Thanks for everyone who’s visited this blog and worked with us in 2021. Here are a few updates we wish to share with everyone as it pertains to our business, your business and taxes in general for 2022.
Normally we don’t have an “our business” spot in our yearly update, but we have exciting news we wish to share. We’ve moved to a new location, though we’re still in the area. Our new address is 403 East Taft Road, North Syracuse. If you’re familiar with the area, we’re across the street from the main post office. Lots of parking in the rear, totally dedicated to use; we’re happy about that. We’re still working on the logo on our main page, but our new address has been updated at the bottom of the page.
Continue reading Yearly Tax Update; 2022
One of the main themes on this blog is helping to advise people on how to be more fiscally responsible. We talk about budgeting often because we don’t believe anyone can get ahead and feel secure with their financial situation long term without knowing how much money they’re bringing in, how much is going to bills, how much is being put away and how much is left to begin thinking about other things you might want to buy.
Sometimes people wait too long to get financial counseling, and then they discover they’re making less than what their bills are costing them, or barely breaking even. This leaves people with 5 basic choices for getting out of trouble:
Continue reading Should You Get A Part Time Job?
Something that every sole entrepreneur learns at some point is that they need help with “something”. It could be with sales, answering the phones, handling marketing… almost anything.
When you get to this point, it begs this question: do you hire or hire out? For some it’s an easy answer; for others it’s complicated. As an owner, you have to think about what’s at stake for your business.
Continue reading Should You Hire An Employee For Your Small Business?
I know a lot of people who say that if the IRS owes them money that they don’t file their taxes. Some of these folks are owed literally hundreds, even thousands of dollars. I can’t comprehend why they wouldn’t want their money, but from an accounting perspective it’s still a bad idea not to file yearly and on time.
One fact is that if you’re sure you don’t owe taxes, you’re exempt from filing by the yearly deadline. The magic word there is “sure”. If you file later in the year or the next year and they calculate that you indeed owed something, you’ll not only earn a penalty but it’ll be calculated monthly for every month you were delinquent. The rate won’t be the same each month either; the balance will compound like a credit card.
Continue reading Not Filing Taxes When You’re Owed Money Is A Bad Idea
Suffice it to say, 2018 might become in interestingly confusing tax year, as the federal government is presently looking at making a lot of changes… if Congress ends up passing most of it. With that said, there’s a lot of tax information we presently have that’s going into effect at the beginning of the year. Our disclaimer is that some of these things might change during 2018, including health care taxes. The best we can do is share with you some of what we know right now.
For instance, the highest tax rate for those making more than $480,050 a year is currently 39.6%. That rate remains steady, but it’s possible with the new bill that it’ll come down. The flat tax rate is $134,244, which means if you make a million dollars in one year you’ll be paying around $340K to the federal government.
Continue reading IRS Tax Information for 2018