Let's talk about retirement savings without all the confusing financial jargon. You've probably heard about pre-tax and after-tax contributions, but what do they really mean for you? First, pretax contributions are like tax breaks for the future. Imagine you have a special savings account for your retirement, like a 401(k). When you put money into this [...]
In the world of accounting, a question that frequently crosses the minds of business owners is: ”What expenses can I deduct?” This question is entirely justified because accountants seldom encounter clients who willingly want to pay more taxes than necessary. It’s crucial to understand that the deductibility of expenses directly impacts a business’s profitability, and profitability, [...]
Hi Abe! I have a TON of receipts on the truck I am keeping as an independent contractor. What are the IRS rules regarding keeping receipts? Abe says: There are a few things to keep in mind when keeping a record of your expenses for your business. First, you must keep receipts for anything ordinary and [...]
Preserve your right to work! What states can do to prevent you from driving. If you owe and do not file your taxes, the IRS can garnish your wages and you can LOSE your license to drive. Abacus CPAs has researched and found that different states have their own laws regarding tax debt amounts and the [...]
