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9 Certified Tips to Slash Your 2022 Tax Liability Before it’s too Late

by Tracey Hrica, EA Nov 29, 2022

Do you feel the time ticking away? 2023 is quickly approaching, and now is the time to do some year-end tax planning. Did your business have a good year? Did you get hit with some unexpected expenses, and now you're rebounding from the recent losses? Did you just launch your business, and you're struggling to make it off the ground? Whatever your situation, there's time before the end of the year to make moves that could save you a bund...

Everything You Need To Know About Being Self-Employed

by Tracey Hrica, EA Nov 15, 2022

Do you want to be your own boss? Is everyone you know talking about being self-employed? Well, if you have been hearing the term self-employed used a lot lately, I bet you may be wondering what being self-employed means and if it could be right for you. Self-employment is when you work for yourself instead of an employer. You don’t have an employer who pays you a regular salary or wage, and you don’t receive a W-2 at the end of the ...

Standard? Itemized? What exactly do they mean? The 2023 Standard Deduction amounts and what they mean for your taxes.

by Tracey Hrica, EA Oct 28, 2022

Have you ever wondered about the difference between standard and itemized deductions? You're not alone! I recently discussed a trend our office has seen over the last several years.  Taxpayers who had always itemized are now taking the standard deduction.  A gentleman raised his hand and said, "I hate to admit it, but I'm not sure I really know the difference between standard and itemized deductions." I've always said that if one pers...

How Can Organization Save You Time and Money in Taxes?

by Tracey Hrica, EA Oct 14, 2022

The first step for effective tax planning is to organize that ever-growing accumulation of records in your desk drawers, closets, and other storage spaces. Haphazard records can cause you to needlessly lose money to taxes. But on the other hand, the better the records you keep, the easier it is to search for opportunities, which is what tax planning is all about. For many people, tax season can be a frantic last-minute scramble to fi...

Independent Contractor or Employee? Here’s What You Need to Know About Worker Classification

by Tracey Hrica, EA Sep 28, 2022

Worker classification is important because it determines if an employer must withhold income taxes and pay Social Security, Medicare taxes, and unemployment tax on wages paid to an employee. Businesses normally do not have to withhold or pay any taxes on payments to independent contractors. The earnings of a person working as an independent contractor are subject to self-employment tax The general rule is that an individual is an indepe...

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