America's Best Advisors

Building enduring businesses these days is difficult. A tough economy and ever-fluctuating customer interests pose regular challenges to business owners.

So, how do you build a business to last? Obviously, there are no easy answers, but we loved what this article had to say about it.

Jim Collins - Articles - Building Companies to Last Well, I submit that “everybody” is wrong. The real question is, what is the proper response to change? We certainly need new and improved business practices and organizational forms, but in a turbulent era like ours, attention to timeless fundamentals is even more important than it is in stable ti...

OUCH! My bank did not replace my stolen funds! Learn why.

Client Update Newsletter: September 2024 Reducing the amount of interest you pay over the life of a mortgage can yield huge savings! This month's newsletter provides an illustration of just how much you can save, even with as little as $10 a month. Also in this edition, find out how cancelled debt may leave you holding a bigger tax bill, w...

Did you know that if you don’t file a tax return, loans are much more difficult to obtain (especially in this high interest rate moment we're in)?

Generally, when you apply for a mortgage, personal loan, business loan, or a loan for higher education, financial institutions will want to see copies of filed tax returns.

Don't let unfiled returns get your life momentum stuck.

We'd like to take this Labor Day to thank all of you who've helped us change the stigma that's often associated with working in taxes.

Despite the stress that has come over the past few tax seasons, we still love getting to serve and represent you with the IRS.

May your Labor Day be restful.

Taxes and the amount you pay is not all up to chance. Here are a dozen reasons to sit down with a professional to review your situation.

tips.resourcesforclients.com

Need something interesting to listen to other than the doomsday scroll and the latest tax change?

Try one of the most popular Ted Talks of All Time.
Ever listened to one of these before?
Which one and what did you like about it?

The most popular TED Talks of all time | TED Talks Are schools killing creativity? What makes a great leader? How can I find happiness? These 25 talks are the ones that you and your fellow TED fans just can't stop sharing. (Updated January 2024)

Setting up a 💵 payment plan with the IRS will probably be the fastest tax experience you’ll have (funny how quickly the IRS can work when it means they get paid).

Simple plans, like extensions or installment agreements for smaller debts, can be established relatively quickly (as little as ⏰ 15 minutes online or an hour by 📞 phone).

However, more complex arrangements, such as those for larger debts or individuals facing financial hardship, demand extensive documentation and can take 🗓️ weeks or months to finalize.

Clutter and disorganized financial documents bring all kinds of stress. We've got a few simple steps to help you get your financial world in order:

EVERYTHING HAS A PLACE - Make sure all of your documents have a "home." Wherever you see receipts and bills piling up, well, that's a good place to set up a "home financial center."

KEEP OR TOSS? - Determine what to keep and what to throw away.
Keep: medical expenses, insurance policies, mortgage bills, warranties, investment records, tax-deductible receipts, tax returns
Toss: grocery receipts, credit card slips for non-tax deductible items, ATM receipts you've already reconciled

SORT YOUR PAPERS - Use these 4 categories:
- bills
- insurance
- bank & brokerage statements
- other important documents

UPKEEP - Spend 5-10 min/day (or 30 min/week) maintaining your files. Open your mail near the trash bin. Circle the due date for bills and file them in the proper order. Then file what needs to be kept.

If your identity is stolen, identity monitoring services and alerts won’t tell you your information has been used to claim Social Security or Medicare benefits, a refund on your taxes, or unemployment benefits. Over the past year, these types of crimes have skyrocketed.

If you suddenly receive mail that you weren’t expecting from one of these government agencies, you’ve got to ask why and look into it. Also, if you have an online account with such an agency (like a mySSA account with Social Security), be sure to log into it a few times a year to make sure it hasn’t been hijacked and that everything is as it should be.

Looks like sitting can make you... dumber(?). One more good reason to get some physical activity in your daily work routine.

Got any favorite or creative short workouts that could be done inside or around your work schedule?

Neuroscience Says 6 to 10 Minutes a Day Can Make You Smarter, More Focused, and Even Increase the Size of Your Brain Surprisingly, one study shows that even two minutes of this type of activity provides clear cognitive benefits.

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.

Protecting your valuable assets is vital to a comprehensive financial plan. Creditors are relentless and will come after you for a host of reasons that you won't see coming: accidents, divorce, errors on the job from faulty workmanship ... and on and on.

Stop focusing on the what-ifs. Get your proactive thinking cap on and start identifying your assets and pinpointing what's at risk.

AI is changing the game for tax audits. It's comparing your return to data from banks, employers, and more. Even small discrepancies can flag your return. And AI is getting better at spotting potential tax evasion.

But here's the catch: the IRS hasn't been entirely transparent about how its AI works. With AI's growing role in audits, transparency is more important than ever.

What do you think?

Using AI in your business can be transformative... as far as the employees are willing to learn it and implement it into their processes. And it can be difficult to figure out the best way to help them do that. Here's one CEO's approach to AI integration.

What are some AI tools you've adopted into your line of work?

3 ways to help your staff use generative AI confidently and productively The CEO embraced AI but employees were uneasy. What now? Rakuten's three-stage program could be your path to success, too.

The first question you'll have about neobanks is... "What is a neobank?" The one that should follow is "What’s the big appeal?" While there are drawbacks to this kind of banking, there are some advantages to using them.

⬇️ Thanks to their digital-only nature, neobanks generally have lower fees on their accounts as well as ATM usage.
⬆️ They offer higher interest rates on savings than a traditional bank.
🤑 They offer services like early paycheck access, instant spending notifications, and even budgeting tools.
⚠️ You'll want to make sure your deposits are protected through the neobank's partner bank. FDIC insurance is not as straightforward as with traditional banks.

Have you heard of neobanks? Thumbs up if you have.

If you use a neobank, would you share a little bit about your experiences?

Less than two months until the tax extension deadline. It'll be here before you know it.

Reminder: A filing extension doesn't mean more time to pay Uncle Sam.

Time to get your filing squared away.

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?

"A smart man makes a mistake, learns from it, and never makes that mistake again. But a wise man finds a smart man and learns from him how to avoid the mistake altogether." - Roy H. Williams

Sometimes, the wise thing to do when you have IRS problems is to look to someone who knows how to solve them.

We're here for you.

Sometimes we all just need a good story to help us see the good and have hope for the future.

This one is extra good. Let us know what you think.

Nurse began working at hospital during WWII and hasn’t stopped. She’s 97. Grace Carr, who started her career with the U.S. Cadet Nurse Corps, has worked at the same hospital for 80 years.

The tax gap – the difference between taxes owed and taxes paid – is a yawning chasm. Estimates suggest it's somewhere around 688 billion, and the IRS is determined to close that gap with the help of AI.

What exactly does AI and auditing mean for you as a taxpayer?

You need to understand how the IRS is using AI (especially in the realm of auditing)...
And you need to take proactive steps to protect your interests.

Accuracy and completeness are essential, so...
🗂️ Keep detailed records of income, expenses, and deductions.
🔎 Make sure you’re looking out for potential errors... either with software or an expert’s help.

We all know that politicians pledge a lot of things in their campaign cycle that seem like good things. Example: Both Harris and Trump are pledging to end taxes on tips.

Sounds great for those who work in industries that rely on tips, right?

Well, maybe not and here's why...

No tax on tips: Why politicians love it, and economists don't Presidential nominees Harris and Trump say they want to stop taxing tips, but how would that work?

One of the best ways to maximize your social security benefits is simply to wait to receive them. For sure wait until your full retirement age (which varies depending on birth year, 65 if born in 1937 or earlier; 67 if born in 1960 or later), but better to wait even as late as 70 to take them.

If you start say at age 62 (the earliest possible age), your benefits will be significantly reduced. You could lose nearly a third of the monthly benefit amount you would receive if you waited until your FRA.

Delaying benefits past your FRA can maximize social security benefits by up to 8 percent per year until age 70, thanks to delayed retirement credits.

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.

It’s still not too late this year to maximize your withholding from each paycheck and make sure you're paying enough quarterly to avoid a big nasty tax bill next April.

This is an especially important thing to do if you've had a big life change this year like getting married (or the other one), retiring from your job, or having a child.

And if you want to talk logistics for your tax situation with regard to any of those changes, give us a call.

Thumbs up or thumbs down on this one:
I dread getting letters from the IRS.

If you don't feel dread, is it because you have a tax professional you trust handling things? Or because you are really good at handling that kind of communication?

Let us know why in the comments.

If the IRS has come to a decision regarding your tax debt that you don’t agree with, there’s more you can do besides waving the white flag, believe it or not.

And here’s the crazy part… The IRS wants to help you do it.

They actually have an Alternative Dispute Resolution (ADR) program – a powerful program that most tax softwares and professionals don't talk about enough.

ADR is all about resolving tax controversies outside the traditional court system and it includes:

- Early Referral -- for resolving specific issues while your audit is still ongoing
- Fast Track -- where a trained Appeals officer acts as a neutral mediator to help you and the IRS reach common ground quickly (within 40 days)
- Post-Appeals Mediation -- bring in a new, jointly selected mediator to help you and the IRS reach an agreement.
- Binding Arbitration -- involves a neutral decision-maker who issues a binding verdict on the disputed issues.

More on these programs here: https://www.irs.gov/appeals/appeals-mediation-programs

The game of Monopoly can set off some serious unhappiness if it gets cutthroat enough... worse if someone cheats. Nobody likes a monopolist. Which is why a US federal judge declaring Google guilty of cornering the market on search and text advertising has a lot of people cheering.

Google loses antitrust case over search Google has illegally held a monopoly in search and text advertising, a federal judge ruled on Monday

No, you can't use gift cards to make tax payments.

Gift Card Scam Find out how to avoid becoming a victim of a gift card scam. For more information, go to https://www.irs.gov/scams. us:Twitter – https://t...

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.

Does the TV you use for video conferencing get glitchy sometimes? Well, there might be a way to fix that. (This works for your smart TV at home too.)

How to clear the cache on your TV (and why you should) Clearing the cache on your TV can be a great way to improve its performance, fix bugs, and ensure you get the best viewing experience. Here's how to do it.