Tax Archives - Mize CPAs Inc.

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What You Need to Know About Required Minimum Distributions (RMDs)

Mar 6, 2024
Personal finance, Retirement planning, Tax

If you have a tax-advantaged retirement account, such as an IRA or 401(k), you know the importance of saving for retirement. It’s wonderful to have a nest egg out there, ready to draw on if needed, right? But your Uncle…

Key IRS Update: New 1099-K Thresholds Set Through 2026

Dec 16, 2024
Best practices for small businesses, Tax

Significant changes to the IRS's 1099-K reporting thresholds are on the horizon, affecting anyone who uses payment apps or online marketplaces. Starting in 2024, more of your transactions could be reported to the IRS, potentially impacting your tax obligations. Find out what these updates mean for you and how to navigate the new requirements.

Corporate Transparency Act under scrutiny: key developments and implications

Dec 16, 2024
Tax

The Corporate Transparency Act (CTA) is facing significant legal challenges, leading to a temporary halt in its enforcement. This development has created uncertainty for businesses that are required to disclose beneficial ownership information. Learn about the court ruling and how to navigate the evolving situation.

End-of-year tax strategies for individuals

Dec 3, 2024
Tax

As the year-end approaches, it's time to for strategic tax planning. From assessing your current tax situation and understanding deductions to maximizing retirement contributions and managing investment gains, this guide offers valuable insights to help minimize your tax burden.

Smart year-end tax moves for businesses

Nov 20, 2024
Tax

As year-end approaches, small business owners face crucial tax planning decisions that can impact their financial health. From leveraging deductions and managing cash flow to understanding the intricacies of the QBI deduction, this article offers strategic insights to optimize your tax position before ringing in the new year.

IRS releases inflation adjustments for 2025

Nov 15, 2024
Tax

The IRS has announced significant inflation adjustments for the 2025 tax year, impacting standard deductions, income tax brackets, and various tax credits. These changes offer potential tax savings for individuals and businesses, making proactive tax planning more important than ever. Discover how the updates could affect your tax strategy and financial future.

Premium Tax Credit: your top questions answered

Nov 11, 2024
Tax

Navigating the complexities of the Premium Tax Credit (PTC) can be challenging. This article answers your most pressing questions about eligibility, calculations, and how to make the most of this refundable tax credit. Discover how PTC can make your health insurance more affordable.

Keep Your Finances from Becoming a Nightmare

Oct 21, 2024
Payroll, Tax

While goblins, ghosts, and ghouls can be fun, haunting financial practices are anything but! Here are some best practices to keep your accounting from becoming a horror story. Avoid the Ghosts of Transactions Past: Reconcile Regularly Much like how ghosts…

Understanding and claiming bad debt deductions for your business

Sep 9, 2024
Tax

Struggling with uncollectible debts? This article explains how to manage bad debts, including how to report them, track allowances, and handle unexpected repayments—all while staying compliant with tax rules.

Maximizing real estate returns with cost segregation

Aug 14, 2024
Tax

Want to make your real estate work harder for your financial goals? Explore cost segregation, a tax strategy that can accelerate depreciation deductions and increase short-term cash flow.

Beware of new scam involving clean energy tax credits

Aug 12, 2024
Tax

Beware of a new IRS scam involving clean energy tax credits, where scammers are misrepresenting the rules to unsuspecting taxpayers. Learn how this scam works and discover tips to protect yourself from falling victim.