Alyson Kowalchuk-Rahn, EA

08/11/2023

Learning to do something yourself feels great! Your Online Account lets you manage your taxes on your own time. Get your transcripts, make a payment, and more.

Create your Online Account today: www.irs.gov/account

08/11/2023

Don't forget the deadline for your S Corp/partnership tax returns is 🚨 9/15 🚨
There are NO EXTENSIONS!

07/19/2023

Tip income should be reported on an tax return. This includes non-cash tips, such as concert tickets or event passes.

If you receive tip income, you must do three things:
• Keep a daily tip record.
• Report tips to the employer, unless the total is less than $20 per month per employer.
• Report all tips on an individual income tax return.

Learn more about tip recordkeeping and reporting: https://ow.ly/npES50PbW15

07/14/2023

I never realized how many business owners lack financial literacy until I started building my CFO and tax planning clientele.
I always believed you had to have ALL of your ducks in a row to run a business.

Thankfully I’m helping to change this, one client at a time! 🙌🏻

Also, you definitely don’t have to have all of your ducks in a row to run a business.

In fact, I’d say most of us don’t. BUT the successful ones learn how to hire for/outsource the things that aren’t in their zone of expertise.

What have you been holding on to in your business that doesn’t serve your future growth?

🗓️ Coming this fall, business financial literacy 101.
💥How to read business financials.
💥 What your numbers are SCREAMING at you.
💥Where to go from here.

Contact me via PM for more information.

💯Don’t wait until it is to late for our team to help.

Talk soon,
Alyson Kowalchuk-Rahn, EA

02/03/2023

Consider filing status
Divorcing couples who are still married as of the end of the year are treated as married for the year and must determine their filing status. The What Is My Filing Status tool on IRS.gov can help people figure out what status makes sense for their situation.

Here the statuses separating or recently divorced people should consider:

Married filing jointly. On a joint return, married people report their combined income and deduct their combined allowable expenses. For many couples, filing jointly results in a lower tax than filing separately.
Married filing separately. If spouses file separate tax returns, they each report only their own income, deductions, and credits on their individual return. Each spouse is responsible only for the tax due on their own return. People should consider whether filing separately or jointly is better for them.
Head of household. Some separated people may be eligible to file as head of household if all of these apply:
Their spouse didn't live in their home for the last six months of the year.
They paid more than half the cost of keeping up their home for the year.
Their home was the main home of their dependent child for more than half the year.
Single. Once the final decree of divorce or separate maintenance is issued, a taxpayer will file as single starting for the year it was issued, unless they are eligible to file as head of household or they remarry by the end of the year.

https://www.irs.gov/forms-pubs/about-publication-504

01/26/2023

Although we love them like our children, pets do not qualify as dependents no matter how you dress them up. To learn more about who qualifies as a dependent, check out: www.irs.gov/pub929

01/10/2023

10/31/2022

Always read the small print at the bottom of letters. 🕵🏻

10/20/2022

https://studentaid.gov/manage-loans/forgiveness-cancellation/debt-relief-info

10/20/2022

https://studentaid.gov/debt-relief/application

10/17/2022

https://www.irs.gov/pub/irs-pdf/p463.pdf

Do you write off mileage expenses, educate yourself on the process and know that all dates aren't equal.

In 2022 the mileage rate changes mid year, don't miss out on a higher deduction.
For the first half the rate is 58.5 cents per mile and increases to 62.5 cents per mile the last half.
Be wise, consult with a professional for the best results.