Tax Insights with Hawkins Ash CPAs

As a person nears 70 years of age, it's important to prepare for the proper retirement plan withdrawal amounts. In 2023 the required minimum distribution rules will affect those 73 years of age and older. In this episode, Jeff analyses the several factors that impact an individual's required minimum distribution amount. Hawkins Ash CPAs is a full-service public accounting firm providing individual...

It's that time of year, form 1099 is due by January 31st. In general, a business owner would need to send a 1099 to anyone they paid more than $600 for things such as rent, services, or prizes. In this episode, Jeff Dvorachek explains what transactions would trigger a 1099 and the exemptions that may apply. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses...

Basis in the amount your home is worth for tax purposes. When you sell your home your gain or loss is determined by subtracting its current basis from the sale price. In this episode, Jeff Dvorachek brings light to some misconceptions of taxable home sale gain and the calculation of a home's basis. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and org...

Form 1099-K has been around for a while, but due to a recent law change, many more people and business owners will receive one and need to report it on their 2022 tax returns. In this episode, Jeff Dvorachek explains why you might receive form 1099-K and what to do if you think yours might need a correction. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesse...

It's easier for individuals to do tax planning before the end of the year than it is after. In this episode, Jeff Dvorachek shares how individuals can use stock sale losses, charitable donations as well as retirement plan and health savings account contributions to help offset taxable income for 2022. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and...

Now that the election is over, it looks like we will have a divided government in Washington for the next couple of years. What this typically means is that there will not be a lot of large tax changes. This podcast explains some tax planning ideas for the end to the year from a business point of view. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and...

Inflation over the past year or so has not been good for our pocketbooks, but there are some hidden benefits in the form of tax savings. This podcast discusses the tax rate and other tax changes for 2023 that are directly tied to inflation. This podcast explains the tax impact of personal casualties, disasters, and theft. We cover personal losses only. Business or income-producing losses have diff...

Prior to November 1, 2022 the rate of I Bonds was 9.62%. This rate got people's attention and many started purchasing these bonds. Although that rate is excellent, there are some other factors you need to consider. This podcast focuses on what I Bonds are and how they work. This podcast explains the tax impact of personal casualties, disasters, and theft. We cover personal losses only. Business or...

This podcast explains the tax impact of personal casualties, disasters, and theft. We cover personal losses only. Business or income-producing losses have different rules. 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 Minne...

We have talked in the past about the Employee Retention Credit (ERC). Now you can’t listen to the radio without hearing adds saying that employers can get a $26,000 credit per employee. These adds are generally coming from ERC mills, some of which are taking improper positions related to the credit. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and or...

This podcast explains what you should consider when purchasing a large piece of equipment. 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 to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/pod...

This podcast covers some changes that will be occurring in 2023 if there are not any law changes in Washington as well as review the changes that affected 2022. 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...

Cost segregation studies can be a great way to accelerate depreciation and save taxes today rather than waiting for years to take a deduction. This podcast talks about how a property owner can save. 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 offi...

The recently signed Inflation Reduction Act included a lot of green provisions. This podcast talks about the residential clean energy credits that a homeowner can get by installing solar onto their home. 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...

The recently signed Inflation Reduction Act included a lot of green provisions, most of them will affect your tax return but some will not. This podcast talks about the rebates that are available for purchasing energy-efficient items and making certain improvements. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need...

The recently signed Inflation Reduction Act included a lot of green provisions. This podcast discusses the new additions to the electric vehicle credit, specifically the purchase of a used electric vehicle. 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 h...

The recently signed Inflation Reduction Act included a lot of green provisions. In this podcast, we discuss the electric vehicle credits as they were expanded. 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...

The recently signed Inflation Reduction Act included a lot of green provisions. This podcast talks about the changes to the Energy-Efficient Home Improvement Credit for 2023. 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 Min...

This podcast discusses Payroll Services, our services, and when you should outsource. There are taxes that must be withheld from employee paychecks: Social Security tax, medicare tax, federal withholding, and state withholding. You also have to keep in mind employee benefits, some are taxed and some are pre-tax – it just depends on what type of benefit it is and what type of plan you have in place...

This podcast discusses the benefits of looking at your financial statements. Financial statements summarize a certain time period of your business and show you information about your business’s health. You can see how much your business earns, spends and where that money goes. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the service...

This podcast discusses different accounting software, such as QuickBooks and Sage 50. We also explain how to pick the correct accounting software for your business. Ryan also covers some basic terminology, rules, and also misconceptions about Roth IRA conversions. In particular, we will discuss why you may want to consider this move today. Hawkins Ash CPAs is a full-service public accounting firm...

This podcast discusses why it is important to keep track of income and expenses. Debby also covers some tips to get you started. 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 to more of the Tax Insights Po...

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 to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa- hq/podcast/

A common misconception is that estate planning only applies to the wealthy or those that will owe taxes. We recommend that all clients review their estate plan documents with the same regularity as they would their own health. Many people see their doctor for a check-up annually. Consider your estate plan the same light regardless of your net worth. This podcast explains the benefits of looking at...

The step up in basis at death rule says that when someone dies, most of their assets receive a new tax basis and holding period. The new tax basis is the fair market value as of the date of death, regardless of the original purchase price. This podcast covers what you need to know about the step up in basis at death and how these provisions impact far more people than just the rich. Hawkins Ash CP...