Richard J. Cordes, CPA, JD, LLM

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!

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

What is the difference between Bookkeeping and Accounting?

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

When searching for a business consulting firm to help you achieve your goals, there are multiple factors to consider. Read more below:

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...

What are your chances of an audit?

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.

Do you know what the differences are between a bookkeeper and accountant?

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.

Why you may want to consider a hybrid workplace:

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.

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.

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.

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.

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...

The key benefits of considering a trust are included in this article, read more below:

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...

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.

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

A sole proprietorship is one of the most common small business structures. Under this structure, a sole proprietor runs the business as an individual and reports profits or losses on their individual tax return.

For many small business owners, business debit cards and business credit cards can be go-to options. However, there are important differences to consider and circumstances when one type of card could be a better choice than the other.

Business Debit vs. Business Credit Card | Kabbage Resource Center For many business owners, business debit cards and business credit cards can be go-to options. However, there are important differences to consider.

The benefits of hiring a bookkeeper extend to almost every aspect of your business! As bookkeepers, we are bringing you expertise with efficiencies and systems that will save you time and allot for you to place your focus on growing your business! Gain confidence in your numbers by reducing errors and keeping your stress levels down. Not only will it save you money, but it can also help build your profit so you can continue doing what you do best: running your business and enjoying your life!

A financial plan is the most important plan to create when starting a business. Without the funds to launch and maintain your business, it is likely that your business will sputter and die when it runs out of financial fuel. Keep in mind that it takes most new businesses months or even years to begin to make a profit. Therefore, it is essential to have your financial bases covered until you’re able to create a healthy cash flow.

A marketing plan helps you to attract customers to your business and begin to create a revenue stream. You can have multiple marketing plans: one to promote business, one to introduce new products, and one to develop new customer outreach. The initial start-up marketing plan is what you will use to promote your new business. Take time to think through the details of how you’ll track the successes and failures of various marketing tactics to make wiser decisions in future marketing campaigns.

Your business plan doesn’t need to be a massively long document that you never look at again. A functional business plan is a working document that can take many forms and acts more as a flexible action-planning tool than a structured concrete document. At minimum, you’ll need a streamlined plan that focuses on vision, mission statement, objectives, strategies, startup capital, expenses, and projected income. By focusing only on the essential items, you can get down to figuring out your business more productively and determine how to get from Point A to Point B.

Researching the different types of credit cards and their benefits can help you make an informed and confident decision. Credit card comparison websites are an excellent resource for this. You can also read reviews of different credit cards to see what other consumers have to say.

Here are a few tips to make it a little easier to choose a credit card:

Tips for Choosing a Credit Card | www.financialhotspot.com Credit cards are a popular way to build your credit score and gain increased financial flexibility. However, it can be hard to decide which card is best for you. You have many choices when it comes to choosing the right credit card, with each option offering a different set of benefits. From rewards...

Challenge yourself to 7 days of saving money! Here are a few tips you can follow to save money on a daily basis.

EAs and CPAs can both be tax experts, and the work they do is often similar, but there are some differences between an EA vs CPA. Here are some basic differences between the two!

As a business owner, you need to know how to file your taxes properly. One common question is if you can file your business and personal taxes together. The short answer: Pass-through entity owners file their personal and business taxes together, and C corporations file separately from their shareholders. For further guidance with your taxes, please contact us today!

Working for Uber or Lyft is about more than just driving. As a self-employed worker, you are treated as a business by the IRS. It’s important to understand the tax implications of your side or full-time gig. Here is a basic guide on how to file your taxes when working for a Rideshare company. Our team is here to help you understand and file your taxes. Please contact us today!

Minor mistakes on your tax return can cost you a lot of money down the road. For example, you may miss out on significant refunds or wind up owing more taxes than you expected, with added interest and penalties. Moreover, tax return issues can invite scrutiny from the Internal Revenue Service (IRS) and may even trigger an audit. The best defense against these problems is to avoid errors on your return.

Here are some common tax filing mistakes and how to avoid them:

The Most Common Tax Filing Mistakes and How to Avoid Them | www.financialhotspot.com Minor mistakes on your tax return can cost you a lot of money down the road. For example, you may miss out on significant refunds or wind up owing more taxes than you expected, with added interest and penalties. Moreover, tax return issues can invite scrutiny from the Internal Revenue Service (IRS)....

Lots of people want to work more hours and make a living from their side hustle. But, if you did freelance or independent contract work there are some important tax things that need attention before next April!

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Freelancer Taxes: A Guide for Filing With a Side Hustle - NerdWallet If you became a freelancer or independent contractor last year, here are a few ways that side gig might shift things this tax-filing season.

The qualified business income deduction is for self-employed people & small-business owners. Find out who qualifies here:

https://bit.ly/3V2j6FS

Qualified Business Income Deduction (QBI): What It Is - NerdWallet The qualified business income deduction allows some people to deduct up to 20% of their self-employment or small business income. Here's how to get the QBI.

16 tax deductions and benefits for the self-employed. These include things like hiring relatives, purchasing home office supplies with your car (or using it as collateral), conducting business on vacation--the possibilities are endless!

16 Tax Deductions and Benefits for the Self-Employed Running your own business poses risk. Knowing where you can save money is crucial, and there are a number of tax breaks that can help you do just that.

Did you know that you can get a copy of wages and tax statements?

How can I get a copy of my wage and tax statements (Form W-2)?  · FAQ | SSA We can give you copies or printouts of your Forms W-2 for any year from 1978 to the present. You can get free copies if you need them for a Social Security-related reason. But there is a fee of $126 per request if you need them for an unrelated reason. You can also get a transcript or copy of your ...

Form 1099-K and Online Payments: The New Tax Rule Business Owners Should Know

Form 1099-K and Online Payments: The New Tax Rule Business Owners Should Know | www.financialhotspot.com The IRS recently changed the reporting requirements for business payments received through online payment services like PayPal and Venmo. In order to ensure all income from these apps is accounted for, the IRS substantially lowered the threshold for required reporting. Now, if a business earns over....

Do you have to pay taxes on social security benefits?

Must I pay taxes on Social Security benefits?  · FAQ | SSA NOTE: “Combined income” includes your adjusted gross income, tax-exempt interest income and half of your Social Security benefits.