Earmark’s Post

the cost of tax preparation and accounting fees grew 8.3% in November 2023 compared to the previous year. But if your return is relatively simple, there are several free filing options to consider this season, experts say.

Extra! Extra! Read All About It! 🗞️ Tax season is upon us! As an accounting professional, staying ahead of the game is crucial. Our comprehensive client tax preparation checklist is designed to make your life easier.  ✅ From personal income to business expenses, ensure nothing slips through the cracks this tax season. Click the link below to download the full checklist for your clients! https://lnkd.in/gxc4GJ9F  #TaxPreparation #Accounting #TaxTips #TaxSeason

Find out more about IRS informational reporting forms via our new blog post from Alexander Accounting & Tax Service Group Inc.. Just click below.

Tax Tip of the Week: Simplify Your Tax Reporting by Choosing a 31 March Accounting Date 📅💼 🌟 If you're starting a new business as a sole trader or partnership in 2024/25, choosing the right accounting date can make your tax life a lot easier. Here's why opting for a 31 March accounting date could save you time and hassle: 🔍 Why Choose a 31 March Accounting Date?: ▪️ From 2024/25, profits will be assessed on a tax-year basis. If your accounting date is different from 31 March (or between 1 and 5 April), you’ll need to apportion profits from two different accounting periods to calculate your tax liability for each year. ▪️ For example, if you choose a 31 December year-end, you’d need to calculate a portion of your profits for both the year ending 31 December 2024 and the year ending 31 December 2025 to work out your taxable income for the 2024/25 tax year. This can lead to more complex tax calculations and added time pressure to finalise accounts. 💡 Simplify Your Tax Calculations: ▪️ By choosing a 31 March accounting date, you align your business accounts with the tax year. This removes the need for apportioning profits from different periods and streamlines your tax reporting. 📑 Example: ▪️ Amy, who starts her sole trader business on 1 May 2024, chooses a 31 March accounting date. She prepares her first accounts for the 11 months to 31 March 2025. ▪️ In the 2024/25 tax year, she is taxed on her profits for the 11 months to 31 March 2025. In 2025/26, she’s taxed on her profits for the year to 31 March 2026. ▪️ This approach keeps things simple and avoids the extra work and complexity that comes with apportioning profits from two different accounting years. 📝 Key Takeaway: ▪️ By opting for a 31 March accounting date, you can reduce the administrative burden and stress of apportioning profits and simplify your tax reporting going forward. If you're starting a new business, consider this tip to make your tax year stress-free! 📅💼 #TaxTips #AccountingDate #SoleTrader #TaxYear #SmallBusiness 📊🌟

This certainly seems like a step in the wrong direction. We are already in limbo with so many potential tax and accounting changes stuck in congress. It seems the IRS would be better off investing their new money in technology for smoother processing times. Hopefully the IRS can streamline this process before the next tax season. If you want to know how you can avoid the many hurdles of keeping money in your pocket come tax season, reach out to MSA Corporate Strategies to see how we can help. https://lnkd.in/gUYks5My

🚀🧾 Hey friends! I've just developed a quick, anonymous 1-minute quiz designed to reveal potential tax savings you might be missing out on your 1040—typically 1K PLUS! 🔍 I'm looking for volunteers to test it out and provide some feedback. Your insights will be incredibly valuable in fine-tuning this tool to better serve taxpayers. 📈 The quiz is straightforward and aims to raise awareness about common oversights in tax preparation. It’s part of our upcoming pilot program at taxplans.co, where we'll offer even more detailed insights and strategies. 👉 Test the quiz here: https://lnkd.in/e6dEjNJG 📋 I'm looking for the following feedback: 1) Would you recommend this quiz to others? Why or why not? What could be improved to make you more likely to recommend it? 2) Did you have any trouble accessing the quiz if you don't have a GPT-4 paid version? Anyone who files a 1040 is eligible to take this FREE quiz, so don't hesitate to give it a try! Let's empower each other to make smarter financial decisions. Friends don’t let friends miss out on tax savings! 🌟 #TaxSavings #FinancialEmpowerment #TaxSeason2024 TIA! Harsh Mody Barry Price Kendall Chavez (Broda) Joe Petersen

As we continue build upon our client offerings, one important question continued to come up relative to the tax planning advice our clients were receiving.   How can we further formalize our clients annual tax return analysis and take advantage of opportunities to save taxes for them or their heirs? By way of background, we found that some of our clients have been receiving tax planning advice from their CPA (we love working with these folks!), but many were receiving tax compliance (completion of a return). At Riverside Wealth Partners, we’ve been engaging in planning conversations across the conference table with our clients for the last two decades, but as far as easily providing a deliverable that would last past that conversation, we and most of the financial planning industry were struggling. To best solve this challenge, we’ve initiated a relationship with Holistiplan, the leading software provider for financial planning professionals interested in providing their clients annual tax analysis and advice.   To complete the analysis, we download the client’s tax return to provide our clients a summary of their return, planning opportunities available to them, and specific analysis on reducing annual taxes or reducing taxes to their heirs. Brooke Stanford, CRPC®️ and I are excited to show you in the coming weeks some real life examples of what Holistiplan helps us accomplish! Disclosure:  Riverside Wealth Partners is not an accounting firm. Please also consult your accounting advisor before engaging in any transaction.  

"Tax season can be a challenging time for agents, but there are ways to navigate it successfully. Keeping accurate records of mileage, making timely quarterly payments, and seeking help from a qualified accountant can all lead to valuable returns. In an article by a seasoned Certified Public Accountant, valuable tips are shared on how to effectively manage tax obligations during this period. Check out the link below for more insights." #taxseason #realestate #accounting #CPA

If you're interested in finding out more about navigating R&D Tax Credit changes, check out this great new blog post from the Pikesville-based Isaacs Accounting, P.C.. Just click below.

Tax season, that time of year that causes a collective sigh across the country. As the deadline approaches, many individuals and businesses find themselves dealing with a mountain of paperwork, confusing forms, and the ongoing question, “Did I miss anything?” Not to worry! We’ll look at tips and strategies to help you navigate tax season with ease, leaving you feeling organized and stress-free. https://lnkd.in/d5k7Az73