As tax season unfolds, the age-old question arises – should you tackle your tax return solo or seek the guidance of a professional tax adviser? While handling a straightforward tax situation independently is feasible, there are instances where consulting a tax professional becomes not just a choice, but a necessity. Seeking professional advice can make all [...]
Missouri’s minimum wage was raised to $12.30 per hour on January 1, a direct outcome of Proposition B, which gained voter approval in 2018. Prop B initiated an annual increase of 85 cents in the state minimum wage, a trend that continued until 2023. Before Prop B, Missouri's minimum wage was linked to the inflation [...]
In the intricate world of business finance, understanding what can be deducted from your gross income is pivotal for optimizing tax benefits. Defining Ordinary and Necessary Expenses The Internal Revenue Service (IRS) outlines that ordinary expenses are those common and widely accepted within your industry. On the other hand, necessary expenses are deemed helpful and [...]
As the fiscal year unfolds, businesses and individuals alike are gearing up for crucial tax deadlines that demand attention and adherence. We’ll break down two significant dates that could impact your financial landscape. March 15: S-Corporations and Partnerships The first date, March 15, holds particular importance for those operating S-Corporations and Partnerships. Here's a quick [...]
Beneficial Ownership Information reporting is new in 2024 Changes are underway for business owners. As of January 1, 2024, business owners 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 [...]
Understanding the economic outlook of SWMO As we move through the end of fall and into the winter months, understanding the economic outlook is crucial for small business owners and taxpayers in Southwest Missouri. This article, with insights from accounting and economic perspectives, aims to provide a clear picture of the economic landscape, focusing on [...]
With all of the tax work finally finished for the year- whether that was the original spring deadline or just recently completed in mid-October- individuals, businesses, and tax preparers may be tempted to take a big exhale and take a break from thinking about taxes until the new year. However, there can be significant benefits to [...]
Introduction Understanding the various tax forms and their specific purposes is essential for individuals and businesses alike. Four commonly encountered tax forms are the W-2, W-4, W-9, and 1099 forms. Each form serves a unique function and must be used appropriately to ensure compliance with tax regulations. In this article, we will delve into the [...]
Introduction As individuals and small business owners navigate the complexities of their financial and tax obligations, understanding the concept of dependents is crucial. Whether you are a taxpayer or a business owner, knowing who qualifies as a dependent can significantly affect your taxes and financial planning. In this blog post, we will explore what a [...]
Should You Involve Your CPA in Strategic Financial Planning? Strategic planning is a critical process that sets the direction and goals for individuals and businesses. While strategic planning often involves executives and management teams, involving a CPA can bring significant benefits. CPAs possess financial expertise and a deep understanding of your financial situation, making them [...]
