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Author Archives: Lake Wylie Tax Services Staff

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Want to Relieve Stress in 2023? Start Building Your Emergency Fund

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 24, 2023 by Lake Wylie Tax Services StaffJanuary 24, 2023

Create an Emergency Fund and Relieve Stress for 2023Maybe you’re one of the people who went through mass layoffs in virtually all industries in 2022. Maybe you’ve made a New Year’s resolution to become more financially stable in 2023. You might even be worried that this is the year that the economy will truly enter into the recession that many have predicted for quite some time.

Regardless, many surveys have shown that most Americans are living paycheck to paycheck and don’t have any type of a “rainy day fund” at all. In fact, one estimate puts it at roughly three out of every five people. Naturally, this can cause quite a bit of stress – especially given the general unpredictability of everything going on in the world.

Thankfully, all hope is not lost. If you want to relieve stress, the most important step you can take is to start building your emergency fund as soon as you’re able to – and it’s a lot more straightforward of a process than you might think.

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Posted in Personal Finance

All the Signs That You May Need Some Assistance With Your Bookkeeping

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 19, 2023 by Lake Wylie Tax Services StaffJanuary 19, 2023

Lake Wylie Bookkeeping AssistanceEspecially in the early days of a business, it can be natural to want to handle as many day-to-day tasks yourself – bookkeeping included. Sometimes, it’s in an effort to save money. Often, entrepreneurs just feel like they’re in a better position to handle everything themselves. Regardless, this situation does seem to play out regularly.

But as your business continues to grow and evolve, those day-to-day tasks become harder. Your finances become more challenging, which naturally adds complexity to the bookkeeping process. Mistakes are more likely to be made and some of them, particularly as they relate to cash flow, can cost you dearly.

Thankfully, all hope is not lost. By simply paying attention to a few key red flags, you can become immediately aware when you need help with your bookkeeping so that you can do something about it quickly.

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Posted in Bookkeeping | Tagged Growing Your Business

Will the Recently Passed Pension Legislation Affect You?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 12, 2023 by Lake Wylie Tax Services StaffJanuary 12, 2023

How will the recently passed pension legislation affect meThe President, on December 29, 2022, signed the Consolidated Appropriations Act, 2023, which is the “omnibus spending bill” Congress needed to pass to avoid a government shutdown. That legislation also included the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, a.k.a. the SECURE 2.0 Act, that can significantly impact and augment your retirement planning strategies. The SECURE 2.0 Act incorporates provisions from proposed legislation that was passed by the House and another bill that was passed by the Senate that had not previously been reconciled.

So What’s in the Legislation That May Affect You?

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Posted in Retirement Planning | Tagged 401k, Retirement, RMD

Wonder What a Tax Deduction Is Worth?

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 4, 2023 by Lake Wylie Tax Services StaffJanuary 4, 2023

Do Tax Deductions make a DifferenceIndividuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are “above the line”, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes, while business deductions can offset both income and self-employment tax. In other words, there are many factors to consider, and the tax benefits differ for everyone, depending on their particular situation and tax bracket.

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Posted in Belmont Tax Preparation, Clover Tax Preparation, For Business, Gastonia Tax Preparation, Lake Wylie Tax Preparation, Steele Creek Tax Preparation, Tax Deductions | Tagged Tax Deductions

Common Family Tax Mistakes

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on December 27, 2022 by Lake Wylie Tax Services StaffDecember 27, 2022

Common Family Tax MistakesWhen it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are some commonly encountered situations and the tax ramifications associated with each.

These are not the only examples of the tax complications that can occur in family transactions. It is recommended that you contact this office before completing any family financial transaction. It is better to structure a transaction within the parameters of tax law in the first place than suffer unexpected consequences afterwards.

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Posted in Gastonia Tax Preparation, Lake Wylie Tax Preparation, Steele Creek Tax Preparation, Tax Central, York SC Tax Preparation | Tagged Tax Planning

Understanding Tax-Deferred Investing

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on December 21, 2022 by Lake Wylie Tax Services StaffDecember 21, 2022

Understanding Tax-Deferred InvestmentsWhen you are attempting to defer the taxability of a capital gain, save money for your children’s future education or plan your retirement finances, you may do so in several ways, including investing in the stock market, buying real estate for income and appreciation, or simply putting money away in education savings accounts or retirement plans. Knowing how these various tax savings vehicles and income deferral opportunities function is important for choosing the ones best suited to your circumstances.

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Posted in Tax Central | Tagged Investment, Retirement, Tax Planning

2022 Tax Deduction Finder & Problem Solver

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on December 13, 2022 by Lake Wylie Tax Services StaffDecember 14, 2022

Preparing your records for filing 2020 Taxes

To get ready for your tax appointment, we use tax organizers to help us identify missing tax deductions and get you more organized before your appointment. We update the tax organizer annually to make sure you are compliant with the latest tax law changes.

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Posted in Clover Tax Preparation, Gastonia Tax Preparation, Lake Wylie Tax Preparation, Steele Creek Tax Preparation, York SC Tax Preparation | Tagged Tax Central, Tax Planning

IRS Finds a Cure for the Family Glitch

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on December 13, 2022 by Lake Wylie Tax Services StaffDecember 13, 2022

Affordable Care Act RevisionsBackground – The Affordable Care Act (ACA) – also referred to as Obamacare) was enacted over 12 years ago, and one of its main features was the creation of government marketplaces (sometimes called exchanges) where Americans could purchase their health insurance if not covered by an affordable employer’s plan. Also included in the ACA was a new tax credit, the Premium Tax Credit (PTC), that could be used to offset some or all of the premiums for policies obtained through the marketplace.

However, that law also contained what some have referred to as “the family glitch” that prevented some families from having access to a health insurance marketplace or taking advantage of the PTC. After more than a decade, the IRS has come up with regulations that will allow, in some cases, these family members to be eligible for the PTC.

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Posted in Tax Central | Tagged Medical, Tax Planning

Huge Increase in Scam Texts and Calls – Don’t Be a Victim

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on December 6, 2022 by Lake Wylie Tax Services StaffDecember 6, 2022

Huge Increase in Scam ActivityTaxpayers should be aware of the recent increase in IRS-themed texting scams aimed at stealing personal and financial information.

So far in 2022, the IRS has identified thousands of fraudulent domains tied to multiple texting scams (known as smishing) targeting taxpayers. In recent months, IRS-themed smishing has increased exponentially.

Smishing campaigns target mobile phone users, and the scam messages often look like they’re coming from the IRS, offering lures like fake COVID relief, tax credits or help setting up an IRS online account. Recipients of these IRS-related scams should not act on or respond to them but should report them to phishing@irs.gov as instructed below.

In recent months, the IRS reports that smishing has reached an industrial scale and multiple large-scale smishing campaigns have delivered hundreds of thousands of IRS-themed messages in hours or a few days, far exceeding previous levels of activity.

Lately the scam texts often ask taxpayers to click a link where phishing websites will try to collect their information or potentially send malicious code onto their phones. The IRS does not send emails or text messages asking for personal or financial information or account numbers. These messages should all be red flags for taxpayers.

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Posted in Tax Central | Tagged Scams

Tax Benefits for Holiday Family Employment

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 29, 2022 by Lake Wylie Tax Services StaffNovember 29, 2022

Tax Benefits for Holiday Family EmployeeAlong with the holidays comes a lot of extra work for many family-run businesses, which may require putting the kids to work and having a spouse help out over the busy time. There are special tax rules when hiring your children and also for your spouse, depending on whether he or she is a business partner or an employee.

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Posted in Tax Central | Tagged Employee, Tax Planning

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