Taxes Archives - Gray CPA

Year-End Tax Cutting Moves to Consider

Dec 6, 2023 | Taxes

Year-End Tax Cutting Moves to Consider Here are moves you can make to reduce your taxable income. But the year is quickly coming to a close, so plan accordingly. Max out pre-tax retirement savings. The deadline to contribute to a 401(k) plan to get a 2023 taxable...

Year-End Tax Planning Tips for Your Business

Nov 20, 2023 | Taxes

Year-End Tax Planning Tips for Your Business As 2023 winds down, here are some ideas to help you prepare for filing your upcoming tax return: Informational returns. Identify all vendors who require a 1099-MISC and a 1099-NEC. Obtain tax identification numbers (TINs)...

Tax Planning: Now More Important Than Ever

Nov 13, 2023 | Planning, Taxes

Tax Planning: Now More Important Than Ever Thankfully it’s not too late to try and minimize your taxes for 2023. If you haven’t scheduled a tax planning session, now is a great time to do so. Here’s how a tax planning session can potentially help your situation:...

The IRS is NOT Always Right

Oct 26, 2023 | Accounting, Taxes

The IRS is NOT Always Right Think twice about automatically paying the amount due on a notice Here are several quotes from actual IRS correspondence that serves as evidence that our national tax collection agency is not always right: Thank you for your correspondence....

Tax Court Corner – Three Cases, Three Great Tips

Oct 23, 2023 | Taxes

Tax Court Corner – Three Cases, Three Great Tips Here’s a roundup of several recent tax court cases and what they mean for you. Blogging for Taxes (Thomas v. Commissioner of IRS, 160 T.C. No. 4) The innocent spouse relief rule allows one spouse to avoid paying...

Taxes: Knowing the Basics is Key

Oct 19, 2023 | Taxes

Taxes: Knowing the Basics is Key It’s the starting point to saving money Understanding how our tax system works can be tricky for anyone. Whether you’re an adult who never paid much attention to the taxes being withheld from your paycheck or a kid who just...