Tax Tips

Understanding how money moves in and out of a business is easier when the accounting method matches the way the business actually operates. Many individuals and small business owners start out with basic tools, track income as it hits the bank, and record expenses when they’re paid. It feels simple and familiar.

Your first year of freelancing probably felt liberating. No boss, no commute, just you and your laptop making things happen. Then tax season rolled around and you got hit with a bill that made your stomach drop.

Hello & happy Summer!

Last month, Congress passed a huge tax & spend bill. There are so many tax related topics, I can't go through those in a short blog. But here's a few topics + links to information you may want to look at before tax season (or before Dec31)...

Divorce changes almost every part of life—your routines, your relationships, your finances, and often, your sense of direction. Amid the emotional and logistical toll, it’s easy to overlook how significantly a divorce can also change your tax situation.

Losing someone close to you is never easy. The grief comes in waves, often when you least expect it. And just when you're trying to navigate those emotions, you're handed a pile of paperwork and deadlines—many of them involving taxes. Few people are prepared for that moment, yet it’s one most families will eventually face.

Few things create as much anxiety among taxpayers as the possibility of an IRS audit. However, the reality of audits is often far less alarming than you might assume.

Hello & happy 2025!

Just a note before tax season starts - the best & fastest method to provide your income tax data is using the online portal (link). Just like the last few years, it works great for most of my clients. 

Here's a great online link for more instructions!

The US legislature is still deciding whether original BOI reporting is necessary. There are also current court cases pending, regarding filing requirements... Please see my update to the prior BOI reporting blog article published November 30, 2024. Garland

Garland Taylor CPA, Pres. Garland R Taylor CPA PC

New BOI reporting requirements for 2024. Most businesses are required to file (please see links for 23 exempt entity types). Penalties for non-filing are severe...

Please see my earlier blog article posted 1-31-24 & info in my 10-31-24 tax planning blog

Being married brings many advantages besides having someone to help fold the laundry or comfort you when you’re having a rough day. Tax benefits are another benefit, although people don’t get married to save on taxes, thankfully.