When it comes to managing your finances, communication with your tax advisor is critical. It's easy to think that the job is done once your return has been filed—but a good tax advisor does so much more than file your taxes. If your CPA just processes the numbers without offering proactive advice, you might miss some crucial opportunities to save money or to make more advantageous financial decisions.
When it comes to tax documents, it's not uncommon to find yourself wondering how long you should hold on to them. Whether you're an individual or a small business owner, organizing and storing tax records can feel overwhelming, especially if you're dealing with cumbersome stacks of paper. But how long do you need to keep these records, and should you stick with paper or switch to digital storage? Let's go over the best practices for keeping tax documents and what you need to know about staying prepared in case of an audit.
Facing tax issues with the IRS can feel overwhelming, especially if you’re dealing with a tax lien or levy. These actions are serious, and understanding what the IRS can and cannot do is critical to protecting your assets and resolving the problem quickly. The good news? With the help of a qualified CPA, you can take steps to address the situation and get back on solid financial ground.
Owning your home means assuming many responsibilities, but it also brings a host of potential tax benefits to the table. As a homeowner in Washington, D.C., or the surrounding area, you could be eligible for multiple tax deductions and housing programs designed to help reduce your tax burden. The key to reaping all those benefits is understanding which home-related expenses are deductible and which ones aren't.
The IRS recently adjusted Health Savings Accounts (HSA) rules for 2025. If you've been using an HSA as part of your financial plan, now is a great time to revisit your strategy to ensure it's still working as well as possible. Understanding these new changes is a vital part of making sure you're maximizing your tax savings and the benefits of your HSA.
Getting a big tax refund might feel like a financial win, but there’s another side to the story. While it’s nice to receive a check from the IRS, that money was yours all along. In essence, you’ve been giving the government an interest-free loan. Let’s take a closer look at tax refunds and how you can keep more of your money throughout the year.
When it comes to managing your taxes, understanding the difference between tax preparation and tax planning can have a major impact on your overall financial health. While both services are vital, they serve different purposes and offer unique benefits. Finding out what sets them apart, and why hiring a CPA to help you with both prep and planning can be a game-changer for your finances.
In today's gig economy, the line between hobby and business can blur quickly. Whether you're selling handmade items online, offering creative services on weekends, or teaching classes after work, understanding when your side hustle becomes a business is crucial for tax compliance and financial success.
Dealing with the IRS can be a stressful and overwhelming experience, even under the best possible circumstances. When you're facing nerve-wracking issues like an audit, back taxes, and other significant tax-related matters, though, the pressure can be enormous. In this situation, it's crucial to understand your options. Two of the more common approaches are mediation and tax resolution. Read on to learn more about these solutions and how partnering with a professional CPA to engage with the IRS on your behalf can make all the difference.
When suspicious sounds underneath your car's hood become more common, and the frequency of trips to the repair shop increases dramatically, one question naturally arises: as your vehicle ages, should you keep repairing your existing car or invest that money into a newer model altogether? How you proceed at this critical juncture can have a significant impact on your financial landscape. Exploring your options with a focus on your long-term financial health is a crucial first step.