The IRS requires 1099 forms to obtain information on various nonemployee transactions, including payments to freelancers and legal services. Sounds simple, doesn't it? Keep track...
In simple terms, a Roth IRA conversion permits converting your money to a Roth IRA from a traditional or a pre-tax retirement account. If used properly, they can be a financial planning...
Posted by Pat Raskob on 01/21/2022
Many small business owners believe that doing many things themselves can help save money. This, however, is not true of finances as an accountant can save you a lot of money in the...
Posted by Pat Raskob on 07/24/2021
A qualified tuition program, also known as section 529 plans, is an impressive way to prepare to take care of your college finances. What is a Qualified Tuition Program?A qualified...
Many people struggle to find the funds they need to build up their retirement savings. Fortunately, a non-refundable tax credit, called a retirement savings contribution credit, can...
Planning for retirement is a crucial financial milestone, and early withdrawals from retirement accounts can result in significant tax penalties. These penalties are designed to discourage...
Posted by KLSM CPA Firm PLLC on 10/30/2023
The process of growing your financial asset is known as investment. This can happen in various ways, like investing in an asset that will give a cash flow, rising prices, or both....
Formerly known as the retirement savings contribution credit, the saver's credit offers a special tax reduction for low and modest-income taxpayers who save for their retirement....
When a city, state, or county raises funding for state projects by issuing debt security, it is called municipal bonds. Common projects under such categories are road construction,...