Tax Insights with Hawkins Ash CPAs

In our latest Tax Insights with Hawkins Ash CPAs, we're discussing the exciting journey from a side hustle to a legitimate business. Discover valuable tips, advice, and insights on record-keeping, structures for tax savings, and navigating the quarterly tax landscape. Whether you're just starting or experiencing significant growth, Jeff provides essential information to ensure you're on the right...

In this episode of Tax Insights Podcast, Jeff shares tips on making financial record-keeping and tax filing easier for you as a business owner. Acknowledging the transition from 2023, Jeff highlights the significance of early tax preparation to ensure a smoother fiscal journey. Let’s dive in.

As the year draws to a close, small business owners and individuals contemplate their financial standing, especially concerning capital gains and losses. In this episode of Tax Insights Podcast, Jeff sheds light on the significance of strategically managing capital gains and losses for optimal tax benefits.

The Corporate Transparency Act, also known as B O I (Beneficial Ownership Information) reporting, is a groundbreaking regulation set to take effect on January 1, 2024. This legislation mandates millions of small businesses, ranging from local LLCs to large corporations, to file a form with the U S Department of Financial Crimes and Enforcement Network. In this episode of the Tax Insights Podcast,...

As the financial landscape evolves, it becomes increasingly crucial for individuals to reconsider their retirement savings strategies. In this podcast, Jeff emphasizes the importance of understanding the tax implications of 401(k) contributions and how these changes could impact your financial future.

Succession planning is a crucial aspect of family-owned small businesses. Transitioning a business from one generation to the next requires careful consideration, particularly from a tax perspective. We delve into the various ways and ideas for family business owners to plan for the next chapter in their legacy. In the episode of the Tax Insights Podcast, we discuss how to make the process smoothe...

Welcome to the Tax Insights Podcast, where we break down complex tax topics into bite-sized how-tos. In this episode, Tax Manager Jeff Dvorachek explains the intricacies of paycheck withholding. Discover why those 'zero, one, two' numbers matter, and how they can impact your tax situation. Whether you're aiming for a big refund or breaking even, understanding paycheck withholding is crucial. Jeff...

Join Jeff Devorachek, a certified public accountant, in this episode as he delves into a common tax dilemma: what happens when you can't pay your tax bill? Jeff will shed light on IRS penalties, payment plans, and the options available to you when facing tax debt. Learn how to navigate this financial challenge and make informed decisions to protect your financial well-being. Whether you're a seaso...

Join Jeff Dvorachek, a Tax Manager, as he explains what a cash flow statement is, why it's crucial for your business success, and how it reveals the true health of your company. Jeff shares his expertise on understanding cash flow components, getting paid as a business owner, and the importance of having a reliable team of experts. Whether you're a seasoned entrepreneur or a new business owner, we...

In this episode of Tax Insights, join Jeff Dvorachek as he dives into the world of financial ratios and their significance for business owners. Jeff explains the importance of utilizing liquidity ratios, efficiency ratios, and profitability ratios to track business trends and make informed decisions for your company's future. These ratios provide valuable insights into your business's financial he...

In this episode, certified public accountant Jeff Dvorachek discusses three essential reports that can help business owners stay on track with their goals. Discover how customer detail reports, vendor reports, and job-specific division reports can provide valuable insights for your business's success. It's easy to get caught up in day-to-day activities, but these reports can keep you informed and...

Discover how to make smart business decisions by harnessing the critical information found in financial statements. In this episode, Jeff Dvorachek, a tax partner at Hawkins Ash CPAs, dives into the world of QuickBooks reports and reveals actionable insights for maximizing your business's success. From balance sheets to customer reports, learn how to leverage the data at your fingertips to drive g...

In this episode of the Tax Insights podcast by Hawkins Ash CPAs, Jeff Dvorachek, a tax partner at the firm, discusses the financial factors involved in transitioning a family-owned business to the next generation. The options of gifting versus selling the business are explored, along with considerations such as liabilities and tax consequences. Financing options and the concept of a stepped-up bas...

Welcome to the latest episode of Tax Insights, where we explore the Employee Retention Credit (ERC). Discover the qualifying criteria, potential pitfalls with third-party companies, and the importance of seeking expert guidance. Join Jeff Dvorachek from Hawkins Ash CPAs in this informative podcast episode. This Episode Covers • Understanding Employee Retention Credit (ERC) Qualification Criteria •...

Have you ever wondered what triggers a tax audit? From red flags to random selection, it's not always clear why the IRS chooses to investigate certain tax returns. In this episode, Jeff Dvorachek, a tax partner with years of experience in the field, sheds light on the audit process. He shares valuable insights on the factors that could lead to an audit, the types of items the IRS typically investi...

With the higher standard deduction, receiving a tax benefit for charitable giving requires more planning. In this episode, tax partner Jeff Dvorachek provides practical strategies for maximizing the impact of your charitable giving on both the community and your tax return. Learn how to optimize your tax deductions, plan for year-end giving, and choose the right charitable organizations to support...

If you operate a gig business on the side, your personal and business finances can quickly become a knotted mess. In this episode, Jeff Dvorachek, a tax partner, shares best practices for business expense tracking. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain complia...

If you filled your 2022 tax return and you're not satisfied with the outcome, now is the time to start planning for next year's tax savings. In this episode, Jeff Dvorachek, a tax partner, shares ways you can increase 401k, IRA, and HSA contributions to save on next year's taxes. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the serv...

As a business owner, you can choose among a variety of structures for operating your business. The business structure you choose influences everything from day-to-day operations to taxes and how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits. In this episode, Jeff Dvorachek, a tax partner, takes a...

As a small business owner, selecting the correct business structure is an exciting task, but it doesn't come without challenges. Many owners wonder about the differences between each business structure or if they should create an LLC. In this episode, Jeff Dvorachek, a tax partner, takes a closer look at LLCs to learn what they are, how they differ from other business structures, and what you'll n...

If your product enters another state or you have a remote employee working in another state. You may have a tax liability to states other than the state your business is in. Failure to collect and pay the appropriate tax can lead to additional payments, interest, and penalties. In this episode, Jeff Dvorachek, a tax partner, shares the information business owners need to determine their sales payr...

In these 5 minutes, Jeff Dvorachek, a tax partner, explores the various ways hiring a child or spouse can maximize the tax savings of a family-owned business. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen...

After you have filed your 2022 tax return, the IRS states that 9 out of 10 refunds will be issued within less than 21 days; that is if; you e-file with direct deposit. In this episode, Jeff Dvorachek, a tax partner, breaks down how fast your refund will arrive depending on the filing and; the refund method chosen. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, bus...

With a Roth account, you would not receive a tax deduction on your contribution. But you will also not have to pay tax on qualified distributions. With today's low stock values, Jeff Dvorachek, a tax partner, explains how contributing to or converting existing funds to a Roth account may be advantageous. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses an...

Saving for retirement is essential, and it is crucial to maximize the funding of the retirement plan account available to you. In this episode, Jeff describes the various IRA, 401k, and SEP accountants available and the associated contribution limits. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes,...