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Six Things To Know Before You Start a Business

September 1, 2021

By: HintonBurdick

Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Understanding the tax responsibilities of starting a business venture can save taxpayers money and help set them up for success. That’s …

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What Is a Designated Roth Account?

September 1, 2021

By: HintonBurdick

Many 401(k) plans allow taxpayers to make Roth contributions as long as the plan has a designated Roth account. Your plan may also allow you to transfer amounts to the designated Roth account in the plan or borrow money. Check with your employer to fin …

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Tax Relief for Those Affected by Natural Disasters

September 1, 2021

By: HintonBurdick

Recovery efforts after natural disasters can be costly. With floods, tornadoes, hurricanes, earthquakes, and other natural disasters affecting so many people throughout the U.S. this year, many have been left wondering how they’re going to pay for the …

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Keeping Good Tax Records Is Essential

August 2, 2021

By: HintonBurdick

An important part of tax planning is keeping good records. Having an organized recordkeeping system makes it easier to file a tax return or understand a letter from the IRS. Here are some tips: Good Recordkeeping Helps Taxpayers: Identify sources of in …

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Repaying Deferred Social Security Tax

August 2, 2021

By: HintonBurdick

The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 over the next two years. Half of the deferred So …

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Choosing a Payroll Service Provider

August 2, 2021

By: HintonBurdick

When choosing a payroll service provider to handle payroll and payroll tax, employers need to make sure they choose a trusted payroll service that can help them avoid missed deposits for employment taxes and other unpaid bills. Typically, these clients …

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A Tax Checklist for Newly Married Couples

August 2, 2021

By: HintonBurdick

Summer is wedding season – even during a pandemic – and newlyweds should understand how tying the knot can affect their tax situation. Marriage changes many things, and taxes is one of them. Here’s a tax checklist for newly married couples: 1. Name and …

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Start Planning Now for Next Year’s Tax Return

August 2, 2021

By: HintonBurdick

This year’s tax deadline may have come and gone, but it’s never too early to start planning for next year. With that in mind, here are five things you can do now to make next April 15 easier for everyone. 1. Review your paycheck. Make sure your employe …

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Retirement Plan Options for Small Businesses

August 2, 2021

By: HintonBurdick

According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers retirement savings benefits. If you’re like many ot …

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Which Educator Expenses Are Tax Deductible?

August 2, 2021

By: HintonBurdick

Teachers and other educators should remember that they can deduct certain unreimbursed expenses such as classroom supplies, training, and travel – even when schools switched to hybrid or remote learning models during the pandemic last spring. Deducting …

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