The Internal Revenue Service (IRS) has issued a crucial reminder to taxpayers in disaster-affected areas: depending on their location, 2023 tax returns are due by either February 3, 2025, or May 1, 2025. This relief aims to accommodate individuals and businesses impacted by various natural disasters from late spring through the end of 2024. Understanding […]
IRS Reminder: Disaster Tax Deadlines Feb. 3 & May 1, 2025 Read More »
Prepare for the 2025 tax season! Learn key dates, IRS changes, and tips to organize your finances for stress-free filing and maximizing your refund. When Does the 2025 Tax Season Officially Open? The IRS typically begins accepting tax returns in mid to late January. For 2025, the exact opening date is yet to be confirmed,
2025 Tax Season: Key Dates, Changes, and How to Prepare Read More »
Learn how retirees can meet Required Minimum Distribution (RMD) deadlines, avoid penalties, and plan withdrawals effectively for tax efficiency and compliance. As the year draws to a close, it’s crucial for retirees to ensure they meet the Required Minimum Distributions (RMDs) deadlines for their retirement accounts. The Internal Revenue Service (IRS) mandates that individuals of
Year-End Guide: Required Minimum Distributions for Retirees Read More »
Tax pros must update their Written Information Security Plan (WISP) to protect sensitive client data from cyber threats. Learn how to safeguard your practice. What is a Written Information Security Plan (WISP)? A WISP is a formal document outlining an organization’s procedures for protecting sensitive data. It’s designed to address risks related to the collection,
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Charitable giving can reduce taxes, but scams are rising. Learn how to spot fraud, protect your donations, and ensure your contributions are legitimate. Understanding Charitable Contribution Scams Charitable scams often target taxpayers during times of crisis or around tax season, exploiting the goodwill of individuals looking to support a cause. These schemes are designed to
STAY PROTECTED: Charitable Contribution Scams on the Rise Read More »
Social media offers useful tax info but is also a hotspot for scams. The IRS urges caution during Tax Security Awareness Week to avoid misleading advice online. The Rise of Tax Misinformation on Social Media Social media’s vast reach and rapid dissemination capabilities make it an attractive medium for sharing information. However, this ease of
Protect Yourself: Beware of Bad Tax Advice on Social Media Read More »
As digital payment platforms like PayPal, Zelle, Venmo, and CashApp become integral to personal and business transactions, the IRS has updated reporting requirements to ensure accurate income reporting. These changes impact how payments received through these platforms are reported and taxed. This article provides a comprehensive overview of the IRS’s updated guidelines, their implications, and
IRS Updates on Payments Apps You Should Be Aware Of Read More »
Discover the benefits of hiring a bookkeeper, from saving time and improving accuracy to staying tax-compliant and preparing your business for growth. Hiring a professional bookkeeper can streamline your financial processes, save you time, and help you focus on what you do best: growing your business. In this blog post, we’ll explore the benefits of
Why a Bookkeeper is Essential for Your Business Success Read More »
In an era of increasing cyber threats and processing delays, the IRS has taken significant steps to enhance its systems for the 2025 tax season. From improved technology to new safeguards, these changes aim to reduce refund delays and protect taxpayers from identity theft. This blog explores the IRS’s recent updates, how they help taxpayers,
IRS Efforts to Cut Refund Delays & Prevent Identity Theft Read More »
Get ready for 2025 tax season! Organize your paperwork now to save time, reduce stress, and maximize deductions—whether you’re self-employed or a business owner. In this guide, we’ll cover everything you need to know to prepare yourself and your paperwork for the 2025 tax season, including essential documents to gather, important deadlines, tips for organizing,
Tips to Organize Documents & Maximize Returns Read More »
