Integra Accountancy Corporation

21 Best Side Hustles for Retirees [More Fun, More Funds!] Many people put their years of hard-earned skills and wisdom to work even after retirement. These side hustles are among the top choices.

Tax scammers continue to become more sophisticated, which means it’s more important than ever to pay attention to any person or message asking you to provide confidential information. Here are several of the more prevalent scams to be on the lookout for, according to the IRS. https://buff.ly/4fxZ4Ov

Do you use QuickBooks Desktop? Here are 7 Best Practices for your QuickBooks tip of the month https://buff.ly/4fIt4Y7

Avoid the mismatch tax headache. Here are some tips.

Play the Match Game. Or Else... - A great tip to stay out of the audit spotlight. One of the most common types of audits is a correspondence audit caused by reporting inconsistencies with information supplied to the IRS. Here is a tip to keep this from happening to you.

How to Deduct Business Travel - Before traveling for business, it’s important to know what’s tax-deductible https://buff.ly/3LLTxGm

Many businesses need to have some inventory available. But having too much inventory is expensive, not just to purchase but also to store, safeguard and insure. So, keeping your inventory as lean as possible is critical. https://buff.ly/46uXM2C

Standard deduction limits remain high through 2025. But there are exceptions. Check out these opportunities.

Deductions for Non-Itemizers - Can't itemize? There are still tax breaks for you. If you own a home you probably itemize your deductions on your tax return. But what if you do not itemize? Can someone using the standard deduction still get a tax break?

If it’s looking like your itemized deductions for the year will be close to or exceed your standard deduction, here are some ways to increase your itemized deductions and possibly lower your tax bill: https://buff.ly/3yf4GfM

Teachers who are getting ready for a new school year often pay for some of their classroom supplies out-of-pocket. They may be able to get some of that cost back by taking advantage of a special tax break for educators. https://buff.ly/3WMPxvt

Basis. A tax term that can be anything but obvious. Here is what you need to know.

Understanding Tax Terms: Basis - Covering the bases on basis This commonly used tax term is anything but common to most of us. Knowing the basics of basis can serve to lower your tax obligation when you sell property.

Using an IRA Withdrawal for a Qualified Home Purchase https://buff.ly/4cgzWZA

Are you in the process of starting a business or contemplating changing your business entity? If so, you'll need to decide how to organize your company. Should you operate as a C corporation or as a pass-through entity such as a partnership, limited liability company (LLC) or S corporation? Among the important factors to consider are the potential tax consequences. https://buff.ly/3yzCyUx

Most workers ignore Social Security benefits until they are ready to retire. Bad idea. This is how it works.

Social Security: Know the Variables - It's never too early to understand how it works When you're young, Social Security is often the last thing you think about. But it's NEVER too early to understand how it works. It can make a large difference in the amount of the checks you will eventually be receiving.

Having Trouble Budgeting? QuickBooks Online Can Help https://buff.ly/4bAAl8U

Is your personal information secure? It should be, per the federal government. Here is what you need to know.

PII. Know it. Protect it. - The importance of personally identifiable information Personally Identifiable Information, or (PII), is in the spotlight at the IRS and FTC. You should know what it means and how it applies to you and the protection of your tax information. Here are some thoughts.

Valuable Tax Credit Available for Energy-Efficient Homes https://buff.ly/4cYV8nO

As rents continue to rise in many areas, you may decide to help your financially challenged family members by renting a property to them at a discount. But this can lead to the loss of significant tax deductions. Here& #39;s a look at the tax treatment that applies when you rent to unrelated parties and how the rules change when you rent to relatives. https://buff.ly/469DGLa

Keeping a good record keeping system is essential to your audit defense plan. Start now to avoid having to track down old receipts during an audit.

Don't Fall for These 5 Audit Myths Separating truth from fiction about IRS audits is an important exercise for everyone. Here are 5 audit myths that, if believed, can cost you.

Handle Your 401(k) Rollover With Care https://buff.ly/3zCoiuu

Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal and customers go on their merry way. For other types of companies, it's not so easy. Collections can be particularly difficult for business-to-business operations, which often find themselves in complex relationships with key customers. In these businesses, it's often not as simple as "pay up or hit the road." https://buff.ly/3RVnIhy

Is your activity a hobby or a business? You might be surprised by the tax savings in your future if you get this one right.

Turning Your Hobby Into a Business Turning your hobby into a business can get you a big tax benefit if you do it right - or a big tax headache if you do it wrong.

HSAs Can Be Powerful Retirement Saving Tools https://buff.ly/4cL6Jat

Many businesses use independent contractors to help keep costs down and provide flexibility for short-term needs. However, whether a worker is an employee or an independent contractor is complex. Be careful that your independent contractors are properly classified for federal tax and employment tax purposes because it can be an expensive mistake if the IRS reclassifies them as employees. https://buff.ly/4cNVxt4

Selling stock at a loss? Know the wash sale rule before you do.

Understanding Tax Terms: Wash Sales - Surprise! Your stock loss is not deductible. If selling a stock or mutual fund to book a loss for your tax return, the wash sale rules are worth knowing. For the unaware, this rule could cost you a loss deduction.

Many start-up businesses move from hobby status to a business when they start to make a profit. The tax entity typically used is a sole proprietorship. Taxes on this business activity type flow through your personal tax return on a Schedule C. Here are some benefits to consider if you're trying to decide if being a sole proprietor is right for you:

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Why You Should Be Using the Bill Pay Tools in QuickBooks Desktop. Learn more here: https://buff.ly/4aXm8SZ

Make these common tax mistakes and you will pay more in taxes. Read to learn more.

Five Big Tax Mistakes - Don't let them happen to you! Every year thousands of taxpayers go through a gotcha with the IRS thanks to large, unexpected tax bills. Here are five common causes of tax surprises, ranging from lost refunds to retirement plan mistakes.

Navigating international tax obligations can be complex, especially for self-employed individuals who conduct business across borders. Understanding the tax implications of self-employment income earned abroad is crucial for compliance and avoiding costly penalties. In this blog post, we’ll explore the key considerations and challenges self-employed individuals face when dealing with international taxes. https://buff.ly/3Vzsp3a

Tax Breaks for Increasing Accessibility. Learn more here: https://buff.ly/3VgGyRl

Traits of scams can help you discover them before becoming a victim.

Clues You are About to be Scammed There are scams everywhere and unfortunately the IRS is one of the biggest tools to put on a scam. Here are some clues a scam is about to be done to you.