Call Today: (202) 789 - 8898

Author Archive for: ‘Myrick CPA’

Posted by: Myrick CPA Posted on: Apr 25 2024

Why Owing No Tax Can Actually Be Better than Getting a Refund

Tax season. It's the time of year when all eyes are on finances, while many eagerly anticipate a tax refund they see as a financial windfall. While everyone loves to have more money show up in their bank account from the IRS, refunds aren't the be-all and end-all when it comes to successful tax planning. Before you put all your eggs in the refund basket, let's explore why owing no tax can be a better, more strategic move that puts you in greater control of your finances.

Read More →

Now is the Perfect Time to Craft a Tax-Saving Strategy for Next Year

As tax season begins to wind down, you're likely breathing a sigh of relief, with your financial documents and receipts soon to be stowed away until next year. Before you tuck those files away, consider this: the very best time to craft your tax savings plan is actually right now.

Read More →
Posted by: Myrick CPA Posted on: Apr 04 2024

The Itemized Deductions Dilemma: Is This a Smart Tax Strategy for You?

It's tax time again, which often means a flurry of activity, a blizzard of paperwork, and an avalanche of mixed information. Arguably, one of the most important decisions you'll face this tax season is whether to take the standard deduction or itemize your deductions. This seemingly minor decision can have a massive impact on the complexity of your filing process but can still be the best choice in many situations. Explore the world of itemized deductions to equip yourself with the knowledge you need to make an informed decision tailored to your unique tax situation.

Read More →
Posted by: Myrick CPA Posted on: Mar 07 2024

Authorized Tax Representation: Navigating an IRS Audit with Confidence

Facing an IRS audit or dealing with a complex tax issue can feel a bit like navigating an endless, highly complicated maze. While the IRS does provide resources and information, the process can be incredibly overwhelming, leaving you feeling unsure and out of your depth. In these situations, understanding your options and seeking professional support becomes crucial. This is where third-party representation comes in, offering a valuable solution to individuals and businesses facing tax challenges.

Read More →

The Early Bird Gets the...Tax Refund? How to Approach Filing Deadlines

Winter weather may still be hanging around, but for financially-minded folks, a different kind of chill is in the air – tax season is upon us! While April 15th might feel like a distant date on the horizon, it's approaching rapidly. This begs the question: early-bird filing or a last-minute scramble? There is no magical, one-size-fits-all answer; it all boils down to your unique financial situation and goals.

Read More →

Recordkeeping for Tax Purposes: Avoid Disorganized or Incomplete Files

Tax season often brings with it a sense of profound dread, a towering pile of paperwork, and the nagging fear you may have overlooked essential deductions. What if this year could be different, though? If you keep well-systemized records (paper and digital) from the start of the year, you can avoid the unnecessary chaos of disorganized and incomplete files at tax time. The secret of transforming tax preparation into a manageable task? Great recordkeeping!

Read More →
Posted by: Myrick CPA Posted on: Jan 18 2024

The Social Security Maze: Navigating Your Options for Retirement

Navigating Social Security claiming options can sometimes feel like traversing a complex financial labyrinth. While uncertainties may arise, understanding the key milestones and their implications empowers you to plot your retirement course confidently. Let us shed some light on the claiming landscape, dispel a few common myths, and review some factors that can help you to make informed decisions for a financially secure future.

Read More →
Posted by: Myrick CPA Posted on: Jul 20 2023

Tax Credits You Don't Want to Miss: How to Determine Your Eligibility

Tax credits are powerful tools that directly reduce your tax liability, dollar for dollar. Unlike deductions designed to reduce your taxable income, tax credits directly reduce the amount of tax you owe. Tax credits are a great way to save money on your taxes because they can help to reduce your overall tax burden or even entitle you to a tax refund. Read on to learn more about the tax credits you don’t want to miss - and how to determine your eligibility.

Read More →

If You’re Self-Employed, Here’s What to Expect When Filing Your Taxes

In the past few years, self-employment, or working as a freelancer, has become a popular means to earn a living while pursuing creative ideas or working on passion projects. However, along with the many benefits of being your own boss, such as scheduling and completing work at your convenience, there are tax repercussions of which you need to be aware. For self-employment tax reporting, there’s some specific information and documentation you must have on hand when tax time rolls around. If you’re self-employed, here’s what to expect when you file your taxes.

Read More →
Posted by: Myrick CPA Posted on: Apr 13 2023

When Do You Need to Hire a CPA for Tax Preparation?

The April tax deadline is looming. If you haven’t filed your taxes yet, you may be debating whether to hire a CPA or do them yourself. If you do decide to engage a professional, must they be a CPA? Knowing when the time is right to bring in a CPA can help you run your business more successfully. So… when do you need to hire a CPA for tax preparation?

Read More →