IRS’ One-Time Forgiveness Policy – How the Program Can Help Taxpayers
What is IRS One-Time Forgiveness? For a myriad of reasons, it’s possible to fall behind on your tax payments. Perhaps you have inadvertently overestimated your financial obligations to the IRS. Maybe you are experiencing financial hardship and are unable to pay. However, those are not valid reasons to avoid contacting an IRS representative. You […]
Maximizing QBI Deduction – Strategies Small Businesses Can Use
With the tax filing deadline approaching, now is an excellent time for small businesses to assess their financial situation. Besides, make plans to maximize the value of the Section 199A Qualified Business Income or QBI deduction. For most personal and small company clients, 2020 and 2021 have been tumultuous. However, many small businesses have […]
Incredible and Inspiring Female Accountants You Should Know About
In honour of Women’s History Month, we’d like to celebrate some of the incredible ladies who have paved the way towards progress. We’ve come incredibly far, even though we still have a long way to go. Below are three incredible female accountants who continue to bring inspiration to all women out there. 3 Incredible […]
Celebrating Women’s Month – Strategies Women Can Use in Managing Finances
The United States Congress designated March as National Women’s History Month in 1987 as a time for the country to recognize as well as honour the achievements of American women. Women have played a vital part in the growth of this country for the past thirty-one years. Women are leading the way in financial […]
Filing Tax Returns – Where and How Should Remote Workers File Their Taxes?
About 26% of Americans worked remotely in 2021, and all indications show that these can only increase. Remote working is now an option. If you work from home or have remote workers this year, you must evaluate your tax situation. And how to file your taxes while working online will be a big […]
The Augusta Tax Rule: Tax-Free Income for Short Term Property Rentals
The Augusta Tax Rule, known to the IRS as Section 280A, is a very beneficial rule for individuals who rent out their homes on a short-term basis. Under this rule, there is no need to report the income to the IRS. This is so long as the home is rented for 14 days […]
Top Financial Goals Most People Want to Achieve This 2022
What are People Saying They Want as a Financial Goal this Year? Whenever a new year rolls around, there are always hoards of people lined up, ready to tell the world what their goals are for the new year. The year 2022 is no different in this respect. Many of the goals that […]
2022 Tax Returns – Why You Should Expect Delays This Year
Tax Returns are Likely to be Delayed in 2022 Some people have already received their W-2 or other tax forms from their employers for the 2021 tax year. They may be excited about submitting those forms to the IRS to start the process of receiving their tax refund. However, that excitement should be […]
Understanding the Child Tax Credit and Its Benefits – Foster Financial
Americans with children under 18 years – there is some good news for you! The Senate voted to pass the $1.9 trillion American Rescue Plan Act. Now you must be thinking how this can be beneficial for me! This act includes the provisions that increase the child tax credit to $3,000 per child for age […]
Money-Saving Tax Moves for Small Businesses – A Few Things to Consider – Foster Financial
If you own and run a small business and need the best tax advice, then the best way is to get in touch with an expert certified public accountant. You may need to pay a few extra bucks but tackling the complicated stuff like taxes will become a hassle-free affair. Moreover, taxes represent one of […]