Child Tax Credit 2023: A Boon for Families and Future Generations
Child Tax Credit (CTC) in 1997 was introduced by the government in a bid to provide financial support to families and invest in the future of our children. This essential program has been instrumental in alleviating the burden on low and middle-income families across the United States. With the passage of time, the Child Tax […]
Schedule SE: Your Guide to Self-Employment Taxes
Let me paint you a picture. You’ve launched your business – an independent bakery that’s an instant hit. Or, you’ve started offering freelance consulting services after years of corporate grind. You wake up every morning ready to conquer the day’s tasks without the constraints of a 9-to-5 job. But as tax season rolls around, you […]
401k To IRA Rollover: A Comprehensive Guide
If you’re considering transferring your retirement savings from a 401k account to an individual retirement account (IRA), you’ve come to the right place. In this guide, we’ll provide you with a step-by-step overview, important considerations, and solutions to common concerns about 401k to IRA rollover to help you drive your financial plan to the best. […]
Tax Extension Deadline 2023: What You Need to Know
Tax extension deadlines are a common question that was asked by our customers! Tax season is a time of year that most individuals and businesses alike approach with a mix of anticipation and trepidation. It’s a period when we gather our financial records, fill out complex forms, and hope for the best when it comes […]
Form 1040-V: Everything You Need To Know
Don’t be overwhelmed by tax season – arm yourself with the correct information, and filing will be a breeze. Our guide will provide a comprehensive overview of form 1040-V, breaking it down step by step to make filing as easy as possible. We’ll cover what goes into an IRS payment voucher, how to fill it […]
Roth IRA vs Traditional IRA: Breaking Down The Differences
When it comes to planning for retirement, choosing the right individual retirement account (IRA) can make a significant impact on your financial future. Two common choices are the Roth IRA and the traditional IRA. Understanding the differences between these accounts is crucial in making an informed decision that aligns with your goals and circumstances. Let’s […]
A Guide to Form 8858 and Foreign Disregarded Entities for U.S. Taxpayers
Key Takeaways Form 8858: Required for certain US persons with direct ownership control of foreign disregarded entities (FDE) or foreign branch operators (FBO) to report tax information Failure to file Form 8858 can lead to high penalties, up to $10,000 per year per company. If not filed within 90 days after an IRS notice, additional […]
Amazon FBA Sales Tax: The Ultimate Guide (2023 Updates)
Picture this: You’ve spent months researching, sourcing, and testing a new product. You’ve poured your heart and soul into your Amazon FBA business, and you’re excited to launch your product and start generating sales finally. But then, a few weeks after your first sale, you receive a notification from the state taxing authority informing you […]
Roth IRA: Pros and Cons Unveiled
When it comes to saving for retirement, choosing the right investment vehicle is crucial. One option that deserves careful consideration is the Roth IRA. In this article, we will explore the comprehensive Roth IRA pros and cons to help you make an informed decision about whether it is the right choice for your retirement savings. […]
What is Roth IRA? Why You Should Give It A Thought?
Key takeaways: Roth IRA is a special retirement account where you put after-tax money in and get all future withdrawals without a penny tax. If you think your tax in retirement could be higher than now, this is definitely a great solution. If your income in 2023 exceeds $153,000 and you are single, you are […]