Do you work from home all or part of the time? If you’re self-employed and meet certain requirements, you can write off a portion of your home office expenses, even if you perform work at other locations. The deduction may be based on the...
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Although digital transactions are growing exponentially, check fraud remains a persistent threat to you and your business. The Federal Reserve processed just over 19 billion paper checks in 1993, compared to 3.4 billion in 2022. While fraudsters...
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The window of opportunity for filling out the Free Application for Federal Student Aid (FAFSA) is open. In the recent past, the FAFSA was available on October 1 for the upcoming school year. But the start date for applications was pushed back to...
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Did you buy an electric vehicle (EV) in 2023? Under the Inflation Reduction Act (IRA), passed late in 2022, you may be eligible for a new-and-improved tax credit, beginning on your 2023 federal income tax return. But the new law also bars certain...
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Tired of emails going to your spam? Join our secure client portal! You’ll be happy to hear there’s now an easier way to stay in touch with us! We’ve found a solution that brings communication, file sharing, and storage together...
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As tax season heats up, companies of all kinds and sizes will be on the hunt for ways to reduce their tax bills. One of the most common ways is through business expense deductions, but not every such expense is deductible. Here’s what to...
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It’s challenging and expensive to be a parent. The average annual cost of raising a child in the United States is $21,681, after factoring in tax exemptions and credits, according to a 2023 study published by Lending Tree. That’s an...
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Every business starts with a “seed” idea that germinates into a fledging business under the right conditions. The decisions that owners make when launching a start-up will impact its financial well-being for years to come. Here are...
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With the 2024 tax year right around the corner, there’s good news coming from the IRS. According to a recent announcement from the tax agency (Notice 2023-75), there will be increases to retirement plan contributions next year due to...
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As year end approaches, small business owners should review their tax situations to determine ways to lower federal income taxes for the current tax year — and beyond. Fortunately, no significant unfavorable federal tax law changes that would...
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After receiving a deluge of improper Employee Retention Tax Credit (ERTC) claims, the IRS recently announced an immediate moratorium through at least December 31 on processing new claims for the pandemic relief program. The tax agency stated that...
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Spooky to be Hungry 2023 Want to support a great cause? This year The Cleveland Group CPAs is raising awareness for Golden Harvest’s annual Spooky to be Hungry Campaign. This organization is near and dear to our hearts, and we are thankful...
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