Accounting

Navigating Charitable Contributions: Insights from a Tax Professional

by Nick Grantham, CPA
1099, Charities, Nonprofit

Individuals and businesses alike often find themselves considering charitable contributions as a means to not only support causes they believe in but also to potentially reduce their tax burden. However, the realm of charitable giving can be complex, with nuances and regulations that require careful attention. As a tax professional, I aim to shed light on the intricacies of charitable contributions, particularly focusing on IRS Topic no. 506.

Understanding the Tax Strategy “The Augusta Rule”: A Path to Tax Savings

In the world of taxes, there’s a strategy called “The Augusta Rule” that’s garnered some attention. But before we dig into its details, let’s journey back to Augusta, Georgia, where this strategy is said to have its roots.

The Power of Pen and Paper: Unveiling the Benefits of Writing an IRS Forgiveness Letter

Crafting a well-composed IRS forgiveness letter can yield a multitude of benefits, ranging from financial relief to fostering a positive relationship with the IRS. Let’s delve into the advantages of this often-overlooked practice:

Exploring the Advantages of Extending Your Tax Return and Filing After April 15th

by Nick Grantham, CPA
1099, AI, LLC, Nonprofit, Personal Income Tax, Planning for the Future, Property, Property Tax, Real Estate, Tax Renditions, Uncategorized

One of the primary reasons to file an extension is to avoid penalties that can accrue if you don’t file your taxes on time. By filing an extension, you’re granted more time to gather all necessary documents and information to complete your return accurately

Tax Deadlines

April 15 holds significant weight as the deadline for filing federal income tax returns. This date remains a steadfast marker on the calendar, although it may shift slightly in certain circumstances. Taxpayers are required to file their returns by this date, reporting their income, deductions, and credits for the previous tax year.

Riding the Wave: Emerging Technologies in Accounting

by Nick Grantham, CPA
1099, AI

Artificial intelligence and machine learning algorithms are revolutionizing accounting by automating repetitive tasks, improving data accuracy, and uncovering valuable insights

IRS Reminds Eligible Non-Filers in 2020 to Claim their Recovery Rebate Credit Before May 17, 2024 Deadline

If you are eligible for the Recovery Rebate Credits and you did not receive them, don’t miss out on this free money!

Navigating Property Tax Renditions: A Guide for Homeowners

by Nick Grantham, CPA
Property, Property Tax, Real Estate, Tax, Tax Renditions

It’s essential for homeowners to check the specific deadline for their area and ensure they submit their rendition on time.

Understanding Stepped-Up Basis in Inheritance: What You Need to Know

By resetting the cost basis to its current fair market value, beneficiaries can potentially reduce or eliminate capital gains taxes on any appreciation that occurred during the original owner’s lifetime.

Navigating Business Boundaries: When to Register Your LLC in Another State

by Nick Grantham, CPA
Legal, taxes

Launching a business and forming a Limited Liability Company (LLC) is an exciting venture, but as your company grows, you might find yourself facing the decision of whether to expand… Read More »Navigating Business Boundaries: When to Register Your LLC in Another State