Did you know you need to report cash gifts to the IRS? If you’ve recently given a cash gift to a family member or loved one, you’re probably not thinking about taxes. But this tax season might be different than others if you have gifted cash. That’s because you could be on the hook to [...]
Non-profits are lifelines to many communities. Nonprofit organizations tend to fill gaps in services and goods that aren’t being provided by local governments. But although these organizations seek to do good for communities, they are also lucrative business ventures. After all, it is estimated, that non-profits contribute $1 trillion to the national economy in the [...]
Are you prepared for tax season? At A.P. Accounting & Tax Services, we get asked tax questions all the time. Given that tax season is just around the corner, we’ve decided to outline some of the most common questions below. 1. How Can I Lower My Tax Bill? The most common question that we get [...]
You could save big on an electric vehicle purchase. If you purchased a new or used electric vehicle in 2023 you could qualify for a tax credit up to $7,500 Although a relatively new tax credit, the Inflation Reduction Act that passed in 2022 guarantees money back on all new or used electric vehicle purchases. [...]
Could a defined benefit plan be right for your business? Commonly referred to as a pension, a defined benefit plan is a great way to guarantee retirement benefits. If you are a business owner who doesn’t offer a benefit plan but is thinking of doing so, continue reading below to see why it could be [...]
Are you happy with your retirement plan? If your retirement plan isn’t getting the return you thought it would then it might be time to roll it over. A rollover occurs when a withdrawal of cash or assets is made from one eligible retirement plan and placed in another. This practice could be advantageous and [...]
If you’re not financially savvy, you came to the right place. Whether you want to save, invest, start a business, or track expenses; knowing where to start can seem impossible. At A.P. Accounting & Tax Services, we understand first-hand how complicated financial terms can be. That’s why we’ve taken the time to highlight five common [...]
With high inflation rates and increased pricing, it’s no wonder people are stressed about money. Whether you live on your own, with a spouse, or dependents; household budgets have gotten tight this year. That’s why having a solid financial plan is crucial to avoid unexpected bills and debt. One of the things we always advise [...]
Being in debt doesn’t necessarily mean you’ll owe more come tax time. If you’re in debt, chances are money is constantly on your mind. Whether it’s thinking about upcoming bills, coming up with monthly budgets, or saving for expenses; money can be the cause of many stressors. But a large tax bill at the end [...]
Real estate taxes can be tricky to understand. If you are in the process of selling your home, you probably aren’t thinking about taxes. But, the sale of a home has a significant impact on earnings and returns. So, to prevent you from stressing this tax season, we’ve outlined four of the most common real-estate [...]
