Tag: Tax advice

As we step into another year, it’s crucial to stay ahead of the Internal Revenue Service’s (IRS) latest 2024 tax changes. These adjustments, often influenced by economic factors such as inflation, not only affect the way taxpayers file their taxes but also have broader implications on their financial health and planning. Understanding the 2024 tax changes is essential for several reasons. First, it allows individuals and businesses to plan their finances more effectively. Knowing the tax brackets, for instance, can aid in budgeting and investment decisions. Secondly, staying informed plays …

Proactive tax planning is a strategy I strongly advocate for as a CPA, having observed many small business owners rely on outdated ‘reactive’ tax planning. This traditional approach involves monitoring sales and expenses throughout the year, and then using these figures to determine tax liabilities at year-end, often leading to missed opportunities. Reactive tax planning tends to be a passive process, where business owners only consider their tax situation when the filing deadline approaches. This can result in a scramble to gather documentation and make last-minute financial decisions, whi…