As the year begins to wind down, now is the perfect time to take stock of your finances so you can make strategic moves that reduce your tax liability - or could even turn a potential payment into a refund. The single most powerful way to optimize your financial outlook and set yourself up for success in the coming year is to invest in proactive year-end tax planning, alongside decorating and getting ready for the holidays. If you want to make sure you're prepared before tax season hits, here's a closer look at how to meet your goals.

Crowdfunding has become a popular way to raise funds for everything from new business ventures to charitable causes. Platforms like Kickstarter and GoFundMe make it easy to reach a wide audience and gather financial support, but if you’re organizing a crowdfunding campaign, it’s essential to understand the tax obligations that come with those contributions. In some cases, money raised through these platforms may be subject to income tax, requiring careful record keeping and reporting.

In September 2024, the Federal Reserve cut the federal funds rate by 50 basis points (0.5%), bringing it down to a range of 4.75% to 5%. This decision is part of the Fed's effort to support economic growth by making borrowing cheaper. But what does this change mean for you? Let's take a deep dive into how this rate cut could affect car loans, credit cards, mortgages, and even your savings.

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.

We've all heard the warnings: never give out personal information to someone claiming to be from the IRS over the phone. But did you know there are legitimate times when the IRS might need to contact you? Typically, these interactions start with a letter, but how can you be sure you're dealing with a bona fide IRS representative? Let's explore when and how the IRS might contact you and how to recognize legitimate communication from the agency.

Donating to a non-profit organization supports a cause that is meaningful to the contributor, but to those who are 70 1⁄2 or older, it also offers significant tax advantages. One such method is through Charitable Gift Annuities (CGAs). This financial tool allows donors to make substantial charitable contributions while also securing a steady income stream for themselves. If you're eligible, here's how you can leverage CGAs to save on your taxes while contributing to a non-profit you care about.

Though it’s common knowledge that taxes are one of life's few certainties, taxes can certainly feel complicated and confusing at times. For some filers, tax season is a stressful scramble for receipts, forms, and information. For others, the season brings the welcome news of a tax refund - a nice chunk of change heading back into your pocket when the process concludes for the year. Still, the path your tax refund takes from the time you file to when you actually receive your money can feel like it's shrouded in mystery. What factors affect how long it takes to arrive? And, once it does, what are some of the wisest ways to put your windfall to use?

While many routines in life remain consistent, the tax code isn't one of them. Every year brings adjustments, and 2023 is no exception to that rule. Several vital changes, driven by inflation, have impacted everything from tax brackets to retirement contributions, but don’t fret - some of the changes might even be beneficial. Read through to get a clear breakdown of what's new, and the ways in which it will (or will not) affect your tax status this year. If you need expert tax advice or clarification on any of these adjustments, arrange a meeting with your CPA or other professional tax preparer.

As we approach the end of the year, we want to extend warm wishes to you and your loved ones. The team at Myrick CPA hopes this finds you in good spirits, anticipating the fresh opportunities and successes the New Year will bring.