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Click to read a quick list of important dates and deadlines for the 2024 tax year including payment deadlines, report filings, etc.

Introduction Understanding deductible business expenses is crucial for maximizing tax savings and boosting profitability as a business owner. By effectively identifying and categorizing deductible expenses, you can reduce your taxable income and potentially save a significant amount on taxes. In this blog post, we will explore the concept of deductible...

With the recent geopolitical changes and bank instability is there risk that the US Dollar loses it’s place as the world’s reserve currency? Read more to see our opinion and how soon it could happen.

Did you recently start a business selling products or providing services in Texas? You may need to collect sales tax from your customers. Read this article to see if what you sell or provide is subject to sales tax in Texas.

A mega backdoor Roth IRA is a strategy that allows individuals to contribute additional after-tax funds to their 401(k) plan beyond the regular annual contribution limits, Read here to see how to perform this contribution.

The averaging rule is an IRS rule that applies to any conversion of Traditional IRA funds to a Roth IRA. This means taxpayers can no longer perform the backdoor Roth like they have been in the past.

If you own rental property or are involved in real estate investments, you may be able to take advantage of the tax benefits associated with being a real estate professional. However, in order to qualify as a real estate professional under IRS rules, you must meet certain requirements. In this...

Qualified charitable distributions are a way for people over the age of 70.5 to donate to charity in a tax efficient way. Making charitable donations efficiently in a tax efficient way means you can save more for personal use or even just donate more to the charity of your choosing....

Bookkeeping is the organization of your entity’s financials to create a set of financial statements to give a business owner an accurate idea of a company’s health. Without knowing the current status of your company’s financial condition, how can a business owner run their business correctly? Below are a few...

If you’ve seen any major news outlet in the past week I’m sure you’ve seen the buzz about Donald Trump being asked to release copies of his personal tax return to the public. It has now become public that the CPA firm – BKM Sowan Horan LLP was the preparer...