Financial Operations Insights, Templates, and Best Practices
Employing Your Children: Benefits and Tax Breaks
Empower children by hiring for tax benefits as they gain work experience. Learn to save for their future while they work.
What Medical Expenses are Tax Deductible?
Medical bills can add up quickly. If you have high medical or dental expenses for yourself, your spouse, or a dependent, you may be able to deduct them from your income tax if they meet certain criteria.
Shielding Yourself from IRS Penalties
As a CPA or tax advisor, the last thing you want is for your clients to overpay taxes. But you also don’t want them to underpay and have to deal with penalties. While you might not be able to help your clients avoid penalties completely and forever, you can educate yourself about the potential penalties so you can inform your clients of the risk. Avoidance is always preferable to learning the hard way.
Does the IRS Check Your Bank Account?
Can the IRS access your bank account? In the past, they didn’t unless the taxpayer was being audited. However, due to policy changes during the Biden administration, the IRS now has access to bank records without having to notify the taxpayer.