As tax season approaches, it’s essential to understand the key documents that will help you accurately report your income. Two of the most common forms are the W-2 and the 1099. Knowing the differences between these forms and how to handle them can make the tax filing...
Michael Hogberg, EA
Tax Deductions You Might Be Missing
As tax season approaches, it's essential to ensure you're taking advantage of all the deductions available to you. Missing out on eligible deductions can result in paying more taxes than necessary. Here’s a guide to some commonly overlooked tax deductions that can...
Organizing Your Financial Records: Preparing for Tax Season
As tax season approaches, one of the most critical steps you can take is to organize your financial records. Proper organization not only makes the tax filing process smoother but also helps you maximize deductions and credits, ensuring you receive the best possible...
Important Tax Deadlines for the Year: What You Need to Know
As the new year unfolds, it's essential to be aware of key tax deadlines to ensure compliance and avoid penalties. Staying on top of these dates not only keeps you organized but also provides peace of mind as you navigate your financial responsibilities. Here’s a...
New Year’s Financial Resolutions: Setting Tax Goals for the Year
As the New Year begins, setting clear tax goals can help secure your financial future. Here’s how to get started: 1. Organize Your Financial Records Gather all relevant documents: Income Records: W-2s, 1099s, and other income statements. Expense Receipts: Charitable...
Case Study: Bad Bookkeeping Leads to Federal Prison
Ascendancy is committed to providing expert tax planning and compliance services to businesses across various industries. In this case study, we shed light on a real-life scenario that emphasizes the importance of accurate bookkeeping and the consequences of...
Avoiding Tax Fraud: Lessons for Business Owners by Example
July 26, 2023 In a recent case, a tax preparation company owner in Florida pleaded guilty to aiding and assisting in the preparation of a false tax return. This unfortunate incident serves as a crucial reminder to business owners about the importance of accurate and...
Maryland Security Guard Convicted of Tax Evasion
Wednesday, December 14, 2022 A federal jury convicted a Maryland security guard today of tax evasion. According to court statements and evidence presented in court, Gaston Gilberto Reyes, of Germantown, did not file income tax returns with the IRS for the years 2015...
Home Business Owner Convicted Of Filing False Tax Returns
Tuesday, November 22, 2022 A federal jury yesterday convicted a Clarksville, Tennessee man of filing false tax returns that omitted income he earned from his business, announced U.S. Attorney Mark H. Wildasin for the Middle District of Tennessee and Acting Deputy...
Business Owner Sentenced For Tax Fraud Conspiracy
Tuesday, November 22, 2022 Did Not Report Millions from Illegal Gambling Operation A Florida man was sentenced today to 36 months in prison for conspiring to defraud the IRS in connection with his ownership and operation of illegal gambling businesses in the Canton,...