As we all gear up for tax season, Plains Tax Strategies’ Terri Brechter, Director of Tax, shares a few ways that you can lower taxes. Tax Credits (Most Favorable) for Household Members Do you pay expenses for childcare for a child under 13 in your household?  The Child and Dependent Care Credit is a tax credit that […]

It’s that time of year again: Tax season. You’ve just received a W-2 form from your employer. Here’s a step-by-step guide for what to do next—and how to get the most out of your refund.  Filing Your Tax Return – Step 1: Gather all documents and paperwork.  In addition to your W-2, you’ll need to […]

As of Jan. 1, 2024, submitting a BOI report for your business is a new, one-time requirement that affects most small business owners in the U.S. The requirement, part of the Corporate Transparency Act, applies to most LLCs, partnerships, and corporations in the U.S., with a few exemptions. Keep reading for everything you need to […]

Today’s workforce includes both full-time employees and independent contractors, also known as 1099 workers or gig workers. In addition to full-time employment, some workers may have side jobs like grocery delivery or rideshare, or they may work solely as independent contractors in fields like real estate, art, and music. Whether or not the jobs are […]

In order for a business owner to know how to treat payments made to workers for services, they must first know the business relationship that exists between the business and the person performing the services. A worker’s status determines what taxes are paid and who is responsible for reporting and paying those taxes. A worker […]

On December 23, 2022, Congress passed the Consolidated Appropriations Act, containing numerous provisions aimed at retirement plan reform. This legislation is a follow-up to the Setting Every Community Up for Retirement Enhancement (SECURE) Act passed in 2019. Referred to as SECURE 2.0 Act of 2022, businesses and their employees can now capitalize on added incentives […]

The jury is still out and there are 2 full quarters left to know how the year will end up in regard to stocks, you could realize capital gains, which of course, is a taxable event. What can you do about them? You can do what some investors do – you could recognize investments with […]

Recently, the Internal Revenue Service (IRS) announced that tax season will start a little later than usual. This year the IRS will begin accepting and processing 2020 tax returns on Friday, February 12, 2021.1 In light of the December 27 tax law changes which brought a second round of Economic Impact Payments and other benefits […]