Like clockwork, tax season is upon us. But for taxpayers who owe multi-year payments plus mounting penalties, it’s an especially expensive and stressful time of year. Owing money to the IRS can be frightening, to say the least. For each day that goes by, more interest and penalties may accrue, wreaking havoc on your finances. […]
Are you a business risk-taker? It could be hurting your company’s value
Whether you’re looking to cash out now or planning a long-term exit strategy, a business valuation can offer an accurate calculation of your organization’s total worth. Like any business owner, you want to ensure you’re getting top dollar for your business and all of its assets when the time comes. As with any company, you […]
The future of cybercrime — and what it could mean for your business
By 2024, the cost of data breeches will reach an estimated $5 trillion. A huge reason for the hefty price tag is a 70% rise in cybercrime. Cybercrime is among the world’s fastest growing criminal offenses, and it shows no signs of slowing down. Today’s cybercrimes can present themselves in various forms — from malware […]
Can depreciation save your business money?
Depreciation is a deduction from income tax that lets your firm recover the cost of property. Read on to see how the IRS allows for the wear and tear, deterioration or even obsolescence of items. The depreciation of tangible property — buildings, machinery, vehicles, furniture, equipment and even cell phones — as well as intangible […]
4 income tax filing mistakes that could land you in tax trouble
Thinking of preparing your own income tax return this April? You might want to reconsider. Even the slightest oversights might mean hefty fines and penalties that could have been avoided. Watch out for these four mistakes before hitting the “submit” button. #1 Neglecting to report all of your income. Whether it’s your regular paycheck, a […]
Understanding the tax implications of out-of-state workers
Here in the tri-state area, where it’s a relatively easy commute from Connecticut or New Jersey to Manhattan, for example, it’s quite common for Magone & Company clients to have employees who reside out of state. And with remote workers becoming more common, you may have more employees who live across the country rather than around […]