HG Tax and Financial Services

Happy Veterans Day!

Have you been thinking of making home improvements? If so, and they include energy saving improvements, you may qualify for some substantial income tax credits. Even if home improvements aren’t currently on your to-do list, with the increasing cost of energy you may find that energy saving home improvements, along with the tax credits that accompany them, are something you should be considering. https://www.hgtaxservice.com/blog/home-energy-audit-tax-benefits/45966

2023 TAX DEDUCTION FINDER & PROBLEM SOLVER
To get ready for your tax appointment, we use tax organizers to help us identify missing tax deductions and get you more organized before your appointment. We update the tax organizer annually to make sure you are compliant with the latest tax law changes.

https://www.hgtaxservice.com/blog/2023-tax-deduction-finder--problem-solver/45968

MADE A MISTAKE ON YOUR TAX RETURN - WHAT HAPPENS NOW?

Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes have grown complicated and the paperwork required to file proper tax returns is often convoluted. This is especially true if you're filing your taxes yourself.

Congress has passed numerous tax laws in recent years making taxes ever more complicated. Even seasoned tax professionals have a hard time digesting all of the changes that they and their clients have to deal with, requiring hours of continuing education. All of this is to say that if you've just discovered that you've made a significant mistake on your tax return, the first thing you should do is stop and take a deep breath, and then call this office. It happens. It's understandable. There are steps that you can take to correct the situation quickly — you just have to keep a few key things in mind, including that the mistake could be in your favor.

Fixing Tax Return Mistakes - Here's what you need to know:
https://www.hgtaxservice.com/blog/made-a-mistake-on-your-tax-return-what-happens-now/45091

Happy Labor Day!
Without your hard work, this company would not become what it is today.

MID-YEAR TAX PLANNING CHECKLIST

Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. Mid-year is the perfect time for tax planning. The following are some events that can affect your tax return; you may need to take steps to mitigate their impact and avoid unpleasant surprises after it is too late to address them. Here are some events that can trigger tax consequences. Did you (or are you going to):

https://www.hgtaxservice.com/blog/mid-year-tax-planning-checklist/45241

CAN A SELF-EMPLOYED TAXPAYER MIX BUSINESS AND PLEASURE DURING FOREIGN TRAVEL AND STILL GET A TAX DEDUCTION?

When a self-employed individual makes a business trip outside of the U.S. and the trip is 100% devoted to business, all of the ordinary and necessary business travel expenses are deductible, just as if the business trip were within the U.S.

On the other hand, if the trip also incorporates a vacation, then special rules determine the deductibility of the travel expenses to and from the destination; when the other business travel expenses, such as lodging, meals, local travel, and incidentals can be deducted; and when they must be allocated. So, whether you are just visiting Canada, Mexico, a Caribbean island or traveling to Europe or even more exotic locales, here are some travel tax pointers:

https://www.hgtaxservice.com/blog/can-a-self-employed-taxpayer-mix-business-and-pleasure-during-foreign-travel-and-still-get-a-tax-deduction/45903

WHY IT'S NEVER TOO EARLY TO START A SAVINGS ACCOUNT FOR YOUR CHILDREN

Parents - especially new ones - are always looking for new ways to improve the lives of their children. Surprisingly, one of the most effective opportunities that people also often overlook has to do with starting a savings account for that child as early as they're capable of doing so.

https://www.hgtaxservice.com/blog/why-its-never-too-early-to-start-a-savings-account-for-your-children/45906

YOUR ENTREPRENEUR START-UP GUIDE

Ask any experienced entrepreneur and they will tell you that the difference between running a business and running a successful business is massive. To truly give yourself the best chance of success, and to help achieve your overall goals in the most effective ways possible, there are a number of key best practices you'll want to keep in mind along the way.

https://www.hgtaxservice.com/blog/your-entrepreneur-start-up-guide-the-best-practices-to-help-motivate-success/45908

EMPLOYEE OR INDEPENDENT CONTRACTOR

It is not uncommon for employers to misclassify employees as independent contractors, either to intentionally avoid their withholding and tax responsibilities or because they are not aware of the laws regarding the issue. Misclassifying a worker can have significant ramifications for both the employer and the worker in terms of how much each pays in income, Social Security, and Medicare taxes, among others. Worker misclassification is a perennial issue for the Internal Revenue Service and state taxing authorities due to the perception that many employers are not properly classifying their workers. This article looks at several issues regarding this matter.

https://www.hgtaxservice.com/blog/employee-or-independent-contractor-8211-a-primer-for-employers-and-employees/45910

7 HELPFUL BOOKKEEPING TIPS FOR E-COMMERCE COMPANIES

By far, one of the biggest (and most unique) challenges facing e-commerce companies today has to do with the uncertain nature of the entire enterprise.

Nobody could have predicted the onset of the COVID-19 pandemic in 2020. One side effect of this was that e-commerce ordering across all verticals shot up overnight as in-person shopping became impossible in many areas. This led to inventory issues and other supply shortages. Now that things are opening back up again, everything is slowing back down. Because of factors beyond your control like this, not to mention the potential of a recession, it is essential to have control of your business processes whenever possible.

Therefore, if you want to make sure that your bookkeeping is in order to help empower your e-commerce business as much as possible, there are a few key elements that you should keep a watchful eye over moving forward.

https://www.hgtaxservice.com/blog/7-helpful-bookkeeping-tips-for-e-commerce-companies/45884

TAX BREAKS FOR HIRING YOUR CHILDREN IN YOUR FAMILY BUSINESS
You might consider hiring your children to help in your business. Financially, it makes more sense to keep the family employed rather than hiring strangers, provided, of course, that the family member is suitable for the job.

Rather than helping to support your children with your after-tax dollars, you can instead hire them in your business and pay them with tax-deductible dollars. Of course, the employment must be legitimate and the pay commensurate with the hours and the job worked. The following are typical situations encountered when hiring family members.

https://www.hgtaxservice.com/blog/tax-breaks-for-hiring-your-children-in-your-family-business/41664

Energy efficient appliances may save you money on utilities AND your taxes. Make sure you qualify before you buy: https://ow.ly/y8fy50OZChb

HAVE YOU GOTTEN BAD TAX ADVICE?

Getting tax advice from friends and relatives or off the internet can be risky and lead to misinformation and trouble with the IRS, or missing out on tax benefits. Here are examples of bad tax advice.

https://www.hgtaxservice.com/blog/have-you-gotten-bad-tax-advice/45887

6 COMMON TAX MISTAKES THAT CAN LAND YOU IN TROUBLE WITH THE IRS

There's a reason why most people dread it on some level every time April rolls around. Making mistakes is commonplace, yes - but it's also critical to understand that not all issues are created equally.

In fact, some common tax mistakes are more than just a "small problem." They could actually land you in trouble with the IRS if you're not careful, which is why they should be avoided at all costs.

https://www.hgtaxservice.com/blog/6-common-tax-mistakes-that-can-land-you-in-trouble-with-the-irs/45886

Selling your home? If you make money on the sale, you may qualify to exclude it from your income when you file your tax return.

See how selling your home may affect your tax return with this : https://ow.ly/sVNI50OZuiU

Happy 4th of July

Its summer break and many students are looking for part-time summer employment. Both parents and students should be aware of the tax issues that need to be considered when working a summer job. Here is a rundown of some of the more common issues:
https://www.hgtaxservice.com/blog/tips-for-students-planning-to-work-during-the-summer/45877

Summer has arrived, and there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if disabled) during the school vacation period. A popular solution — with a tax benefit — is a day camp program. The cost of day camp can count as an expense toward the child and dependent care credit. But be careful…
https://www.hgtaxservice.com/blog/schools-out-who-is-going-to-take-care-of-the-kids/43912

GETTING MARRIED SOON? TAX ISSUES TO THINK ABOUT!

You think planning a wedding ceremony is complicated? Wait till you see the possible tax issues involved. If you are getting married this year, there is a long list of things you need to be aware of and plan for before tying the knot that can have a significant impact on your taxes. And there are a number of tax-related actions you should take as soon as possible after marriage.

https://www.hgtaxservice.com/blog/getting-married-soon-tax-issues-to-think-about/45875

QuickBooks Tips
5 THINGS YOU SHOULD DO EVERY TIME YOU OPEN QUICKBOOKS
QuickBooks offers many ways to:
• Get a quick overview of what’s happening with your money,
• Drill down on the details, and
• Take positive actions
Here’s what we suggest you do every time you start a work session in QuickBooks.

https://www.hgtaxservice.com/blog/5-things-you-should-do-every-time-you-open-quickbooks/45873

Thinking about buying an electric vehicle?
2023 brings with it a whole new set of rules related to qualifying for the tax credit for purchasing a new or used electric vehicle. Among the changes that must be navigated are buyer income limitations, vehicle assembly and component limitations and even vehicle price caps.

Before you purchase a vehicle with the expectation that you will qualify for a tax credit, and whether that tax credit will really provide any financial benefit, you may find it appropriate to first review all the limits.

https://www.hgtaxservice.com/blog/considering-a-new-or-pre-owned-electric-vehicle-read-this-first-to-see-if-you-will-benefit-from-a-tax-credit/45861

We honor and thank you for your service.

Want to improve your cash flow?
According to one recent study, approximately 82% of all businesses that fail do so due to poor cash flow management or just a general misunderstanding of the idea itself.

Here are a few tips that can help your business succeed.
https://www.hgtaxservice.com/blog/want-to-improve-your-cash-flow-shorten-the-amount-of-time-it-takes-to-get-paid/45851

As an entrepreneur, the urge to try to handle everything yourself when it comes to your business is a strong one. It's also perfectly understandable - after all, that "can-do spirit" has gotten you incredibly far in life up to this point.

Having said that, there are certain elements that you'll need to release control over, and sooner rather than later. The financial aspect of your organization is chief among them.

Learn more: https://www.hgtaxservice.com/blog/help-your-own-finances-with-these-essential-best-practices/45862

Are you an entrepreneur that is managing your own books? Here's great article about the warning signs that you should stop and let someone else manage your bookkeeping. https://www.hgtaxservice.com/blog/warning-signs-that-you-should-stop-managing-your-own-books/45859

Happy Cinco de Mayo from HG Tax and Financial Services

HG Tax & Financial Services can advise you now and all year round on the best strategies to make smart tax-saving decisions. Contact us today! Visit www.hgtaxservice.com or call 281-446-8002.

WORRIED ABOUT GETTING AUDITED? HERE'S WHAT YOU NEED TO KNOW ABOUT YOUR CHANCES...

https://www.hgtaxservice.com/blog/worried-about-getting-audited-heres-what-you-need-to-know-about-your-chances/45841

There are many reasons to consider hiring a tax professional. One reason is it saves you time. And time is money right?

Let HG Tax and Financial Services do your taxes so you can spend your time doing the things you enjoy.

Contact us today at 281-446-8002 or email: [email protected]