Are you a first-time investor and/or a new business owner? Have you circled March 15, 2024, on your calendar? That’s the deadline for filing your business tax return if you’re running an S Corporation or Partnership. You might be used to the April 15th deadline for personal taxes, but this one’s different, and it’s crucial…
First, let’s clear up the misconception about a ROTH 401(k) Contribution. NO MATTER HOW MUCH MONEY YOU MAKE, YOU CAN CONTRIBUTE TO A ROTH 401(k) in your employer-sponsored plan (assuming they offer the choice). I get asked repeatedly why I would want to pay taxes on my 401(K) or other employer-sponsored retirement contributions now. The…
We have a “knowledge gap” between what people understand about their income tax compliance situation and what their CPA has to do with your tax compliance situation. These are things that will increase your tax return price. Understanding the K-1: “It’s Truly a Maze of Information” Partnership and S-Corporation K-1s factor into this pricing. Think…
Dear Professionals and Business Owners, Income taxes often represent the most significant expense for families and businesses, and unfortunately, many taxpayers do not receive adequate tax advice on how to reduce their tax bills. As a result, they leave thousands of dollars on the table each year. But what if I told you that you…
Whoosh, Tax Day has come and gone. It’s the day we’ve all been waiting for with bated breath. Who doesn’t love sorting through mountains of paperwork and receipts and trying to understand the IRS TAX CODE? We understand that tax season can be an absolute joy to deal with. So, The Tannery team wanted to…
Friend 1: “Oh crap, I forgot to pay my income taxes by April 18!” Friend 2: “Hey, don’t worry, you’re not alone. I mean, who can keep track of all those deadlines anyway? And let’s be honest, paying taxes is not exactly the most exciting thing in the world. It’s like going to the dentist…