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The “kiddie tax” is a term used to describe a set of tax rules in the United States that apply to unearned income of certain children. It is designed to prevent parents from shifting investment income to their children to take advantage of lower tax rates. The kiddie tax rules were implemented to ensure that…

Starting a business can be an exciting venture, but it’s crucial to get your accounting right from the beginning. Proper accounting is essential for managing your finances, complying with tax regulations, and making informed decisions. Set Up a Separate Business Bank Account Keep your personal and business finances separate. This makes it easier to track…

Several life events can significantly affect your taxes. The impact of these events can vary depending on your individual circumstances, but here are some of the life events that tend to have the most significant tax implications: Marriage or Divorce: Getting married or divorced can change your tax filing status and may affect your eligibility…

Identity theft related to taxes can occur, but its prevalence can vary from year to year and from one region to another. The Internal Revenue Service (IRS) in the United States, for example, has taken significant measures to combat tax-related identity theft, which includes fraudulent tax return filings using stolen personal information. Some factors to…

Tax benefits typically fall into two primary categories: tax deductions and tax credits. When evaluating programs that may be applicable to your situation, it’s essential to understand the distinctions in how these tax-saving mechanisms operate. In brief, a tax credit provides a direct, dollar-for-dollar reduction in the total amount of tax you owe. Conversely, a…

Article Highlights: October 16, 2023 is the extended due date for 2022 federal 1040 returns. Late-filing Penalty Interest on Tax Due Other October 16 deadlines If you could not complete your 2022 tax return by April 18, 2023 and are now on extension, that extension expires on October 16, 2023. Failure to file before the…

Several types of businesses / organizations can benefit from hiring a part-time Chief Financial Officer (CFO): Startups: Startups often have limited resources and may not require a full-time CFO in their early stages. However, they still need financial expertise to navigate challenges, manage their finances, and make strategic decisions. Small and Medium-sized Enterprises (SMEs): Many…

A part-time Chief Financial Officer (CFO) is a financial professional who assumes the responsibilities and duties typically associated with the role of a CFO, but on a part-time basis. The CFO is a senior executive within a company who is responsible for overseeing the financial aspects of the organization and providing strategic financial guidance to…

Having a Clean General Ledger refers to having a well-organized, accurate, and error-free record of all financial transactions within a business. The General Ledger (GL) is a foundational accounting document that contains a comprehensive summary of a company’s financial activities, including revenue, expenses, assets, liabilities, and equity. Here’s what having a Clean General Ledger entails:…

Are you wondering where the world economy is going and how your personal finances will stand up to the changes?  If so, you are not alone.  Part of the fun of being on this planet is planning for the future even when it’s not clear what will happen tomorrow or next week. If you’re old…