Tax Insights with Hawkins Ash CPAs

Along with the new-year comes New Year resolutions. If you are looking to make 2022 better than it was in 2021, starting off on a good note is important. That might mean putting money into retirement accounts or keeping better track of the business or personal records. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they ne...

As we get closer to the end of the year, many businesses are looking to get those last-minute expenses on the books so they can deduct them for tax purposes. No matter how a company accounts for its normal expenses, there are special rules for certain expenses. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to sa...

There has been a lot of talk about the Tax legislation going through Congress. It's called the Build Back Better Act. This legislation has already gone through the House and is now on its way to the Senate. The passage of the bill is expected by the end of the year. Last week, we talked about some income tax aspects of the plan. This week we talk about some potential changes. Hawkins Ash CPAs is a...

There has been a lot of talk about the Tax legislation going through Congress. It's called the Build Back Better Act. This legislation has already gone through the House and is now on its way to the Senate. The passage of the bill is expected by the end of the year. This podcast covers what we know so far about the Build Back Better Act. Hawkins Ash CPAs is a full-service public accounting firm pr...

Back in June, we did a show on the new meals and entertainment rules. There has been some recent guidance on this issue that I want to discuss today. 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. Learn more at htt...

For many giving to charity is more important than the deduction, but why not get the benefit if you can. Here are the ways to make charitable contributions and get a tax deduction for doing so. 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 i...

As a business owner, you're most likely aware that you are required to send Form 1099s to your vendors and that your customers may be required to send them to you. Any Form 1099s that you are required to send are due by January 31st. This episode looks at the current reporting requirements when it comes to Form 1099s.

If you operate your own business, whether it be with Etsy, Uber, Eat Street or any business, you might be surprised to find out that there are additional taxes that you may have to pay on your income. 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 of...

One of the items being discussed in Washington is to have banks report to the IRS anytime a person has transactions of over $600 in their bank account. This would be a new reporting requirement, but many people do not know that the banks already have to report certain transactions to the IRS and this would be an expansion to those programs. Hawkins Ash CPAs is a full-service public accounting firm...

This week we talk about reporting foreign income and values to the IRS. A taxpayer is taxed on their worldwide income. It's important to know that the IRS looks at all of your income, but not all income is taxed in the same way. 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 mai...

As a US citizen with foreign accounts that produce foreign income, you should remember that you are taxed on your worldwide income. There is no hiding of assets or income in other countries to avoid taxes. 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 ha...

Many small business owners report their business income on their personal returns, these increases in tax rates may affect them. It's important to make sure you understand how tax brackets work. 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...

A great way to save on taxes is to hire family members in your business, which you can still do before the end of the year. 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. Learn more at https://HawkinsAshCPAs.com/.

Currently, it looks like the tax rate will be going up, especially for those in the higher brackets. If rates are expected to be higher when you retire than what they are now, Roth IRAs should be a part of your tax planning conversation. The problem is that if your income is too high right now, the amount that you can contribute to these accounts may be limited. Hawkins Ash CPAs is a full-service...

We have been talking over the last couple of weeks about tax planning for the end of the year. Retirement plans are a great way to lower your tax bill. Also, with businesses having a hard time finding employees, this type of employee benefit may tip the scale to get that new employee. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the...

As we move into the 4th quarter now is the time to begin to look at tax planning for 2021. With the potential for big changes in Washington, this may be the year to do tax planning a little differently. 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...

Back in March, we talked about changes to the Child Tax Credit for 2021. Those checks and deposits started to arrive in July. On today’s show, I just want to make sure parents/guardians know how these payments will affect their 2021 return as it may produce some surprises. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services the...

A common question we receive is what do tax accountants do in the summer. You would be surprised how busy our summers are. This summer, we are doing a lot of work with the Employee Retention Credit. In this episode, Jeff explains the ERC tax credit and how PPP can factor into the calculation. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's....

In this episode, we go more in depth about some different aspects of the research and development tax credit including how to quantify the research being done and the basics of the credit calculation after determining the research is qualified based on the 4-part test. In these lively interviews, Charlie Wendlandt, CPA, breaks down complex tax topics into bite-size how-to's. Hawkins Ash CPAs is a...

In this episode, we’ll go more in-depth about some different aspects of the research and development tax credit including what is considered research by the IRS. In these lively interviews, Charlie Wendlandt, CPA, breaks down complex tax topics into bite-size how-to's. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they ne...

When people think of research and development, the first thing that comes to mind might be a person in a white coat in a laboratory. However, what if I told you that the IRS thinks of research in a different way and that through research and development there is the potential to significantly reduce your company’s tax liability and maximize your bottom line. In these lively interviews, Charlie Wen...

Last week, we talked about the basics of the American Opportunity Tax Credit. If you want to hear that show, just go to our website it is posted there. This episode breaks down some important planning points to be able to maximize the credit. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's. Hawkins Ash CPAs is a full-service public accountin...

Even though most students have just started summer break, the fall semester will be here before we know it. In this episode, Jeff talks about the American Opportunity Tax Credit which can help offset some of the expenses of college for the first four years. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's. Hawkins Ash CPAs is a full-service p...

There is a lot of talk in Washington about the American Families Plan that is being proposed by the Biden administration. In reality, there are parts of that plan that will not see the light of day since there is enough opposition by Republicans and moderate Democrats. Today I want to talk about the step-up in basis proposal. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex ta...

As a business grows, cash flow can be an issue. But as a business grows, so does the potential tax bill at the end of the year. This episode covers how businesses pay their taxes and things that might be different here in 2021. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's. Hawkins Ash CPAs is a full-service public accounting firm providin...