Audit risks for individual taxpayers

The IRS’ audit rate on individual income tax returns was 0.59% last year, which represents the lowest rate in the past 17 years. Households in all tax brackets saw a decline in audit rates, except the $50,000-$75,000 bracket, which experienced a 0.06% increase. Overall, the low audit risk sounds like good news for taxpayers, but …


Are you still managing your own small business books?

I heard a staggering statistic at last week’s Xerocon conference: 50% of small businesses fail without a financial advisor to help them understand their books. I looked deeper into the research and found another surprising statistic from Xero’s Make or Break survey of small businesses. Of 2,000 small business owners whose businesses failed, 65% of …


Are your tax withholdings accurate?

If your 2018 tax return was a doozy, you may want to consider making some changes to your tax withholdings—after all, changes are in the air at the IRS. One of the most common reasons that many taxpayers had smaller refunds (or unexpectedly owed tax) for 2018 were errors in the IRS’ withholding tables. In …


Changes to Retirement Savings: Understanding new and pending rules to help you maximize your savings

Journalists have been calling 2019 the “year of retirement reform” for a couple of reasons. Congress is currently considering several significant retirement bills. If these bills pass, they may have a positive impact on retirement savings. There are significant changes that have already taken effect in 2019. We’re going to give you a rundown on …


Tax deductions for business purposes

One of the most misunderstood concepts that our clients find confusing every year around tax time has to do with business expenses, assets, and depreciation. Specifically, when you spend money on something for your business, how does that get reflected at tax time? Many people are familiar with the concept of depreciating assets, but it’s …


CPA Day of Service 2019

Each year, the Florida Institute of CPAs organizes a CPA day of service, encouraging members to give back to their communities. We’re thrilled to be getting involved with two important organizations on May 17-18 this year. On Friday, May 17, our team will be gathering at the Jacksonville Zoo to volunteer with the USO for …


Fitbit Challenge Winners 2019

The tax returns are in, and so are the step counts. We have winners of the 2019 Fitbit Challenge! First, the top steppers for March and April. March Page Shelby Tina April Kaneka Page Tina And although there was a valiant effort to unseat the reigning champ, that seems to be an impossible task. The …

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