Accurate bookkeeping is the backbone of sound financial management. Whether you’re a solo entrepreneur or managing a full-service accounting firm, consistent and thorough bookkeeping ensures regulatory compliance, strategic planning,...
As a contractor or small business owner, avoiding an IRS audit is crucial to maintaining smooth operations and financial stability. But what exactly triggers an audit? Why do some...
Launching a startup is an exhilarating endeavor fueled by innovation and ambition. However, amidst the excitement of product development and market entry, many startups underestimate the critical importance of...
Employers may allow loans from 401(k) plans, but defaults are treated as taxable distributions with penalties. Hardship withdrawals are permitted for “immediate and heavy financial need” (e.g., medical or...
Savers may convert all or part of a Traditional IRA to a Roth IRA. While the converted amount is taxed as ordinary income, future withdrawals from the Roth account...
To promote long-term financial security, the U.S. Congress has created a variety of tax-advantaged retirement accounts. These accounts provide substantial incentives for individuals to save, but they also come...
If you sell investments at a loss, those losses can be used to offset taxable gains: Suppose you realize a $4 gain on one stock and a $2 loss...
Tax Strategies for Investors in Taxable Accounts Investors who hold assets in taxable brokerage accounts, rather than tax-advantaged retirement plans like IRAs or 401(k)s, may be eligible for preferential...