How Accounting Firms Can Increase Employee Retention

accountant employee retention

In the wake of COVID and the Great Resignation, employee retention has become an even bigger issue than usual for many firms. In a recent survey, 41% of respondents admitted they plan to leave their current job or look for a new one during the second half of 2022. This means now is the time … Read more

Benefits of Tax Preparation Outsourcing for Accounting Firms

outsource tax prep

For the vast majority of businesses, outsourcing accounting and tax work is a necessity. Companies, from major firms to small businesses, turn to CPAs, accounting firms and other tax preparers to ensure their accounting work is done precisely and on time. Increasingly, accounting firms themselves are turning to outsourcing firms to help increase capacity and … Read more

How to Deduct Stock Losses From Your Taxes

deduct stock losses

If you are an investor, you know that you may need to pay capital gains taxes when you sell an investment at a profit. At the same time, however, and especially in an unpredictable market, stock losses can loom large for your investment portfolio. When you sell an investment for less than you paid, you … Read more

How the Inflation Reduction Act Will Effect Your Taxes

Inflation reduction

New tax laws can bring about major changes for most Americans, with different tax credits, rates and exemptions making an impact on your overall bottom line. The tax changes introduced by the Inflation Reduction Act, which passed the Senate in August 2022, represent one such example. Of course, the act has been promoted mostly as … Read more

How Long Can You Claim a Child as a Dependent?

clan a child

As your children get older, some of the IRS rules about claiming them as dependents on your tax return change. It’s important to understand all the rules, especially since children are living with their parents longer than they did in previous generations. As is often the case when it comes to tax law, there are … Read more

Taxes on Lottery Winnings Explained

Mega Millions lottery

It’s a quip you hear often when the lottery jackpot creeps upward: “Sure the jackpot is $40 million, but what do they leave you after taxes?” Honestly, on a jackpot this high, the answer is more than enough. But the exact amount depends on several factors, including your tax bracket. Before you start daydreaming about … Read more

Roth IRA Withdrawal Penalty Rules and Exceptions

IRA withdrawal

Many people choose a Roth IRA for retirement savings, because of the account’s options to allow you to grow your money tax-free. While your money is in the Roth individual retirement account, it can grow, and when you take it out during your retirement, there is no obligation to pay taxes. In addition, you can … Read more

How Many Income Tax Allowances Should I Claim?

W-4 Form

If you’re just starting out in the workforce, the Form W4 your employer hands you may look confusing and foreign. If you’ve been in the workforce for a while but just changed jobs, the form may still look completely different from what you’re used to. This is because fairly recent changes in the tax law … Read more

How To Get a W2 From Your Previous Employer

W-2 Form

If you’ve changed jobs within the last year, your previous employer could forget to send you a W2. Most employers and human resource departments try not to let previous employees slip through the cracks at tax time, but it’s a busy time of year and mistakes do happen. It’s important to know when you should … Read more

Can You Claim Your Parents as Dependents?

parents

Hopefully, your parents will live long, healthy lives. If they do, you’ll likely see the pendulum swing as they age and find yourself caring for the people who once took care of you. When a nursing home isn’t an option, many people find themselves moving their parents in with them and taking care of them … Read more