When are Virginia State Taxes Due?
In Virginia, as with any other state, the last day for tax filing usually brings about a huge, last-minute rush for tax preparation services. But the events of 2020 have been far from usual, and the state of Virginia has taken steps to reduce the stress associated with income tax filing in these uncertain times […] Read More
Top 3 Tax Questions to Ask Your Advisor
Companies and freelancers have their plate full during tax season. Whether you’re self-employed as of last year or it’s business as usual for you, the advisors of TPI Group have often been asked the same questions by our clients. Here is a list of some frequently asked questions. Most of our questions and answers will […] Read More
3 Tips for Choosing a Great Tax Advisor
As the end of January approaches, professionals across the country are starting to prepare for the upcoming tax deadline. Tax season can be a stressful time, and this is especially true for small business owners, IT professionals, doctors, dentists, government contractors, and self-employed individuals. Given that independent professionals generally have a more complicated tax situation […] Read More
What Triggers an IRS Audit?
A tax audit is the IRS or state tax authority double-checking your numbers to make sure there are no discrepancies in your return. Why would the IRS audit people? When there is a difference between what the IRS is owed and what the IRS actually receives. The IRS often audits taxpayers based on their suspicious […] Read More
Why Is Tax Planning Necessary?
Tax Planning is finding out how much tax you will be paying before you file. The purpose of planning taxes is to minimize your tax liabilities or the amount you owe the IRS. There are several approaches to tax planning, some of which can be done through the use of allowances, exclusions, exemptions, and deductions. […] Read More
Best Ways to Avoid an IRS Audit
Nobody wants to be audited by the IRS. Although very few individual taxpayers are audited, for those who are selected it is costly, stressful, and extremely time-consuming. A tax audit can lead to additional bills that average $21,918. Dealing with an audit is difficult. It is far easier to do your best to avoid one […] Read More
Black and White: Tax Evasion Versus Tax Planning
It seems surprising, at times, that many people confuse the terms “tax evasion” and “tax planning.” There is a world of difference between them. One is an illegal activity with potentially serious penalties (tax evasion) and the other an activity government itself, and tax authorities, take for granted (tax planning). One source of confusion might […] Read More
Top 5 Year-End Tax Tips
April 15th—the deadline for filing your 2018 taxes—is quickly approaching. Whether you’re still compiling paperwork or you’re breathing a sigh a relief, TPI Group has prepared some tips to use in your tax preparation strategies either this year or next year. Start Shopping for the Business The end of the year is a great time […] Read More
5 Easy Ways to Have a Stress-Free Tax Season
Preparing to file your taxes is never fun, but if you follow these five simple tips, you will enjoy a stress-free tax season. Routinely Update Your Books It’s in your best interest to set aside at least one afternoon a month and dedicate that time to updating your books. Not only will this provide you […] Read More
Do You Know if Your Company’s Meals Are Taxable?
As the 2018 tax deadline looms, many independent contractors and small businesses are working to get their taxes filed on time. One item that small business owners encounter is deciding when employer-provided meals are taxable. The meal and entertainment deduction rules for taxes can be hard to figure out. Understanding the guidelines is crucial for […] Read More
Why Tax Refunds May Not Be the Best Financial Strategy
During the 2018 tax filing season, the IRS issued approximately $148 billion in refunds. With changes to tax laws, the amount of tax refunds for businesses and individuals is expected to increase for the 2019 tax filing season. While many are rejoicing at this news, receiving a large refund is not necessarily as great as it […] Read More
Do You Know How the New Tax Bill Will Affect Your Business?
There was a lot of hoopla about the new Tax Cuts and Jobs Act for 2018. When anything changes, people are wary and when money is involved, people become anxious. It’s understandable, but people are adaptable and will come to work with the new bill’s changes. It’s important to remember in the coming year to […] Read More
2017-2018 Taxes: The Personal Exemption and Its Removal
A tax reform bill called the Tax Cuts and Jobs Act (TCJA) proposed changes by the IRS that were passed at the end of 2017. These changes included the increase of the standard deduction for married couples and singles, as well as the elimination of personal exemptions, which has altered how the public is to […] Read More
8 Year-End-Tax-Strategies for High Income Earners
The good news, you had a great year and earned a high income. The bad news, here comes the tax man. This is a perilous time of year for high income earners. If you procrastinate with your tax decisions, you could face a much higher tax bill in April 2015. It is not too late […] Read More
IRS Warns of Pervasive Telephone Scam
Here is a you tube video about this IRS scam WASHINGTON — The Internal Revenue Service today warned consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. […] Read More