The Tax Consequences of Gig Work

Over the last decade, in particular, the definition of the term “career” has changed. Rather than being employed by a single entity for which you receive a W2 at the end of the year, many are now participating in the “gig economy” in a variety of ways. They’re not just working a day job. They’re also driving for a ride-sharing service like Uber. They’re delivering food for companies like DoorDash. They’re leaning into the versatility [Read More]

November 18th, 2022|

Time is Running Out to Take Your 2022 RMD

Required Minimum Distributions (RMD) are required taxable distributions from qualified retirement plans and are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax code does not allow taxpayers to indefinitely keep funds in their qualified retirement plans. Eventually, these assets must be distributed, and taxes must be paid on those distributions. If a retirement plan owner takes no distributions, or if the distributions are not large enough, then [Read More]

November 11th, 2022|

IRS Plans On Targeting Abusive ERTC Claims

Have you seen those ads on television or received email solicitations promoting a large tax credit? The large tax credit they are referring to is the employee retention tax credit (ERTC). The ERTC is a government-sponsored program to keep workers employed during 2020 and 2021 because of the COVID pandemic by providing refundable tax credits to employers that kept their workers on payroll during the COVID crisis. Unlike most tax credits, this is a credit [Read More]

November 4th, 2022|

2022 Year-End Tax Planning For Individuals

With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year end, now is the time for individuals, business owners and family offices to review their 2022 and 2023 tax situations and identify opportunities for reducing, deferring or accelerating their tax obligations. The information contained within this article is [Read More]

November 4th, 2022|

2022 Year-End Tax Planning for Businesses

U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all while surrounded by economic and political uncertainties. Disruptions to supply chains brought about by the pandemic have continued into 2022. Inflation and rising interest rates have made the cost of debt, goods and services more expensive and cooled consumer spending. The stock market has declined sharply, and the prospect of a recession is on the rise. What’s more, the outcomes [Read More]

November 4th, 2022|

Inflation Reduces Income Tax

As the country emerges from the COVID pandemic and supply chain issues, along with the fallout from the war in Ukraine, the country has been experiencing high inflation rates that negatively impact the cost of everyday living, including food, gas for your vehicle, utilities and more. But there is one shining light: tax-related inflation adjustments that will benefit most taxpayers. However, many media outlets have been touting the IRS’ recently released inflation adjustments for 2023 as if [Read More]

October 28th, 2022|

Is This an Opportune Time to Convert Your Traditional IRA to a Roth IRA?

If your traditional IRA is invested in stocks and/or mutual funds, the recent substantial downward slide by the stock markets may provide a unique opportunity to convert your traditional IRA to a Roth IRA at a low cost, and then benefit when the markets recover. Why would you want to do that? Because Roth IRA distributions provide tax-free retirement benefits while payouts from Traditional IRAs are taxable. Of course, there is no assurance that the [Read More]

October 21st, 2022|

Pivot CPAs Named Among Accounting Today’s “Best Accounting Firms for Women”

Pivot CPAs, the area’s largest locally-owned independent CPA firm, is pleased to announce that the firm was recently named as one of the 2022 “Best Accounting Firms for Women” by Accounting Today. “We are continually striving to support the women who work on the Pivot team and to make our firm a workplace that enriches women, both personally and professionally,” said Peter Reynolds, CPA, managing partner of Pivot CPAs. “The women of Pivot make extraordinary contributions [Read More]

October 17th, 2022|

Best Practices for Avoiding Cash Flow Problems With Your Business: A Guide

If you had to make a list of some of the biggest issues that plague small business owners regularly, cashflow problems would undoubtedly be right at the top. Cash flow is about more than just the money coming into and going out of your business. It represents your ability to capitalize on opportunities as an entrepreneur as opposed to watching them pass you by because you lack the necessary cash on hand. It's about making [Read More]

October 12th, 2022|

Everything You Need to Know About Starting a Business: Your Step-by-Step Guide

According to one recent study conducted by the Small Business Administration, there are approximately 32.5 million organizations that classify as a small business in operation in the United States. Half of all American workers are either employed by a small business or own a small business and are significant drivers of not only the economy in this country but on a global scale as well. Coming up with an idea for a new business, however, [Read More]

October 12th, 2022|
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