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The Best Ways for Individuals and Families to Prepare for Tax Season

“Preparedness is the ultimate confidence builder” – Vince Lombardi

The time for reporting income taxes is here once again. For many, it’s a time of high anxiety, but it doesn’t have to be. As with most daunting tasks, a little preparation can go a long way toward alleviating stress and assuring smooth progress. Time spent organizing and uploading your documents prior to your virtual appointment with your CPA will serve you and your tax preparer well on multiple levels. 

For example, as you are putting your files in order, it will likely refresh your memory of events throughout the year, which may affect the amount of taxes owed. Better yet, being prepared will inevitably cut down on the time needed to complete tax filings, since there will be less back-and-forth between you and your CPA. Here are some of the best ways for individuals and families to prepare for tax season.

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Posted by: Charles P Myrick CPA Posted on: Jan 12 2023

Here’s How You Can Get on Top of Your Cash Flow in 2023

The start of a new year is always a good time to create a cash flow projection and work toward improving cash flow management skills. Adam Stewart, a debt collection expert, describes it this way: “Cash flow is having the right amount of cash in the right places at the right time, every time.” Cash flow management begins with observing the natural flow of funds in your organization, household, or business with the desired goal of generating useful cash flow projections. Here’s how you can get on top of your cash flow in 2023.

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Posted by: Charles P Myrick CPA Posted on: Dec 15 2022

End of Year Financial Planning: Preparing Your Business for 2023

The end of the year has always been one of the most hectic times for business owners. Moving forward into the new year, it's always a good exercise to thoroughly assess your financials and your tax options, enabling you to get a realistic picture of how the business performed - and what changes you might want to implement for future growth - in other words, preparing your business for 2023.

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Posted by: Myrick CPA Posted on: Dec 09 2022

Facing a Tax Audit? You May Need Help from a Tax Resolution Specialist

CPA Charles Myrick has more than twenty years of experience in tax resolution. He is highly skilled in advising, representing, and negotiating with the IRS on behalf of his clients who are being audited or who owe back taxes, in addition to other problems they may be facing. The Myrick staff are exceptional when it comes to taking on the challenges of complicated audits, and reducing stress on their clients. If you are facing a tax audit, you may need help from a tax resolution specialist.

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Posted by: Charles P Myrick CPA Posted on: Nov 25 2022

Fight Inflation by Getting Back to Budgeting Basics

You don't have to listen to the news to know that each paycheck seems to disappear faster than ever these days. Inflation affects every aspect of life, such as grocery shopping, commuting, air travel - nothing is left untouched. One of the most effective tools available to counter the effects of the rise in prices and decline in the value of money is a household budget. Here’s some ways you can fight inflation by getting back to budgeting basics.

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Posted by: Charles P Myrick CPA Posted on: Nov 17 2022

Making Smart Moves in Inflationary Times: Year-End Tax Planning

It’s already that time of year again, leading up to the holidays. The kids are back in school, summer fun is just a memory, and it’s time for a strategic huddle with your tax planner. This year, in particular, has been a wild ride in terms of inflation and the cost of living, and most everyone is looking for ways to lessen the sting of rising costs and create a plan for whatever 2023 may have in store.

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Posted by: Charles P Myrick CPA Posted on: Nov 07 2022

You've Made Myrick CPA a Winner...Again!

In September, we invited you to vote for Myrick CPA in Washington City Paper's 2022 Best of DC contest, and you did!

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Posted by: Charles P Myrick CPA Posted on: Oct 20 2022

Tax Credit for New and Used Electric Vehicles: What Will Qualify?

The new Clean Vehicle Credit, a federal tax credit to make new and used electric vehicles - EVs - more accessible and affordable, may be confusing. Here, we will discuss some highlights of this tax credit that can also be used as a rebate when purchasing certain electric or plug-in hybrid vehicles.

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Posted by: Charles P Myrick CPA Posted on: Oct 03 2022

Short-Term Home Rental and Taxes: What to Know

While short-term home rental may be a relatively easy source of income to offset the cost of owning more than one home, homeowners considering this as an investment strategy would do well to understand the ups and downs of short-term home rental and taxes.

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Posted by: Charles P Myrick CPA Posted on: Aug 26 2022

Are You Doing Everything You Can to Lower Next Year's Tax Bill?

Three kinds of people are doing their taxes incorrectly: those waiting for a refund, those dreading owing as much as the year prior, and those who have no clue what their taxes will look like once the dust settles. If your taxes are anything other than zero, it is time to sit down with a Certified Public Accountant (CPA) and start tax planning for next year.

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