Kristin L. Buzard, CPA

It's our favorite time of the year - Tax season! Make sure you file your taxes on time and start 2023 off right! Tax season starts January 23rd and ends on April 18th, instead of the 15th.

Expressing gratitude is good for workplace culture — and when it's done right, it's a positive boost to both the giver and the receiver. Here are some effective ways to express gratitude to help your business soar.

How a Simple 'Thank You' Can Make a Huge Impact in Business Expressing genuine gratitude is excellent for work culture, but it's also good for you in general. Use these three ways to put more power into your thank yous.

Many people who have dug their way out of debt started by taking advantage of everything they could do in their local area for free. Try these free activities that will save you money but still allow you to have fun in the process! By saving on entertainment spending, you could take better control of your finances and chip away at your debt in a dramatic way.

Keeping thorough and accurate records throughout the year will ensure your tax return is correct. If said records are done incorrectly, you may be at risk for an audit. We're always happy to help with any tax related questions or concerns you may have. Contact us today!

The IRS gets a copy of the 1099-MISC forms you receive so they can match the income you’ve reported against what they know you’ve received. It's highly important that your report to the IRS matches the amount of income reported in the 1099s you received.

The key to getting the most out of your credit card is to manage it with care. To avoid disrupting your financial stability, it’s important to use your credit card responsibly. Here are a few tips to help you out.

IRS announced Jan. 23 as the beginning of the tax season when the agency will begin accepting and processing tax year returns. Details at: http://irs.gov/news

What Is the IRS Underpayment of Estimated Tax Penalty?
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3 Ways To Avoid Underpaying The IRS In the U.S., federal income taxes are a pay-as-you-go system. This means the IRS requires you to pay estimated taxes throughout the year—either via withholding from paychecks or by making quarterly estimated payments—as you earn income. Doing so helps you avoid an IRS underpayment penalty. What

You may be able to take a tax credit for making eligible contributions to your IRA or employer-sponsored retirement plan. Find out if you qualify below:
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Retirement Savings Contributions Savers Credit | Internal Revenue Service The Saver's Credit is a tax credit for eligible contributions to your IRA, employer-sponsored retirement plan or Achieving a Better Life Experience (ABLE) account.

Did you know that an underpayment penalty is a fine levied by the Internal Revenue Service (IRS) on taxpayers who don’t pay enough tax during the year through withholding and/or their estimated taxes, or who pay late.

Business leaders and their accountants can support effective tax planning and minimize the company’s tax burden by asking the right questions. Some of the most important questions to answer during tax planning include:
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Crucial Questions to Ask During Business Tax Planning | www.financialhotspot.com Business tax planning is essential for all companies, regardless of their size or industry. When done right, it can offer several benefits, including a clearer understanding of your firm's tax liabilities, the opportunity to take advantage of deductions and credits, and a reduced risk of errors and....

The difference between tax evasion and tax avoidance largely boils down to two elements: , view them below:
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Tax Evasion and Tax Avoidance: Definitions & Differences - NerdWallet Here's what usually constitutes tax evasion and tax avoidance, plus what the penalties are and what might warrant jail time.

Do you know what a CPA does?
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Certified Public Accountant: What the CPA Credential Means A certified public accountant (CPA) is a designation given to those who meet education and experience requirements and pass an exam.

If you recognize your own negative patterns and are ready to stop, there are solutions. We’ve put together a few tips to help you stop overspending and save instead.
https://financialhotspot.com/2022/07/13/tips-to-stop-overspending/

Tips to Stop Overspending | www.financialhotspot.com Overspending can hinder you from achieving the life of your dreams. Mindless purchases likely leave you with severe buyer's remorse and an empty bank account by the end of the month. Then you're left scrambling for money or using a credit card to cover your bad moves. If you recognize your own negat...

Financial accounting and managerial accounting are two of the four largest branches of the accounting discipline (e.g. tax accounting and auditing are others). Despite many similarities in approach and usage, there are significant differences between the financial and managerial accounting. These differences primarily center around compliance, accounting standards, and target audiences.
https://www.investopedia.com/ask/answers/041015/how-does-financial-accounting-differ-managerial-accounting.asp

How Financial Accounting Differs From Managerial Accounting There are a few big differences between financial accounting and managerial accounting, including why one is highly uniform and the other unique.

The tax year is the actual year where you earn income, pay income taxes, make charitable contributions, work side gigs, etc. The tax season is when you file, report and pay any taxes owed from the last year.
So, during the 2023 tax season, you file taxes for the 2022 tax year. Got it? Keep that in mind whenever we’re talking about the tax season or tax year. It’s important!

Below we’ll take a look at the basics of standard and itemized deductions and some pros and cons of each.
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Itemized vs. Standard Tax Deductions: Pros and Cons The standard deduction and itemized deductions both lower your taxes, but the key is finding which one lowers your bill the most.

What is the difference between Bookkeeping and Accounting?
https://www.forbes.com/advisor/business/what-is-bookkeeping/

What Is Bookkeeping? Everything You Need To Know Bookkeeping is the practice of organizing, classifying and maintaining a business's financial records. It involves recording transactions and storing financial documentation to manage the overall financial health of an organization. Most businesses use an electronic method for their bookkeeping, whe

Are you eligible for the Retirement Savings Contributions Credit ?
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit

Retirement Savings Contributions Savers Credit | Internal Revenue Service The Saver's Credit is a tax credit for eligible contributions to your IRA, employer-sponsored retirement plan or Achieving a Better Life Experience (ABLE) account.

Did you know that even if you have no other qualifying deductions or tax credits, the IRS lets you take the standard deduction on a no-questions-asked basis. The standard deduction reduces the amount of income you have to pay taxes on.
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Standard Deduction 2022-2023: How Much It Is - NerdWallet In 2022 the standard deduction is $12,950 for singles, $25,900 for joint filers, and $19,400 for heads of household. Here's how it works and when to take it.

Why you may want to consider a hybrid workplace:
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Is a Hybrid Workplace the Right Move for Your Small Business? - NerdWallet A hybrid workplace may give small businesses an advantage when it comes to recruiting new talent and retaining employees.

Do you know what the differences are between a bookkeeper and accountant?
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The Difference Between Bookkeepers and Accountants - NerdWallet Bookkeepers are often involved in a business's day-to-day operations, while accountants take a higher-level view.

What are your chances of an audit?
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7 Reasons the IRS Will Audit You - NerdWallet What makes your return a target for an IRS audit? Math mistakes, missing income and questionable deductions are some big ones. See the rest here.

When searching for a business consulting firm to help you achieve your goals, there are multiple factors to consider. Read more below:
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How to Choose the Right Business Consulting Team | www.financialhotspot.com Many businesses seek out professional consulting firms for their specialized knowledge and access to digital solutions. While some entrepreneurs are independent risk-takers, it's impossible to know everything there is to know about growing a business. Sometimes, it's wise to seek help from people wi...

The key benefits of considering a trust are included in this article, read more below:
https://financialhotspot.com/2022/06/29/why-would-i-need-a-trust/

Why Would I Need a Trust? | www.financialhotspot.com Basic estate planning typically begins with a will, which outlines important decisions like who will inherit your property and care for minor dependents after you pass away. However, wills are not always the most efficient option to organize your estate, considering the legal proceedings that must h...

Below, we have rounded up the top business tax deductions that business owners should be aware of. But first, let’s understand what business tax deductions are.
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Top Business Tax Deductions You Should Be Aware Of | www.financialhotspot.com Running a business is a lot of work. From overseeing day-to-day business operations to hiring employees, attracting new customers, and directing long-term strategy, business owners have a lot on their plates. Accounting and taxes are among the most demanding functions that business leaders must mana...

Planning your taxes carefully before the year ends can help you better prepare for filing. There are many strategies you can take to help improve your financial wellbeing. Read the article below to learn more about the steps you can take to have a great tax filing season - and contact us with any questions regarding your tax services!

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5 Tax Moves to Consider Before Year-End - NerdWallet A few last-minute moves — like tax-loss harvesting and boosting contributions to your retirement plan — could make a big difference come April.

Your business may enjoy a 100 % deduction for expenses paid for food or beverages provided by a restaurant. See the guidance at: http://go.usa.gov/xHgy8

Treasury, IRS provide guidance on tax relief for deductions for food or beverages from restaurants | Internal Revenue Service IR-2021-79, April 8, 2021 — The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020.

An important step in getting ready for tax filing season is taking a look at your recordkeeping. For tips on how to organize your records, see these tips from the : http://ow.ly/uFCr50LQhxk

If you owe any taxes, you’ll need to make the payment by the April filing deadline to avoid penalties and interests. If you cannot pay the full balance due, you should still file your tax return to avoid a failure-to-file penalty. Find out more here:
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Who Can File for a Tax Extension? | www.financialhotspot.com Federal tax returns are usually due on April 15 each year. If the 15th falls on a weekend or holiday, they're due on the first business day after that. However, the IRS grants you an automatic extension to file your taxes each year as long as you complete Form 4868. Some common reasons for requestin...