What’s the best tax deduction or tax break available? That’s a question I hear all the time and I often point people to HSAs. While many people believe healthcare expenses are the biggest deductions they can claim, thinking about your HSA as a large tax deduction and even a potential retirement account can maximize your…
Most people love a little gossip and celebrities are often the best source, especially when they get into financial troubles. However, with the help of a good business manager and a little financial literacy, people can keep their names out of the newspaper, off the internet, and off the radar of auditors. Business managers aren’t…
All taxpayers deserve quality taxpayer support and representation. However, this can be a costly avenue to achieve. Many taxpayers who stumble upon a tax dispute are unaware of the assistance out there. In this week’s podcast, Kelly talks about options for taxpayer help. The LITC, also known as Low Income Taxpayer Clinics, are independent organizations…
What is bankruptcy? Kelly helps to break down and define bankruptcy: a legal process for obtaining debt relief for those unable to repay obligations. A lot of bankruptcy reporting focuses on corporations, but most cases are actually filed by individuals and are related to medical injuries or expenses. Other reasons for bankruptcy might be losing…
Since the pandemic, there has been a lot of uncertainty about the economy, especially for taxpayers and business owners. But as governments seek to make up lost revenue, that raises concerns about tax compliance. An easy target? Sales tax. There has been and probably will continue to be a shift in the economy and tax…
Bookkeeping is an important factor of properly running a business. Many people tend to think that bookkeeping and accounting are one and the same. However, they can be very different. Bookkeeping is the recording of all financial transactions within a business. Kelly invites Nicole Davis to cover everything you need to know on how to…
Cryptocurrency is a digital or virtual currency. Essentially, it was created to offer a system to enable peer to peer payments without the need of a third party, offering security and a measure of anonymity. For federal income tax purposes, it’s treated as a capital asset. And what you don’t know could hurt you since…
Kelly acknowledges the statistics of life expectancy rapidly increasing, which seemingly results in more sandwich generation households. Sandwich generations are when a parent generation with children, also find themselves caring for elderly. Ultimately, these situations can lead to many challenges, including financial and emotional concerns, and everything else that comes with juggling two generations. This…
Women only make up one third of the CPA population. But the numbers for people of color are even more scarce. Kelly found that the tax firm industry is made up of about 80% white people, less than 8% Black people, 6% Latino, and 6% Asian American. Those numbers aren’t encouraging. Kelly invites Eric Pierre,…
In the 1990s and early 2000s, reality television as we know it today was still relatively new. And leading the pack was a CBS series called Survivor. Survivor: Borneo The first season, Survivor: Borneo, was initially broadcast on May 31, 2000. The show dropped a group of strangers on an island where they had to find…