Tips For Managing Your Business’s Cash Flow

Tips For Managing Your Business’s Cash Flow At My Fiscal Office, we know how challenging cash flow can be for our clients.  Here are some tips on how to manage your small business’s cash flow. Know when to use a certain payment method. Sometimes, it might make sense to pay a fee or bill withContinue reading “Tips For Managing Your Business’s Cash Flow”

Why You Might Not Want to Roll Over Your 401(k)

Why You Might Not Want to Roll Over Your 401(k) If you were one of the people who took advantage of a new opportunity, you might wonder what to do with the 401(k) you had with your former employer. Should you jump on a rollover? Should you try to put your old 401(k) into theContinue reading “Why You Might Not Want to Roll Over Your 401(k)”

4 Ways For The Self-Employed To Save For Retirement And Minimize Taxes

4 Ways For The Self-Employed To Save For Retirement And Minimize Taxes Running your own business, being self-employed or even having a side hustle is a great way to move towards financial freedom. There are multiple options available when it comes to choosing a retirement plan. Which plan is the best will depend on yourContinue reading “4 Ways For The Self-Employed To Save For Retirement And Minimize Taxes”

Tax Deduction Receipt Requirements: The IRS & The Cohan Rule

Tax Deduction Receipt Requirements: The IRS & The Cohan Rule One of the most common questions that taxpayers ask is if they can still claim a deduction even if they don’t have the corresponding receipt.  The simple answer to this question is yes, you can deduct without a receipt- the caveat is that taxpayers mustContinue reading “Tax Deduction Receipt Requirements: The IRS & The Cohan Rule”

Small Businesses – Avoid These Mistakes

Small Businesses – Avoid These Mistakes Revenue is critical to all businesses. But why a business fails often has less to do with revenue and more to do with blind spots. Specifically, there are six common mistakes that often prove fatal to small businesses.   Focusing on taxes vs operations – lack of financial planningContinue reading “Small Businesses – Avoid These Mistakes”

Becoming a Digital Nomad

Working remotely while abroad has obvious appeal. Keep in mind that different destinations have different tax consequences. Here’s a look at how working remotely from abroad could affect your take-home pay.   Working from outside the United States for a few weeks or months If your trip is just for a few weeks, you willContinue reading “Becoming a Digital Nomad”

What is Self-Employment Tax?

Have you just recently become self-employed? Totally mystified about quarterly taxes and all the other details involved in self-employment tax? Learn a few quick tips here. Did you recently became self-employed. If so, you probably want to know as much as you can about self-employment tax. Let’s go over the basics, though it’s a greatContinue reading “What is Self-Employment Tax?”

8 mistakes homeowners make on their taxes

8 mistakes homeowners make on their taxes   A lot of our clients have sold a home in 2020 or planning to do so on 2021. Be careful not to commit any of these eight common tax mistakes, especially when it comes to the property tax deduction or the mortgage interest deduction. Home-related tax mistakes canContinue reading “8 mistakes homeowners make on their taxes”

Reduce Your Taxes With Tax-Loss Harvesting

Reduce Your Taxes With Tax-Loss Harvesting  Sometimes an investment that has lost value can still do some good. Tax-loss harvesting allows you to sell investments that are down, replace them with reasonably similar investments, and then offset realized investment gains with those losses. The end result is that less of your money goes to taxes andContinue reading “Reduce Your Taxes With Tax-Loss Harvesting”

Paying Quarterly Taxes On Cryptocurrency

Paying Quarterly Taxes On Cryptocurrency   If you earn income through cryptocurrency mining, staking, interest or trading, you might have to pay quarterly taxes (also known as estimated taxes) to the IRS and state to avoid underpayment penalties.    What Are Quarterly Taxes?   The US has a pay-as-you-go tax system. This means you are requiredContinue reading “Paying Quarterly Taxes On Cryptocurrency”