Tax Insights with Hawkins Ash CPAs

On today’s episode of Tax Insights, Jeff discusses key considerations for early retirement account withdrawals. He explains potential penalties and the new 2024 exceptions that could help you avoid them. Tune in to learn how these changes might impact your retirement planning and the steps you can take to stay compliant.

On today’s episode of Tax Insights, Jeff explains a new rule for 2024 that affects LLCs and similar businesses. These entities must file Beneficial Ownership Information with the government by December 31st to avoid hefty penalties. This filing is typically a one-time requirement unless changes occur within the business. Tune in to learn how this new regulation could impact your business and ensur...

On today’s episode of Tax Insights, Jeff breaks down the audit process for business owners. He explains that audits are often routine checks, not indicators of wrongdoing. Jeff covers the three-year audit timeline, common triggers, and the role of professional help. He also advises against refusing an audit to avoid complications. Tune in for essential audit tips.

On today’s episode of Tax Insights, Jeff explores the tax implications of GoFundMe gifts. He explains that these are considered individual-to-individual gifts without tax benefits. Jeff covers key points like the annual gift limit, which can impact your lifetime exemption if exceeded, and clarifies that recipients do not need to report these funds as income. Tune in for a clear overview of how GoF...

On today’s episode of Tax Insights, Jeff highlights the importance of checking your credit reports. He explains how to get a free report annually from annualcreditreport.com to monitor your credit and prevent identity theft. Jeff suggests staggering requests for continuous monitoring and offers tips on disputing errors and placing a credit freeze. Tune in for essential advice on maintaining your c...

On today’s episode of Tax Insights, Jeff discusses unclaimed property. He explains how businesses must send unclaimed money, like unpaid wages or customer refunds, to the state after a certain period. He highlights resources like missingmoney.com for checking if the state is holding any of your money and how to claim it. Tune in for tips on managing unclaimed property and staying compliant with st...

On today’s episode of Tax Insights, Jeff discusses the latest updates on the Employee Retention Credit. He explains the current state of ERC claims and what businesses need to know as the IRS moves to the next processing phase. Jeff breaks down key statistics and crucial considerations for those waiting on their ERC claims. Tune in for the most recent ERC updates.

Welcome to the Tax Insights Podcast, where we break down complex tax topics into bite-sized how-tos. In this episode, Jeff Dvorachek emphasizes the importance of mid-year tax planning. As we reach the halfway point of 2024, it's crucial to assess where you stand with your taxes, planning, and preparation. Let's dive in!

On today’s episode of Tax Insights, Jeff simplifies the Augusta rule. Discover how this special tax provision, linked to Augusta, Georgia, and the Masters, benefits homeowners nationwide. Jeff explores the conditions for tax-free rental income, explaining how you can maximize short-term rentals during events like the NFL draft. Join us as we uncover the rules and opportunities of the Augusta rule...

On today’s episode of Tax Insights, Jeff simplifies the complexities of Social Security. He explores whether Social Security benefits are taxable, breaking down how income levels affect taxation. Jeff also discusses the implications of taking Social Security early, explaining when repayment might be required. Join us as we unravel these key aspects to empower you with the knowledge needed for your...

In this episode of Tax Insights, Jeff breaks down the complexities of Social Security. He explores the various options available to listeners and examines the pivotal ages at which they can start claiming their benefits. Jeff shares considerations to equip you with the knowledge needed to make informed decisions about your Social Security journey. Let's jump right in!

Welcome to the Tax Insights Podcast, where we break down complex tax topics into bite-sized how-tos. In this episode of Tax Insights, Jeff Dvorachek provides clear guidance on how self-employed individuals can qualify for Social Security, from understanding contribution requirements to planning for a financially secure retirement.

In this episode of Tax Insights, Jeff sheds light on a common concern: IRS notices. These letters can be alarming, but they're not necessarily a cause for panic. Jeff explains how to interpret and respond to these notices, emphasizing the importance of timely action and seeking assistance from tax professionals. Let’s dive in!

On today's episode of Tax Insights, Jeff shares crucial information about an upcoming deadline that every nonprofit organization needs to be aware of. Neglecting the May 15th deadline for nonprofit tax returns can jeopardize an organization's tax-exempt status, risking their hard-earned benefits. Join the conversation and stay informed to maintain your tax benefits.

Extension Essentials: Tax Tips for Last-Minute Filers by Tax Insights with Hawkins Ash CPAs

Today on Tax Insights, Jeff discusses the intricacies of employment classifications. In this episode, we'll explore the differences between employees and independent contractors, and the criteria that determine work relationships. We'll also take a closer look at the tax obligations and implications associated with each classification. Let's tune in!

Welcome to the Tax Insights Podcast, where we break down complex tax topics into bite-sized how-tos. In this episode of Tax Insights Podcast, Jeff Dvorachek explores the new Department of Labor Joint Employer Rule. The joint employer rule determines when multiple employers share responsibility for an employee's working conditions and legal obligations. Tune in now to decode the regulations and com...

Join us today on Tax Insights as Jeff explores the nuances of personal tax management, weighing the convenience of software solutions against the expertise of professionals. From TurboTax to CPA consultations, we'll unravel the complexities to help you make informed financial decisions. Let’s dive in!

Are you aware of the potential reasons why you might need to amend your taxes? From overlooked investment statements to complex family dynamics impacting dependents, Jeff explores various scenarios that could prompt tax return revisions. Let’s dive in!

In this episode of Tax Insights Podcast, Jeff Dvorachek explores the ins and outs of IRA contributions, from maximizing refunds to navigating spousal contributions and age considerations. Get ready to unlock the potential of IRAs and optimize your tax strategy like never before.

Today on Tax Insights, Jeff explores into the realm of tax credits for homeowners looking to upgrade their properties. Tune in as he explores the benefits offered by the IRS for energy-efficient upgrades. From windows and doors to air conditioning units, discover how these tax credits can ease the financial burden of enhancing your home's efficiency and comfort.

Join us on today's episode of Tax Insights as Jeff dives into an often-overlooked aspect of personal finance: interest rates on personal family loans. Discover why charging interest on such loans is not just a choice, but a legal requirement, and learn how the IRS ensures compliance even within familial transactions.

The purposed tax bill would increase the child tax credit and restore critical research and development deductions. Dive into the latest Tax Insights Podcast as Jeff unravels the complexities of a new tax bill that could impact your 2023 and 2024 taxes.

In this episode of Tax Insights Podcast, Jeff explores the unexpected drawbacks of a larger paycheck in 2024. Discover the unforeseen complexities of reduced withholdings, increased tax brackets, and standard deductions. Let's listen in.

Welcome to the Tax Insights Podcast, where we break down complex tax topics into bite-sized how-tos. In this episode of Tax Insights Podcast, Jeff Dvorachek unravels a significant move by the IRS that took place in December 2023. Join us as Jeff explores the details of the IRS's penalty relief for millions of Americans, examining its impact, the criteria for forgiveness, and the automatic refund p...