Filing taxes can feel overwhelming, especially when life’s twists and turns make it hard to hit the April deadline. Luckily, the IRS offers a helpful solution: filing for a tax extension. While some might see an extension as just kicking the can down the road, there are actually several strategic reasons why it could be the right choice for you.
Author Archives: Ken Rogers
Building a financial emergency fund
The new year is a great time to start new habits. One new habit is building a financial emergency fund.
The IRS Funding Saga: What It Means For You
If you’ve been catching bits and pieces about IRS funding cuts but feel a bit lost in the details, you’re in good company. Let’s break it all down in plain, friendly terms—because taxes are complicated enough without the drama.
My Fiscal Office is Requiring ALL clients to have a IRS Identity Protection (IP) PIN.
In the past, we strongly recommended that clients obtain an IRS Identity Protection (IP) PIN. This year, as part of our mandated Written Information Security Plan (WISP), we are now requiring all clients to have an IRS IP PIN.
Deducting Meals and Entertainment
When are meal and entertainment expenses nondeductible, 50% deductible, or 100% deductible?
File your Beneficial Ownership Information Report on time
To avoid criminal & civil penalties, businesses must file a report with the Financial Crimes Enforcement Network (FinCEN)
Roth Conversions VS Harvesting Capital Gains
Navigating the opportunities and challenges that come with significant appreciated investments or large pre-tax retirement accounts. While this growth is fantastic, it can bring up important considerations around managing portfolio risk, protecting gains, and addressing potential future tax burdens.
Are Zombie Expenses Killing Your Bottom Line?
At My Fiscal Office we started using the term “zombie expenses” to refer to those expenses our clients don’t realize they are paying month after month.
Stupid Tax Tricks
It’s election year, which means we’re seeing a lot of tax proposals. In the current highly charged political environment, it’s important to remain informed about potential tax changes that could affect your finances.
4 things you need to know about donations and your taxes
Political Donations: Unfortunately, these aren’t deductible on your taxes.
– Tax Deduction Specifics: We’ll go over what’s deductible and what isn’t.
– Donations Through Your Business: We’ll explain why this might not be the most tax-efficient method.
– Donor-Advised Funds (DAFs): Discover how DAFs can help you maximize your donation deductions.