BOI, or Beneficial Ownership Information Reporting, is now a must-do for most businesses. If you don’t follow the rules, you could face a $10,000 fine and up to two years in prison. Also, if someone breaks the BOI reporting rule on purpose, they could get a civil fine of $591 for each day they do...
Summer Tax Hacks: How Parents Can Save Big on Summer Camp Expenses
Summer is here, and if you have kids, they’re probably enrolled in summer camp. Did you know that these expenses may be deductible on your taxes? Today, I’ve got a hot tip that might just make your summer a little cooler, especia...
Understanding IRS Audit Rates and Top Triggers for an Audit
The recent influx of new funding for the IRS is poised to increase audit rates. Currently, the IRS audit rate stands at under 1%. While this might sound reassuring, it’s important to understand the potential costs associated with an IRS...
If you're using payment apps like PayPal, Venmo, or Cash App, you need to pay close attention.
As you probably know, the IRS has made some major changes to the new 1099K reporting rules, and it could have serious implications for you as far as IRS tax reporting goes.
But don't worry, I've got y...
Hey, everyone. It's June 2024. I wanted to let you know about what's going on with the IRS as far as them sending out incorrect CP14 notices.
Now, if you don't know what that is, it's an IRS notice sent to taxpayers informing them that they owe money on unpaid taxes. It provides details about th...
Introduction: Is Your Tax Information Being Outsourced Overseas?
Is the accountant shortage in the U.S. real, or is it just an excuse to outsource American jobs to other countries like India or the Philippines?
Amid the ongoing accountant shortage in the USA, more tax firms are turning to outso...
Have you ever wished you could avoid financial mistakes that many other people make? What if I told you that 10 simple lessons could transform your approach to money and life, saving you from years of frustration and regret?
In this blog post, I'm sharing just that from my own personal experienc...
Introduction: 2024 Tax Season Wrap Up
Tax season has finally wrapped up and I can finally relax a bit. This was my ninth tax season working for myself, and I have to say it was the most successful tax season to date. This is in terms of the amount of money I made and that it was mostly stress-fr...
My family emigrated to this great country of America in the 1970s. My dad had $70 in his wallet, a wife and kids in tow. He was very smart, educated as a CPA in the Philippines. He had a bold business plan with other like-minded men. They came to this country legally and with the American dream s...
Could we be on the path towards another Great Depression? Right now, signs in our economy might be pointing - to yes. Despite what you hear about our strong economy and robust financial systems, there are echoes of the 1920s that can't be ignored.
Introduction: The Great Depression of 1929
Back...
Tax season just ended and one of the number one questions that I've been getting is with people who end up owing the IRS when they get the results of their tax return back.
And the reason they owe is because they haven't withheld enough Federal withholding taxes from their employer. In other wor...
So you have a side hustle and you're probably confused about how to pay taxes on your side hustle income.
Am I right?
Navigating the tax landscape with a side hustle can be confusing, but you've come to the right place! This is a three-part series aimed at simplifying the tax puzzle for your si...
