Even before Labor Day, the IRS issued an advisory memo encouraging taxpayers to consider using the end of the summer to make tax withholding or payment updates to avoid a potential surprise next year at tax time. Said the IRS: “While most taxpayers get a refund after filing their taxes, many also find they unexpectedly […]

To start a business, first, you need a business plan to clarify your vision and operations. It serves as a management tool to help you raise money, if required, to grow strategically and track your progress. Standard contents of your document typically include your goals, marketing strategy, target markets, competitor analysis, and financial plans. However, […]

What’s involved in financial planning? Your cash flow, savings, debt, investments, insurance and other such elements of your financial life. Financial planning also impacts estate planning. It’s an ongoing process. Here are some steps to consider when making a financial plan: What are your goals? Identify what you hope to achieve and how you’d like […]

There’s something known as the Taxpayer Bill of Rights, and it was put into place by the Internal Revenue Service itself. This list of 10 rights pertains to instances where you file your tax return, pay your tax balances, respond to letters or notices, experience being audited or appeal a decision made by the IRS […]

Join JRBT Shareholder and Payroll Systems Director of Operations, Vicki Stalnaker, CPA, CPP, as she discusses the latest Employee Retention Credit updates for August 2024. In this video, Vicki covers the recent IRS announcements, including new warning signs of incorrect claims, the reopening of the Voluntary Disclosure Program and important details about the Second Retention […]

Have you been thinking about establishing an S corporation? Maybe you have the opportunity to become a shareholder of a corporation of this type. Here’s what you should know about S corporations and how they work before getting involved in one: What is an S corporation? An S corporation essentially passes its income, losses, deductions […]

With the rise of the gig economy, a lot of people have opted to turn their hobbies into profitable ventures. In turn, the lines are blurring between hobbies and small businesses, provoking many people to wonder what it means for their taxes. So, what is the difference? The difference between hobbies and businesses When thinking […]

Incentive trusts, like other trusts, are established by a grantor who names a trustee and funds the trust with the grantor’s assets. The difference between incentive trusts and other trusts is that distributions are made only when a beneficiary achieves certain contingencies — such as attaining a college degree or getting married — that are […]

When starting a family, you might be interested to know that you’re now eligible to claim new credits and deductions, which ultimately lessens the total value of your tax liability. You can start by utilizing the official IRS Withholding Estimator to check your withholding. This will allow you to update your Form W-4, which is […]

Once you reach a certain age, you must take an annual required minimum distribution, which is a payout from your traditional IRA, 401(k) or other retirement account. The required amount is calculated based on your age and the account balance. Generally, you can’t reinvest your required minimum distribution in a tax-advantaged account, including another retirement […]