Tax Insights with Hawkins Ash CPAs

Extension Essentials: Tax Tips for Last-Minute Filers by Tax Insights with Hawkins Ash CPAs

Today on Tax Insights, Jeff discusses the intricacies of employment classifications. In this episode, we'll explore the differences between employees and independent contractors, and the criteria that determine work relationships. We'll also take a closer look at the tax obligations and implications associated with each classification. Let's tune in!

Welcome to the Tax Insights Podcast, where we break down complex tax topics into bite-sized how-tos. In this episode of Tax Insights Podcast, Jeff Dvorachek explores the new Department of Labor Joint Employer Rule. The joint employer rule determines when multiple employers share responsibility for an employee's working conditions and legal obligations. Tune in now to decode the regulations and complexities of the new law.

Join us today on Tax Insights as Jeff explores the nuances of personal tax management, weighing the convenience of software solutions against the expertise of professionals. From TurboTax to CPA consultations, we'll unravel the complexities to help you make informed financial decisions. Let’s dive in!

Are you aware of the potential reasons why you might need to amend your taxes? From overlooked investment statements to complex family dynamics impacting dependents, Jeff explores various scenarios that could prompt tax return revisions. Let’s dive in!

In this episode of Tax Insights Podcast, Jeff Dvorachek explores the ins and outs of IRA contributions, from maximizing refunds to navigating spousal contributions and age considerations. Get ready to unlock the potential of IRAs and optimize your tax strategy like never before.

Today on Tax Insights, Jeff explores into the realm of tax credits for homeowners looking to upgrade their properties. Tune in as he explores the benefits offered by the IRS for energy-efficient upgrades. From windows and doors to air conditioning units, discover how these tax credits can ease the financial burden of enhancing your home's efficiency and comfort.

Join us on today's episode of Tax Insights as Jeff dives into an often-overlooked aspect of personal finance: interest rates on personal family loans. Discover why charging interest on such loans is not just a choice, but a legal requirement, and learn how the IRS ensures compliance even within familial transactions.

The purposed tax bill would increase the child tax credit and restore critical research and development deductions. Dive into the latest Tax Insights Podcast as Jeff unravels the complexities of a new tax bill that could impact your 2023 and 2024 taxes.

In this episode of Tax Insights Podcast, Jeff explores the unexpected drawbacks of a larger paycheck in 2024. Discover the unforeseen complexities of reduced withholdings, increased tax brackets, and standard deductions. Let's listen in.

Welcome to the Tax Insights Podcast, where we break down complex tax topics into bite-sized how-tos. In this episode of Tax Insights Podcast, Jeff Dvorachek unravels a significant move by the IRS that took place in December 2023. Join us as Jeff explores the details of the IRS's penalty relief for millions of Americans, examining its impact, the criteria for forgiveness, and the automatic refund process. Stay tuned to understand how this decision, rooted in COVID-19 challenges, affects taxpayers and why some may find themselves receiving unexpected late Christmas gifts!

In our latest Tax Insights with Hawkins Ash CPAs, we're discussing the exciting journey from a side hustle to a legitimate business. Discover valuable tips, advice, and insights on record-keeping, structures for tax savings, and navigating the quarterly tax landscape. Whether you're just starting or experiencing significant growth, Jeff provides essential information to ensure you're on the right track. Subscribe now and empower yourself with knowledge to conquer your tax journey!

In this episode of Tax Insights Podcast, Jeff shares tips on making financial record-keeping and tax filing easier for you as a business owner. Acknowledging the transition from 2023, Jeff highlights the significance of early tax preparation to ensure a smoother fiscal journey. Let’s dive in.

As the year draws to a close, small business owners and individuals contemplate their financial standing, especially concerning capital gains and losses. In this episode of Tax Insights Podcast, Jeff sheds light on the significance of strategically managing capital gains and losses for optimal tax benefits.

The Corporate Transparency Act, also known as B O I (Beneficial Ownership Information) reporting, is a groundbreaking regulation set to take effect on January 1, 2024. This legislation mandates millions of small businesses, ranging from local LLCs to large corporations, to file a form with the U S Department of Financial Crimes and Enforcement Network. In this episode of the Tax Insights Podcast, Jeff provides expert insights on Beneficial Ownership Information reporting, outlining key requirements and deadlines.

As the financial landscape evolves, it becomes increasingly crucial for individuals to reconsider their retirement savings strategies. In this podcast, Jeff emphasizes the importance of understanding the tax implications of 401(k) contributions and how these changes could impact your financial future.

Succession planning is a crucial aspect of family-owned small businesses. Transitioning a business from one generation to the next requires careful consideration, particularly from a tax perspective. We delve into the various ways and ideas for family business owners to plan for the next chapter in their legacy. In the episode of the Tax Insights Podcast, we discuss how to make the process smoother, what to consider in the early stages, and the benefits of involving the next generation early on.

Welcome to the Tax Insights Podcast, where we break down complex tax topics into bite-sized how-tos. In this episode, Tax Manager Jeff Dvorachek explains the intricacies of paycheck withholding. Discover why those 'zero, one, two' numbers matter, and how they can impact your tax situation. Whether you're aiming for a big refund or breaking even, understanding paycheck withholding is crucial. Jeff shares insights on adjusting your withholding throughout the year and offers recommendations for individuals looking to take control of their financial destiny. Subscribe now and empower yourself with knowledge to conquer your tax journey!

Join Jeff Devorachek, a certified public accountant, in this episode as he delves into a common tax dilemma: what happens when you can't pay your tax bill? Jeff will shed light on IRS penalties, payment plans, and the options available to you when facing tax debt. Learn how to navigate this financial challenge and make informed decisions to protect your financial well-being. Whether you're a seasoned taxpayer or new to the world of taxes, this episode provides essential insights. Subscribe now to the Tax Insights Podcast and empower yourself with the knowledge to conquer tax troubles and achieve financial peace of mind!

Join Jeff Dvorachek, a Tax Manager, as he explains what a cash flow statement is, why it's crucial for your business success, and how it reveals the true health of your company. Jeff shares his expertise on understanding cash flow components, getting paid as a business owner, and the importance of having a reliable team of experts. Whether you're a seasoned entrepreneur or a new business owner, we've got you covered with quick and entertaining tax tips. Subscribe now to unlock the secrets of financial success for your business!

In this episode of Tax Insights, join Jeff Dvorachek as he dives into the world of financial ratios and their significance for business owners. Jeff explains the importance of utilizing liquidity ratios, efficiency ratios, and profitability ratios to track business trends and make informed decisions for your company's future. These ratios provide valuable insights into your business's financial health, helping you identify trends, potential issues, and areas for improvement. Don't miss this informative episode as the experts break down complex tax topics into easy-to-understand how-to's. Visit hawkinsashcpas.com to learn more about improving your business and making the most of your financial data. Like and follow Hawkins Ash CPAs on Facebook and YouTube for more quick and entertaining tax topics. Tune in and take your business to new heights with Tax Insights!

In this episode, certified public accountant Jeff Dvorachek discusses three essential reports that can help business owners stay on track with their goals. Discover how customer detail reports, vendor reports, and job-specific division reports can provide valuable insights for your business's success. It's easy to get caught up in day-to-day activities, but these reports can keep you informed and ensure continued success. Tune in and gain expert advice from Jeff and his team at Hawkins Ash CPAs, who are dedicated to simplifying taxes and providing practical tips. Don't miss out on staying ahead in the financial game. Subscribe now and visit our website at hawkinsashcpa.com for more valuable resources. Join us on Facebook and YouTube for quick and entertaining tax topics.

Discover how to make smart business decisions by harnessing the critical information found in financial statements. In this episode, Jeff Dvorachek, a tax partner at Hawkins Ash CPAs, dives into the world of QuickBooks reports and reveals actionable insights for maximizing your business's success. From balance sheets to customer reports, learn how to leverage the data at your fingertips to drive growth, identify opportunities, and enhance client relationships. Tune in now and unlock the key to informed decision-making! Subscribe to the Tax Insights Podcast for more expert advice on navigating complex tax topics in bite-sized, actionable episodes. Join the professionals at Hawkins Ash CPAs as they break down tax complexities into easy-to-understand 'how-to' segments. Visit our website at hawkinsashcpas.com for additional resources and connect with us on social media. Start leveraging financial statements and QuickBooks reports today for a prosperous business future. Don't miss out!"

In this episode of the Tax Insights podcast by Hawkins Ash CPAs, Jeff Dvorachek, a tax partner at the firm, discusses the financial factors involved in transitioning a family-owned business to the next generation. The options of gifting versus selling the business are explored, along with considerations such as liabilities and tax consequences. Financing options and the concept of a stepped-up basis are also addressed. This Episode Covers • Importance of Transitioning a Family-Owned Business • Gifting vs. Selling • Tax Consequences of Gifting • Buying Out the Business • Financing the Transition: • Stepped-Up Basis

Welcome to the latest episode of Tax Insights, where we explore the Employee Retention Credit (ERC). Discover the qualifying criteria, potential pitfalls with third-party companies, and the importance of seeking expert guidance. Join Jeff Dvorachek from Hawkins Ash CPAs in this informative podcast episode. This Episode Covers • Understanding Employee Retention Credit (ERC) Qualification Criteria • Cautionary Insights: The Risks of Dealing with Third-Party Companies • The Value of Professional Guidance: Navigating the ERC Complexities • Discerning Ineligible Offers: Why Ignoring Non-Qualifying Letters Matters The Tax Insights podcast episode delves into the crucial topic of the Employee Retention Credit (ERC). By understanding the qualification criteria, being cautious of third-party companies, seeking professional guidance, and knowing how to navigate ineligible offers, business owners can make informed decisions. Join Jeff Dvorachek from Hawkins Ash CPAs in this episode to gain valuable insights and maximize your understanding of the ERC.

Have you ever wondered what triggers a tax audit? From red flags to random selection, it's not always clear why the IRS chooses to investigate certain tax returns. In this episode, Jeff Dvorachek, a tax partner with years of experience in the field, sheds light on the audit process. He shares valuable insights on the factors that could lead to an audit, the types of items the IRS typically investigates, and important things to keep in mind if you've received a notice from the IRS that your tax return is being audited. Join us as we delve into the world of tax audits and learn how to navigate this often-intimidating process.

With the higher standard deduction, receiving a tax benefit for charitable giving requires more planning. In this episode, tax partner Jeff Dvorachek provides practical strategies for maximizing the impact of your charitable giving on both the community and your tax return. Learn how to optimize your tax deductions, plan for year-end giving, and choose the right charitable organizations to support. Join us for this informative discussion and start making a difference today! Leave a comment below and let us know your thoughts on charitable giving and tax benefits. Don't forget to share this video with others who may find it helpful!

If you operate a gig business on the side, your personal and business finances can quickly become a knotted mess. In this episode, Jeff Dvorachek, a tax partner, shares best practices for business expense tracking. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

If you filled your 2022 tax return and you're not satisfied with the outcome, now is the time to start planning for next year's tax savings. In this episode, Jeff Dvorachek, a tax partner, shares ways you can increase 401k, IRA, and HSA contributions to save on next year's taxes. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

As a business owner, you can choose among a variety of structures for operating your business. The business structure you choose influences everything from day-to-day operations to taxes and how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits. In this episode, Jeff Dvorachek, a tax partner, takes a closer look at the benefits of different types of business entities such as an S-corporation, C-corporation, partnership, or sole proprietor. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

As a small business owner, selecting the correct business structure is an exciting task, but it doesn't come without challenges. Many owners wonder about the differences between each business structure or if they should create an LLC. In this episode, Jeff Dvorachek, a tax partner, takes a closer look at LLCs to learn what they are, how they differ from other business structures, and what you'll need to know when choosing the proper business structure for your new endeavor. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

If your product enters another state or you have a remote employee working in another state. You may have a tax liability to states other than the state your business is in. Failure to collect and pay the appropriate tax can lead to additional payments, interest, and penalties. In this episode, Jeff Dvorachek, a tax partner, shares the information business owners need to determine their sales payroll and income tax liabilities to other states. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

In these 5 minutes, Jeff Dvorachek, a tax partner, explores the various ways hiring a child or spouse can maximize the tax savings of a family-owned business. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

After you have filed your 2022 tax return, the IRS states that 9 out of 10 refunds will be issued within less than 21 days; that is if; you e-file with direct deposit. In this episode, Jeff Dvorachek, a tax partner, breaks down how fast your refund will arrive depending on the filing and; the refund method chosen. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

With a Roth account, you would not receive a tax deduction on your contribution. But you will also not have to pay tax on qualified distributions. With today's low stock values, Jeff Dvorachek, a tax partner, explains how contributing to or converting existing funds to a Roth account may be advantageous. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

Saving for retirement is essential, and it is crucial to maximize the funding of the retirement plan account available to you. In this episode, Jeff describes the various IRA, 401k, and SEP accountants available and the associated contribution limits. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

As a person nears 70 years of age, it's important to prepare for the proper retirement plan withdrawal amounts. In 2023 the required minimum distribution rules will affect those 73 years of age and older. In this episode, Jeff analyses the several factors that impact an individual's required minimum distribution amount. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

It's that time of year, form 1099 is due by January 31st. In general, a business owner would need to send a 1099 to anyone they paid more than $600 for things such as rent, services, or prizes. In this episode, Jeff Dvorachek explains what transactions would trigger a 1099 and the exemptions that may apply. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

Basis in the amount your home is worth for tax purposes. When you sell your home your gain or loss is determined by subtracting its current basis from the sale price. In this episode, Jeff Dvorachek brings light to some misconceptions of taxable home sale gain and the calculation of a home's basis. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

Form 1099-K has been around for a while, but due to a recent law change, many more people and business owners will receive one and need to report it on their 2022 tax returns. In this episode, Jeff Dvorachek explains why you might receive form 1099-K and what to do if you think yours might need a correction. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

It's easier for individuals to do tax planning before the end of the year than it is after. In this episode, Jeff Dvorachek shares how individuals can use stock sale losses, charitable donations as well as retirement plan and health savings account contributions to help offset taxable income for 2022. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

Now that the election is over, it looks like we will have a divided government in Washington for the next couple of years. What this typically means is that there will not be a lot of large tax changes. This podcast explains some tax planning ideas for the end to the year from a business point of view. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

Inflation over the past year or so has not been good for our pocketbooks, but there are some hidden benefits in the form of tax savings. This podcast discusses the tax rate and other tax changes for 2023 that are directly tied to inflation. This podcast explains the tax impact of personal casualties, disasters, and theft. We cover personal losses only. Business or income-producing losses have different rules. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

Prior to November 1, 2022 the rate of I Bonds was 9.62%. This rate got people's attention and many started purchasing these bonds. Although that rate is excellent, there are some other factors you need to consider. This podcast focuses on what I Bonds are and how they work. This podcast explains the tax impact of personal casualties, disasters, and theft. We cover personal losses only. Business or income-producing losses have different rules. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

This podcast explains the tax impact of personal casualties, disasters, and theft. We cover personal losses only. Business or income-producing losses have different rules. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

We have talked in the past about the Employee Retention Credit (ERC). Now you can’t listen to the radio without hearing adds saying that employers can get a $26,000 credit per employee. These adds are generally coming from ERC mills, some of which are taking improper positions related to the credit. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

This podcast explains what you should consider when purchasing a large piece of equipment. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

This podcast covers some changes that will be occurring in 2023 if there are not any law changes in Washington as well as review the changes that affected 2022. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

Cost segregation studies can be a great way to accelerate depreciation and save taxes today rather than waiting for years to take a deduction. This podcast talks about how a property owner can save. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

The recently signed Inflation Reduction Act included a lot of green provisions. This podcast talks about the residential clean energy credits that a homeowner can get by installing solar onto their home. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

The recently signed Inflation Reduction Act included a lot of green provisions, most of them will affect your tax return but some will not. This podcast talks about the rebates that are available for purchasing energy-efficient items and making certain improvements. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

The recently signed Inflation Reduction Act included a lot of green provisions. This podcast discusses the new additions to the electric vehicle credit, specifically the purchase of a used electric vehicle. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

The recently signed Inflation Reduction Act included a lot of green provisions. In this podcast, we discuss the electric vehicle credits as they were expanded. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

The recently signed Inflation Reduction Act included a lot of green provisions. This podcast talks about the changes to the Energy-Efficient Home Improvement Credit for 2023. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

This podcast discusses Payroll Services, our services, and when you should outsource. There are taxes that must be withheld from employee paychecks: Social Security tax, medicare tax, federal withholding, and state withholding. You also have to keep in mind employee benefits, some are taxed and some are pre-tax – it just depends on what type of benefit it is and what type of plan you have in place. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa- hq/podcast/

This podcast discusses the benefits of looking at your financial statements. Financial statements summarize a certain time period of your business and show you information about your business’s health. You can see how much your business earns, spends and where that money goes. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa- hq/podcast/

This podcast discusses different accounting software, such as QuickBooks and Sage 50. We also explain how to pick the correct accounting software for your business. Ryan also covers some basic terminology, rules, and also misconceptions about Roth IRA conversions. In particular, we will discuss why you may want to consider this move today. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa- hq/podcast/

This podcast discusses why it is important to keep track of income and expenses. Debby also covers some tips to get you started. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa- hq/podcast/

Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa- hq/podcast/

A common misconception is that estate planning only applies to the wealthy or those that will owe taxes. We recommend that all clients review their estate plan documents with the same regularity as they would their own health. Many people see their doctor for a check-up annually. Consider your estate plan the same light regardless of your net worth. This podcast explains the benefits of looking at your estate planning each year. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa- hq/podcast/

The step up in basis at death rule says that when someone dies, most of their assets receive a new tax basis and holding period. The new tax basis is the fair market value as of the date of death, regardless of the original purchase price. This podcast covers what you need to know about the step up in basis at death and how these provisions impact far more people than just the rich. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

A common question we receive is what are the tax consequences of gifting money or other assets to children, grandchildren or other individuals. There is no income tax to the recipient of a gift and non-deduction to the person marking the gift. This podcast covers the tax rules that fall under the Federal Estate and Gift tax system. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

IRAs and other retirement accounts are intended to help fund a person’s retirement. But sometimes, circumstances dictate the need for those funds. This podcast explains why taking money out of IRAs should be the last resort, since the distribution can come with a heavy tax penalty. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

This podcast covers Financial Statements and information you need to keep an eye on. Accounting software packages can generate reports so that a business owner can stay on top of how the business is truly doing. Many business owners only look at the checkbook balance and how far they are booked out with jobs to get an idea of how the business is doing, but there is much more information than the reports can give you. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

As baby boomers continue to get older, a transfer of wealth is passed onto the next generation. When a person passes away, their assets must be used to pay off their liabilities. The net amount can then be inherited by others. This podcast covers the tax impact on receiving an inheritance. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

When a business is just starting, the owner is trying to juggle many different things. One thing that can get pushed to the background is accounting. This podcast covers how the right accounting system can give an owner a lot of useful and critical information. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

In 2018, the corporation tax rate decreased from 35% to 21%. At the same time, the Qualified Business Deduction (QBI) was introduced. This podcast covers the Qualified Business Deduction, a tax deduction meant to even the playing field between corporations who pay their tax and businesses that pass their income to the shareholders or partners. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

If your organization is not tax exempt or had its exemption revoked, this podcast will cover the steps that can be taken and some general guidelines. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

This episode covers how to know if your organization is a charity. Some operations that are operating are not classified as nonprofits. Other organizations, that might be smaller, may have never applied to be tax-exempt. Some other organizations may have been tax exempt at one point, but never kept up with the IRS filings. It's not uncommon as many boards are made up of volunteers and the positions change frequently. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

The gig economy refers to individuals earning money from non-traditional sources, also called a second job. Sometimes these jobs produce income and sometimes, because of tax deduction, produce a tax loss. This podcast covers side jobs that, in the eyes of the IRS, are actually considered to be hobbies. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

The gig economy refers to individuals earning money from non-traditional sources, also called a second job. Sometimes these jobs produce income and sometimes, because of tax deduction, produce a tax loss. This podcast covers side jobs that, in the eyes of the IRS, are actually considered to be hobbies. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/

Multiple stimulus payments have increased the complexity of the tax code and can include new forms. Because of this, there are no easy returns anymore, and we have seen an increase in IRS and state notices. Most of these notices are due to the IRS matching program. No one likes receiving correspondence from the IRS. This podcast can help give you a better understanding of them and lower your stress level if one comes. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

Congress is working on making changes to retirement plans. Unlike most tax bills, a lot of changes are in this bill. This podcast covers those changes called the SECURE Act 2.0. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

As we get close to April 18th, this is what you should do if you cannot file your taxes on time or if you can't pay what is owed. Remember, that the filing of the return can be extended. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

This time of the year, we get a lot of questions from proprietors as to whether they should change the way they are taxed and whether they should look at becoming an S-Corporation. In this episode, we talk about what you need to know about S-Corporations. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

We have talked in the past about paying your taxes electronically and having your refunds deposited directly into your bank account and I want to continue to recommend doing both. So let’s say you filed your return and chose direct deposit, and now you want to know when your refund will be deposited. There are tools on the IRS and state websites to tell you when you can expect it. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

With the changes to tax laws over the last few years, most taxpayers now take the standard deduction. This limits the amount of tax deductions available for medical costs. That is why understanding Health Savings Accounts is important since you can take a deduction even if you take the standard deduction. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

With the service issues the IRS is having, there are ways to make your life and theirs a lot easier. Here are some things you can do. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

With all the changes in tax law, more importantly, all the stimulus from the last couple of years, it is important to keep track of the payments your business received as much of it is not taxable. This podcast covers the different stimulus, grants and loans that businesses may have received. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

With so much of our information being online these days, the risk of our identities being stolen is higher than it has ever been. Did you know that you can request a free copy of your credit report annually? Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

Most people are aware that they can do an online search to see if the state is holding any funds for them, but today I want to talk about how those funds get to the state. In general, when a business owes a customer money or refund and that customer cannot be located, the business is required to submit those funds to the state. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

The IRS is dealing with a backlog of work and a lack of staffing. Although the IRS has started processing returns, they are warning that it could be a rocky season. We recommend that anything taxpayers can do to help themselves will make their lives easier and get their refunds in the quickest way possible. Here are a few ways. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

In the past, the only way to pay your tax was by a paper check. Over the years, other electronic methods became available, but most of them required you to pay a fee. Now the IRS and many states have ways that you can pay your tax or estimates without any fees. We are recommending to our clients that they pay their tax electronically due to processing delays at the IRS. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

Now is the time that people are receiving their tax statements for last year. You can expect to see forms like W-2s and 1099s for interest and dividends earned. There are also statements showing how much mortgage interest and charitable contributions you made. But there are some forms that you will receive based on the tax changes that happened in 2021. This podcast covers the tax material you need to gather up for your 2021 taxes. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

As a business owner, you probably know that you are required to send Form 1099s to your vendors and that your customers may be required to send them to you. For any Form 1099s that you are required to send, they are due by January 31. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

There are certain benefits that owners of s-corporation get that need to be reported as income and be included on the Form W-2 for the year. This episode covers some of them. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

Along with the new-year comes New Year resolutions. If you are looking to make 2022 better than it was in 2021, starting off on a good note is important. That might mean putting money into retirement accounts or keeping better track of the business or personal records. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.

As we get closer to the end of the year, many businesses are looking to get those last-minute expenses on the books so they can deduct them for tax purposes. No matter how a company accounts for its normal expenses, there are special rules for certain expenses. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.

There has been a lot of talk about the Tax legislation going through Congress. It's called the Build Back Better Act. This legislation has already gone through the House and is now on its way to the Senate. The passage of the bill is expected by the end of the year. Last week, we talked about some income tax aspects of the plan. This week we talk about some potential changes. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.

There has been a lot of talk about the Tax legislation going through Congress. It's called the Build Back Better Act. This legislation has already gone through the House and is now on its way to the Senate. The passage of the bill is expected by the end of the year. This podcast covers what we know so far about the Build Back Better Act. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.

Back in June, we did a show on the new meals and entertainment rules. There has been some recent guidance on this issue that I want to discuss today. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Learn more at https://HawkinsAshCPAs.com/.

For many giving to charity is more important than the deduction, but why not get the benefit if you can. Here are the ways to make charitable contributions and get a tax deduction for doing so. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Learn more at https://HawkinsAshCPAs.com/.

As a business owner, you're most likely aware that you are required to send Form 1099s to your vendors and that your customers may be required to send them to you. Any Form 1099s that you are required to send are due by January 31st. This episode looks at the current reporting requirements when it comes to Form 1099s.

If you operate your own business, whether it be with Etsy, Uber, Eat Street or any business, you might be surprised to find out that there are additional taxes that you may have to pay on your income. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Learn more at HawkinsAshCPAs.com/. Listen to more of the Tax Insights Podcast on YouTube at youtube.com/playlist?list=PLpF_…_y8NAdbouPr3pdgiQQG Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

One of the items being discussed in Washington is to have banks report to the IRS anytime a person has transactions of over $600 in their bank account. This would be a new reporting requirement, but many people do not know that the banks already have to report certain transactions to the IRS and this would be an expansion to those programs. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Learn more at https://HawkinsAshCPAs.com/. Listen to more of the Tax Insights Podcast on YouTube at https://youtube.com/playlist?list=PLpF_o07d5AnStS_y8NAdbouPr3pdgiQQG Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.

This week we talk about reporting foreign income and values to the IRS. A taxpayer is taxed on their worldwide income. It's important to know that the IRS looks at all of your income, but not all income is taxed in the same way. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.

As a US citizen with foreign accounts that produce foreign income, you should remember that you are taxed on your worldwide income. There is no hiding of assets or income in other countries to avoid taxes. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Learn more at HawkinsAshCPAs.com/.

Many small business owners report their business income on their personal returns, these increases in tax rates may affect them. It's important to make sure you understand how tax brackets work. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Learn more at https://HawkinsAshCPAs.com/.

A great way to save on taxes is to hire family members in your business, which you can still do before the end of the year. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Learn more at https://HawkinsAshCPAs.com/.