Every year, accountants see the same do-it-yourself mistakes that lead to missed deductions, IRS notices, penalties, or even audits. While DIY filing works well in straightforward situations, understanding where things commonly go wrong can help you avoid costly surprises.
For many business owners, tax deadlines arrive at the worst possible time, right in the middle of managing employees, serving customers, and keeping cash flowing. When the deadline rolls around, it’s common to wonder, “Should I file now, or should I extend?”
A new year brings new decisions. In this issue, we explore practical strategies for managing sudden financial gains, key IRS penalty relief employers need to know for 2025, the growing role of concierge medicine, and smart ways to reclaim your time through everyday outsourcing. Insightful guidance to help you make confident financial choices in the year ahead.
Smart outsourcing isn’t about luxury – it’s about strategically identifying tasks that drain mental bandwidth without delivering value, from meal prep and household management to administrative work and scheduling. The key is starting small with fractional support, establishing clear systems and expectations, and focusing delegation on areas where you procrastinate most or that create decision fatigue. By protecting what only you can do and systematically handling the rest, you create more space for higher-impact work and reduce daily friction.
Concierge medicine offers a more personalized healthcare experience with longer visits, faster access, and fewer patients per doctor, but it comes at a premium. For busy professionals and families, the real question is whether it aligns with your health goals and lifestyle. Here’s what to consider before making the switch.
The IRS is offering penalty relief for 2025 as employers struggle to comply with new reporting requirements for tips and overtime pay under the OBBBA. While businesses won’t face penalties this year for failing to separately report qualified tips, overtime compensation, and occupation codes, this transition period is explicitly temporary—and smart employers will use it to prepare for full compliance in 2026.
Are you equipped to handle a sudden financial gain? Learn four steps you can take to navigate tax planning and potential tax burdens associated with a financial windfall.
The IRS and Congress have enacted tax law changes and regulatory updates that take effect this month and will impact individual taxpayers, employers, retirement plan sponsors, and businesses of all sizes. From tax filing to retirement planning, here are a few key things you should know about what’s new this year.
Whether you’re an individual taxpayer or business owner, preparing early for tax time can reduce delays, minimize errors, and help your tax pros do their best work on your behalf. Our team has put together a practical guide to get you started on the right foot this tax season, including key deadlines, commonly required documents, and planning considerations.
Year-end is near, and this issue of SmartTips is our gift to business owners. With tips on how to turn seasonal shoppers into loyal customers and lessons for structuring your workday to raising financially savvy kids and the tax perks of hiring your child, we’ve gathered some great information for you and tied it up with a bow.