Facing a tax audit can be intimidating, but with proper preparation and understanding, you can navigate the process smoothly and confidently. A tax audit is an examination of your tax return by the IRS to ensure the information you provided is accurate. Here’s how to...
Michael Hogberg, EA
Understanding the Importance of Accurate Tax Preparation and Payroll Compliance
In recent news, a Michigan business owner faced serious charges for allegedly underreporting business income and failing to pay employment taxes. While this case has gained attention, it underscores a broader issue that is unfortunately not uncommon among small and...
The Tax Benefits of Charitable Giving
Charitable giving not only allows you to support causes you care about, but it also offers potential tax benefits. Understanding how to maximize these benefits can help you reduce your taxable income and make a more significant impact with your donations. Here’s a...
Understanding Capital Gains Taxes
Capital gains taxes can significantly impact your investment returns, so it's essential to understand how they work and how you can manage them. Capital gains are the profits you make from selling an asset, such as stocks, real estate, or other investments, for more...
Tax Planning for Retirement: What You Need to Know
Retirement planning is not just about saving money; it's also about understanding and managing the tax implications of your retirement income. Effective tax planning can help you maximize your retirement savings and minimize your tax liability. Here’s what you need to...
Mid-Year Tax Checkup: Staying on Track
A mid-year tax checkup is an excellent way to ensure you’re on track with your tax planning and financial goals. By reviewing your tax situation in the middle of the year, you can make necessary adjustments, take advantage of tax-saving opportunities, and avoid...
How to Handle an IRS Audit
Receiving notice of an IRS audit can be daunting, but with the right preparation and understanding, you can navigate the process smoothly. An IRS audit is an examination of your tax return to ensure the information you provided is accurate. Here’s a guide on how to...
Tax Considerations for Real Estate Investors
Investing in real estate can be a lucrative venture, but it also comes with its own set of tax implications. Understanding these tax considerations is crucial for maximizing your returns and ensuring compliance with tax laws. Here’s a guide to help real estate...
The Benefits of Quarterly Tax Planning
Effective tax planning is not just a year-end activity; it’s something that should be done throughout the year. Quarterly tax planning allows you to manage your tax liabilities proactively, take advantage of opportunities for savings, and avoid surprises when it’s...
Understanding the Tax Implications of Freelance Work
Freelancing offers flexibility and the freedom to be your own boss, but it also comes with unique tax responsibilities. As a freelancer, you are responsible for managing your own taxes, including income, self-employment, and possibly estimated taxes. Here’s what you...