Beneficial Ownership Information reporting is changing in 2024 Changes are underway for business owners. Starting January 1, 2024, certain business owners will need to report beneficial ownership information(BOI) to the Financial Crimes Enforcement Network (FinCEN), an agency within the U.S. Department of Treasury. Q: Will my business have to start reporting? All businesses will need to [...]
Do you feel lucky? Have you ever purchased a lottery ticket, scratch off, or gambled in a casino? Many Americans have. According to the National Council on Gambling, approximately 85% of all US adults have gambled at least once in their lives. Taxpayers need to know the tax implications that comes when you hit the jackpot. [...]
Why You May Have Received a Letter From the IRS We have noticed an influx of clients receiving tax notices now that the April deadline has passed and 2022 returns are being processed by the IRS. Receiving a letter from the IRS can be intimidating and can lead to many questions. At Abacus, we are here [...]
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 [...]
Now that the April 18th tax deadline has passed, individual taxpayers need to understand the penalties and interest that can accrue if the tax amount due was not paid by the tax deadline. There are three different penalties the IRS can assess for not paying your taxes and filing your tax return by the April 18th [...]
Every year, Abacus CPAs serves people that are in retirement, and every year, some still have to pay taxes on their Social Security benefits. Not everyone pays taxes on Social Security, and the amount of tax you will be assessed on your benefits is dependent upon other income you received throughout the year. Only those that [...]
Abe, I am planning out my final contributions for 2022 with my IRA. How long do I have to submit that for the tax year 2022 and while you’re at it, what are the contribution limits? What a great time to be planning out those retirement contributions. You are setting yourself up for success! First things [...]
Hi Abe! I am wanting to maximize my tax savings and ensure I am taking full advantage of breaks for business owners and those in the transportation industry. Is there anything that I am missing? Great question. Whether you are a Lease or Owner Operator, it’s important to keep in mind that you are a [...]
Hey Abe! I am a lease/owner operator and I'm planning ahead for the 2022 tax season. I will receive a 1099-NEC, but I also have some W-2 income from a company job. How many different returns will I have to file? Great question, and I am glad to hear you are thinking ahead! Let’s start with [...]
Are you considering upgrading your truck? What about remodeling your home, or even buying a new home? These are big financial decisions that will often require a loan. As a self-employed individual, the process of obtaining a loan can involve more steps. Now that you’re self-employed, you do not have pay stubs or W-2s that [...]
