The accountant who got your business through the startup phase isn’t always the one who gets you to $5 million — or $10M or $20M. As your business grows, the inflection point usually comes when you need financing, are seeking proactive tax mitigation strategies or need to reward key employees to help retain critical talent. […]
IRS Shifts to Electronic Payments: What Taxpayers Need to Know
Your tax refund check isn’t coming in the mail anymore. The IRS just announced it’s going all-electronic for refunds and payments. Here’s what you need to know: What happens if you don’t provide direct deposit information? If you file your return without banking information, the IRS will still accept and process it, but your refund […]
Love and Money: Must-have Financial Conversations for Engaged Couples
Spring weddings are in full bloom, and May is one of the most popular months to tie the knot. For engaged couples, the to-do list seems endless. But between choosing flowers and finalizing a menu, there’s one critical conversation that many future grooms and brides-to-be avoid: Money. Talking about finances early on can set the […]
More Money, Same Problems: Understanding Lifestyle Inflation
It’s the beginning of a new year, and maybe you landed a promotion with a generous raise. But before you start browsing new house listings or book a dream vacation for your entire family, here’s an uncomfortable truth we see at Magone & Company every day: Most people who get big pay bumps end up […]
Self-Employment Tax Planning: Start Now or Pay Later
Working for yourself can be great, but it can also be quite… taxing. Being your own boss comes with incredible perks — like working where you want and when you want — but the tax side of things can be a bit more complex than when you had an employer handling everything. To help avoid […]
What Happened to Your State and Local Tax Deductions?
New limits on state and local tax (SALT) deductions have created some serious tax planning challenges for many of our clients. These limits are responsible for increasing tax bills for millions of Americans. And even if you’ve never heard of SALT deductions, you’ve probably still felt the impact, especially if you live somewhere with high […]