Seeing a letter from the IRS in your mailbox is never a good feeling, especially when you're not sure why they're contacting you or what steps you should take next. No matter why the IRS is contacting you, understanding the reasoning behind the communication is the key to resolving the issue once and for all; and with the right approach and professional support, you can confidently handle IRS concerns without the ensuing panic.

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.

As the end of the year approaches, it’s easy to get caught up in the holiday rush. Still, setting aside a little time to organize your tax documents now to get ahead of the time crunch can save you stress heading into the new year. 

Here are some simple ways to get your documents in order and tips on setting up your tax planning meeting.

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.

If you're a gig worker, freelancer, or have a side hustle, managing your taxes can be tricky. Unlike traditional employees, gig workers don't have automatic tax withholding from their income. That means you may face an unexpected tax bill or even penalties if you don't plan ahead. To avoid surprises at tax time, it's crucial to regularly review your tax situation, ideally before the end of the year.

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.

With student loan forgiveness being a hot topic in recent years, it’s important to understand how any amount of forgiven debt could affect your taxes. While the discussions in Washington continue to evolve, many borrowers are curious about what happens if their student loans are forgiven, especially when it comes to the IRS. Let’s break down how the IRS views student loan forgiveness and why staying on top of repayment and forgiveness options is essential.

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.