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
You can tell something is on the IRS radar when they actually put a question on the tax return to remind people to report the gains from such transactions. Beginning last year, the IRS asked a question on the first page of the Form 1040 to see if a taxpayer sold, sent, exchanged or otherwise acquired any interest in cryptocurrency or any other virtual currency.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
Listen to more of the Tax Insights Podcast on YouTube at https://youtube.com/playlist?list=PLpF_o07d5AnStS_y8NAdbouPr3pdgiQQG
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
The American Rescue Plan that was signed into law in March included a number of provisions that are now being implemented. In this episode, Jeff talks about another one – the Restaurant Revitalization Fund (RRF).
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/.
Listen to more of the Tax Insights Podcast on YouTube at https://youtube.com/playlist?list=PLpF_o07d5AnStS_y8NAdbouPr3pdgiQQG
Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
In the old days, rental of your personal residence was mainly done for properties on a nice lake, a warm climate, or a resort area. Now with Airbnb, people everywhere are renting out their homes. These rentals can last hours, days or weeks.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/. Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
In the old days, rental of your personal residence was mainly done for properties on a nice lake, a warm climate, or a resort area. Now with Air BNB people everywhere are renting out their homes. These rentals can last hours, days or weeks.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/. Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
It's another year and another Tax Day. Just when you thought it couldn't get crazier, it did. Last year it was COVID, PPP, EIDL loans, and COVID sick pay. This year it's a tax law changing right in the middle of tax season, affecting returns that had already filed.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/. Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
If you are trading on the increasingly popular trading platforms like TD Ameritrade, Scwab, Vanguard, and Robinhood, it’s important to know the tax implications on your portfolio—especially when you take gains and more importantly when you take losses.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/. Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
With the low rate of taxpayers who itemize and the even lower amount of people who have enough medical expenses to get over the 7.5% hurdle to make any of them deductible, there are very few people who can benefit from the itemized deduction. Many people will see a tax benefit when it comes to their companies cafeteria plan (125 plan) or health savings account.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.
Learn more at https://HawkinsAshCPAs.com/. Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.
With the expansion of the Child and Dependent Care Credit for 2021, Jeff explains what expenses count for this credit, who is eligible, and how this credit is calculated.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Learn more at HawkinsAshCPAs.com.
With over 40 million people who received unemployment benefits this year, many people are surprised to find out when they do their taxes that this is taxable income. This episode talks about the changes that have happened over the last week regarding unemployment.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Learn more at HawkinsAshCPAs.com.
The Senate has passed the American Rescue Plan Act 2021, which includes a new round of direct stimulus payments to individuals. This episode provides an in-depth look at what you can expect from the third round of recovery rebates.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Learn more at HawkinsAshCPAs.com.
Tax laws have changed a lot in the last two years and they continue to change by the minute. It’s time for an update on some tax bills that may become law soon. This episode tackles how Wisconsin state tax on PPP expenses might be changing, the projected $1.9 trillion dollar tax bill, and the future of the child tax credit.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Learn more at HawkinsAshCPAs.com.
Many employers continue to feel the impact of the pandemic. As the effects have continued into 2021, the government has issued new legislation to help businesses. As part of the tax bill signed in December, significant changes have been made to the Employee Retention Credit (ERC). This episode provides an overview of everything you need to know about the Employee Retention Credit.
In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.
Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Learn more at HawkinsAshCPAs.com.
Whether it be by you giving out your private information, breaches of data, or the dark web, there is a lot of information out there that will let scammers get into our personal lives. This episode provides an overview of what the IRS is doing to help prevent identity theft.
If you live in Wisconsin, one of the surprises from the last week or so is how the state is planning to treat the PPP loan forgiveness. We thought initially that it would not change taxable income, but it appears that it will. This episode provides an overview of how both Minnesota and Wisconsin will treat the taxability of PPP loan forgivable expenses.
The tax bill signed in late December included a number of items that will affect individual tax returns. This episode of our Tax Insights podcast provides a look at several of these tax extenders.
If you do payroll for your company or you are a payroll professional, January is always a little more stressful. Not only do you need to do your normal quarterly reports, you also have to do your year-end payroll reports including the Form W-2. With all the changes that happened in 2020 from a payroll point of view, this may be the most complex year ever. In this episode, Jeff Dvorachek highlights several of these complexities.
As we close out 2020, there are terms that were never used and now are commonplace—words like social distancing and contact tracing. But another term that did not exist last year was PPP. Now every business owner knows what PPP is, Paycheck Protection Program. In this episode, we cover changes to PPP and another round of PPP.
Congress passed and the President signed a tax relief package that has a lot of moving parts which include stimulus checks, changes to the Paycheck Protection Program (PPP), a new round of PPP loans, and many extenders for items set to expire at year-end. This podcast provides an overview of stimulus checks and PPP expense deduction. Future episodes will provide an overview of other provisions included in the Consolidated Appropriations Act, 2021.
There are a lot of ways to save taxes this year, but those same ideas may save you more in the future. Considering the Biden tax plan increases, the goal of tax planning is not always to pay the lowest amount of tax this year; it's about paying the least amount of tax in the long run.
As we get to the end of the year, of what seems like the longest year ever, there are things that you can do before December 31 to save taxes.
Late in November, the IRS re-affirmed that PPP expenses are not deductible and they issued guidance on how to treat the PPP expenses if the expense is incurred in a different year than forgiveness of the actual PPP loan.
In the last episode, we started to look into the Biden tax plan by reviewing expected tax increases. If you missed it, you can listen on our website or with Apple Podcasts. This episode looks at the tax decreases we can expect. Once again no politics, just the facts.
This past week, the national news networks have declared Joe Biden the next President of the United States. And although Donald Trump would beg to differ, let’s assume the networks are correct. On today’s show, I want to start to look into the Biden tax plan. No politics, just the facts. This week, we will talk about the tax increases, and next week (pending no major news), we will talk about the tax decreases.
A couple of weeks ago, we talked about the new PPP loan forgiveness application for businesses with loans under $50,000. This podcast provides an update as it may be time for companies to start the loan forgiveness process if they have not already.
Many people have said during the COVID-19 pandemic that "We're all in this together." Well, for many small business owners in Wisconsin, there is a grant using the name "We’re All In Small Business Grant – Phase 2."
The latest PPP (Paycheck Protection Program) loan forgiveness form is for the new guidance issued by the Treasury Department and Small Business Administration (SBA) on October 9, 2020. This new guidance makes it easier for small loans to get forgiven.
A final reminder to people who have not yet filed their 2019 individual tax returns: They are due on Oct. 15, 2020!
Although there are still many unanswered questions and uncertainty regarding the Paycheck Protection Program (PPP), guidance issued within the last couple months is starting to refine the loan forgiveness process. For many employers, it appears that the loan still will be forgiven, but they may need to rely more on payroll expenses than they initially thought.
The tax benefits of Health Savings Accounts (HSAs) apply to a wide range of age groups and income levels. With the tax law changing over the last few years, most taxpayers are now taking the standard deduction, which really limits the amount of deductions available for medical costs. But did you know that you can take an HSA even if you take the standard deduction?
As the cost of childcare continues to increase, more and more parents and guardians are looking for ways to reduce this cost. This credit can help. Learn more about who is eligible, what expenses do and do not count, and how families can decide the best option for them.
From a combat pay exception to a property tax credit in the state of Wisconsin, some of the benefits of being in or retired from the military are really helpful when it comes to doing one’s taxes at the end of the year. Learn more about other exemptions and how one’s surviving spouse may be impacted by certain veteran and military tax benefits.
On Aug. 8, 2020, the President signed four executive orders. One of those orders was to defer certain Social Security payroll taxes until the end of next year. Find out more about this deferral, including income limitations and repayment.
In the past, one of the only ways to pay taxes was via paper check. But now the IRS and many states have found ways to pay taxes electronically without any fees. Listen in to learn more about advantages of utilizing this method, as well as available payment methods.
Whether contemplating the launch of your own business or already starting out, surrounding yourself with a good team is key. Attorneys, accountants and bankers are some of the people who can help answer some of the most challenging startup questions about legal paperwork, business structure, financing and more.
Being a business owner is not an 8 to 5 job. You have to focus on everything from customers and vendors to making and shipping products—as well as accounting work. Teaming up with a trusted advisor can help, but where should you start when trying to find one?
For students heading back to school, one of the most popular college tax credits available right now is the American Opportunity Tax Credit (AOTC), an annual credit up to $2,500 per eligible student. Find out more about eligibility, income limits, who gets to claim this credit, how it is calculated and more.
Catch up on some of the changes that have happened this year about required minimum distributions and how they are calculated—including the new minimum requirement distribution age of 72.
IRAs and other retirement accounts are really designed for, well, retirement. But in these trying times, there are circumstances that dictate the need to take out those funds early, for that "rainy day." Listen in to find out more about penalties, ways to avoid them and even some exceptions to the rule.
When it comes to making gifts—either to family or non-family members—there are a lot of things to consider, including some gifts that may have tax consequences. Listen in to learn more about gifting limits, things that cannot be gifted, reasons to make a gift to someone and more.
If you inherit an IRA, the income that you receive from that may be taxable to you, and those inherited IRAs are subject to distribution requirements that depend on what your relationship was to the person who passed away. This podcast delves into the ins and outs of inherited IRAs.
As baby boomers continue to get older, it is likely that—within the next decade—we could see a wealth transfer to the next generation. For those starting to work through this transition, the number-one question that we get asked is, “How is this going to affect my survivors from a tax point of view?” Listen in to learn more.
As we get closer to the July 15, 2020, tax filing deadline, there are still a number of things that can you can do to reduce your 2019 taxes, including contributing to IRAs, other retirement plans and Health Savings Accounts (HSAs). Listen in to find out more about these and other provisions extended by the IRS and the states.
If you have not filed your tax return as of yet, those returns are going to be due in less than a month on July 15, 2020. Find out what happens if someone cannot file before then, and why you might not yet have received your refund if you did already file.
In a welcome change for many business owners, Congress passed and the President signed what is called the Paycheck Protection Program Flexibility Act. This legislation actually makes it easier for businesses to get enough of those qualified expenses in order to get their Paycheck Protection Program (PPP) loans forgiven. Here is what we know as of June 9, 2020.
Today, people working in the gig economy (or "side hustle") are doing more than just getting that traditional second job. They are self-employed, for the most part, and all of that income still has to be reported on a tax return. Listen in to learn more.
There has been a lot of talk about the Paycheck Protection Program (PPP), and although there is a lot of information out there, many small businesses have not even looked into the program. If you have heard about it and either not taken the time to look into it, or maybe did not think it applied to you, take this opportunity to listen in and learn more. Here is what we know as of May 28, 2020.
On May 15, 2020, the Paycheck Protection Program (PPP) loan forgiveness application was released. While there are still a lot of unanswered questions, this document starts to clear things up. Here is what we know as of May 20, 2020.
As of the end of April 2020, there were 23 million Americans who are out of work and most of them are applying for unemployment. If you are receiving benefits, here are some things to look out for in regard to taxes.
Although final guidance has not yet been issued, we are continuing to learn a lot more about the loan forgiveness aspects of the Paycheck Protection Program (PPP). Here is what we know as of May 5, 2020.
One of the welcome corrections from the Coronavirus Aid, Relief, and Economic Security (CARES) Act was the return of the 15-year depreciation on Qualified Improvement Property. Here is what we know as of April 28, 2020.
Learn the basics of the new Employee Retention Credit, including how it is calculated, which wages qualify, how businesses can expect to receive their credit and more. Here is what we know as of April 21, 2020.
Find out more about the new Economic Impact Payment in this overview: Who is and is not eligible to receive it, how much you might be able to expect to receive and when. Here is what we know as of April 14, 2020.
The Economic Injury Disaster Loan (EIDL) is a low-interest federal loan to help small businesses and private nonprofits that are experiencing hardships because of COVID-19. Here is what we know as of April 7, 2020.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act's new Paycheck Protection Program (PPP) is one relief option for businesses with less than 500 employees. Here is what we know as of April 1, 2020.
We fully understand the impact the next several weeks will have on your business. We are monitoring legislation and will provide insights with you as developments occur. This podcast covers federal and state tax extensions and paid leave guidance.
At Hawkins Ash CPAs, we will continue to monitor the news and official government directives and make changes to policies based upon facts as they arise. This podcast addresses some of the legislative updates as of March 18, 2020.
What exactly is "virtual currency" and how has the IRS become more involved throughout the years? This podcast not only provides an overview of the cryptocurrency trend, but also explains why it is essential to report gain or loss on these kinds of electronic transactions.
When a business is small, it may make sense to be a sole proprietor. But as the business grows, you may get some significant tax savings by changing the entity to an S corporation. Listen in to learn more.
Business owners pay two levels of tax: The income tax and the self-employment tax. In this podcast, find out more about the self-employment tax, as well as some options that might help to reduce the amount of self-employment tax paid.
Are you a small business owner with a home office? This podcast addresses some of the most commonly asked questions regarding home expenses that are incurred because of your business—and tax deductions that might help to offset them.
Whether you’re downsizing, upsizing or retiring, there comes a point in time or age that you have to sell your home. But how do taxes work with the sale of your principal residence? This podcast outlines some of the key points, including gains and tax liability.
Do you have a plan for retirement? Whether you are a married couple or single, find out more about the Saver's Credit and the possibility of helping you set aside extra dollars for the years ahead.
From extensions for individual and business expenses—including the Work Opportunity Tax Credit—to a change in the kiddie tax, catch up on some of the latest laws and updates.
What happens to 401(k)s and IRAs after someone passes away? The SECURE Act outlines some new distribution rules that might affect you.
Signed in December 2019, the SECURE Act made a number of changes to 401(k) plans, to Individual Retirement Accounts (IRAs) and to help smaller employers set up their own plans.
Did know the IRS will offset some of the costs by giving people a tax credit? For adoptions finalized in 2019, the new parent can claim a credit of around up to $14,000 per child. In this podcast, we cover how this credit can financially aid in the adoption process.
It’s crazy, but we are at the end of the year. When you think back at the resolutions you made at the beginning of the year, how many did you accomplish? What are your 2020 resolutions? Today I want to talk about things that you may want to add to your 2020 list.
As the cost of day care continues to increase, did you know that there is an IRS credit that may be able to offset some of the expense? It’s called the Child and Dependent Care Credit. Learn more in this podcast episode.
In this day in age, it’s hard to go a day to not see someone who is selling a product for some type of multi-level marketing company, or what we call MLM. Being part of a MLM can bring some interesting tax misconceptions.
Education tax credits can offset some of the costs for college expenses. There are two main credits – the American Opportunity Credit and the Lifetime Learning Credit.
Education tax credits can offset some of the costs for college expenses. There are two main credits – the American Opportunity Credit and the Lifetime Learning Credit.
Education tax credits can offset some of the costs for college expenses. There are two main credits – the American Opportunity Credit and the Lifetime Learning Credit.
If you are a small business looking to retain employees, the benefits you offer can be the difference between keeping a good employee and losing them. If you do not offer a retirement plan for your employee, now may be a good time to start one, and you can get a tax credit to cover some of your costs.
As business get more and more competitive, owners are making improvements to their product and premises. As these improvements are made, did you know that some of them may be eligible for a tax credit? The Disabled Access Credit is one way to save tax dollars by making improvements to your business. Learn more and listen in!
With the unemployment rate as low as it has been in the last 50 years, employers know how difficult it is to hire qualified employees. Did you know that the IRS has a federal tax credit for hiring individuals in targeted groups? Hiring individuals from these targeted groups can fill a need and save some taxes for your business. Listen in and learn more!
Last episode we talked about how $1 of additional income could cost you tens of thousands of dollars. This week I want to go the other way. I want to tell you how you can add income to your return and really have no additional federal tax.
As more and more people go onto the Health Care Marketplace to get their health insurance, they need to mindful of the cliff that can mean paying back tens of thousands of dollars of health insurance subsidies. This is an area where planning is critical if you are close to the limit.
The Affordable Care Act of 2010 brought some additional recording requirements with it for certain businesses. To discuss this I invited Greg Kenworthy, who heads up the form 1095 reporting area of our Firm, to talk with us
As we talked about last week, many taxpayers had their tax bill go down even though they saw less of a refund. With tax reform bringing rates down to levels that we have not seen in a while, we all have a limited window to take advantage of these rates, but not how you would expect. We can take advantage of these rates by not using them.
Now that April 15th has passed, you have seen first-hand how the new tax bill affected your taxes. With so many moving parts, tax reform affected people in many different ways. For the most part, taxpayers paid less tax, but many still saw their refunds decrease.
Renting out your personal residence as a vacation rental on Airbnb or another site will affect your taxes. Learn more about the impact in this podcast.
Most retirees know that when they reach the age of 70 ½, they may have to start taking distributions from their retirement accounts. Notice I said may – most people think this is must. There are ways to delay or not be required to take the distributions.
Although Roth IRAs have been around for 20 years, people still have not used them to their maximum benefit. Roth IRAs allow individuals to contribute after-tax money, get tax free (not deferred) earnings and have no requirements that the amount begin to be distributed at age 70 ½.
As we get into the middle of tax season, returns are being filed and refunds are issued. But did you know that there are factors that can affect the timing of your refund?
Learn about them here.
When a young person gets a job for the first time, it amazes them how much comes off in taxes. They make $10 per hour and work 20 hours per week. They expect to get a $200 paycheck, but instead they only get $150 after taxes. Today, I want to talk about payroll taxes and how taking advantage of your employer’s benefits can reduce the tax.
On December 10, the IRS published a notice which detailed how the IRS planned on implementing the part of the Tax Cuts and Jobs Act for “qualified parking” benefits to employees. As the rules are currently written, there will be many parking lot expenses that will be not-deductible for 2018.
As a business owner, did you know that you might be required to send Form 1099s to your vendors and that your customers may be required to send them to you?
According to the Wall Street Journal, the average college graduate has student loan debt of over $37,000, and as a group, the Federal Reserve Bank of New York says the amount is over 1.3 trillion dollars. This student loan debt is really affecting the new graduate’s ability to start their lives and even buying a home.
Starting a college savings plan can help reduce this debt and help with the student loan crisis.
Whether you are an employee or you own your own business, retirement plans can be the best way to retire with dignity. With fewer companies offering pensions, it is really important that we save on our own for our own retirements. That being said, although workers are getting better, most still need to contribute more.