Gary L. Roberson, CPA, PLLC

02/26/2025

As a business owner, it's important that you classify workers correctly as either employees or independent contractors because misclassifying them could trigger an IRS audit. If you treat workers as independent contractors but the IRS considers them to be employees, the tax agency may impose back taxes, interest and penalties. If you're looking for personalized, in-depth tax assistance when classifying workers, you've come to the right place. Contact us today at (757) 497-1223 to set up your first consultation.

02/25/2025

Yep, it's true. While standard deductions may provide welcome tax breaks, there are a few scenarios where you may not be qualified to take it. Some examples include: if you are married filing separately and your partner chooses to itemize and then you must also itemize; you are filing a return as a trust, estate, or partnership; your returns cover a period less than a year due to accounting changes; or you are considered a ‘nonresident alien’ or ‘dual-status alien’ in the US. These can be tricky to work out on your own. Fortunately, we are just a call away – (757) 497-1223! Contact us for tax help today.📝

02/24/2025

Businesses can deduct “ordinary and necessary” expenses they incur in the course of operations. If your business claims higher-than-average deductions for your industry, it might be a red flag that triggers an IRS audit. You could have to prove that certain expenses are ordinary and necessary by providing invoices, receipts, contracts and other documentation. Organizing your expense records to stand up to IRS scrutiny doesn't have to be complicated. Let us handle your numbers so you can focus on what matters - running your business. Schedule an appointment with us today at (757) 497-1223.

02/21/2025

Risk management is an essential aspect for businesses and individuals as it helps identify impacts to your financial goals. Despite its popularity and importance, there are quite a lot of commonly made mistakes by organizations when it comes to risk management. Avoiding these mistakes can assist you in maintaining a robust and successful business strategy. https://bit.ly/3RQxNvE

📞: (757) 497-1223

Risk management is a critical aspect of sound financial decision-making for businesses and individuals alike. It involves identifying, assessing, and mitigating potential risks that could impact your financial goals. Despite its importance, there are common mistakes that individuals and organization...

02/19/2025

If you're making an IRA contribution - no matter the amount and timing - you're on the right track to boost your retirement savings. If you forgot to make a 2024 contribution by December 31, it may not be too late! You can make a 2024 contribution to a traditional or Roth IRA up until the tax filing deadline of April 15, 2025. For more guidance on IRAs, give us a call at (757) 497-1223.

02/18/2025

Extra! Extra! Read all about it! The standard deduction amounts for 2025 have increased due to inflation. Don’t navigate the complicated tax world alone – let us be your guide!🔦Contact us at (757) 497-1223.

02/17/2025

Each year, the IRS and the Social Security Administration make adjustments that affect taxes, benefits and retirement contributions. If you have any questions, feel free to contact us at (757) 497-1223.

02/14/2025

A customer-focused business culture places the customer at the center of all your business decisions. This strategic approach helps your business build brand loyalty, customer satisfaction, and eventual business success. Have you incorporated any of these tips into your organization’s culture?

A customer-focused business culture is not just a buzzword; it's a strategic approach that places the customer at the center of all business decisions. This approach is essential for building brand loyalty, driving customer satisfaction, and, ultimately, ensuring business success. Here are some prac...

02/12/2025

Under federal tax law, you can give a certain amount of money or assets annually without incurring gift tax. The 2025 annual gift tax exclusion is $19,000 (up from $18,000 in 2024). This means you can give up to that amount to as many people as you like tax-free. You must report gifts beyond the exclusion to the IRS on Form 706, but these gifts might still be tax-free under your lifetime gift and estate tax exemption - which is $13.99 million for 2025. Have questions? Contact us at (757) 497-1223.

02/11/2025

It's advisable to begin saving money in a retirement account as soon as you can to increase your nest egg. The longer you put off saving, the less time your assets have to grow. Now may be a good time to discuss your retirement plans with a qualified financial advisor like us. We’d love to help you! Contact us today at (757) 497-1223.

02/10/2025

Some gifts can be made tax-free without using up any of your $19,000 annual gift tax exclusion or $13.99 million lifetime exemption. Specifically, you can pay an unlimited amount for someone else’s tuition or medical expenses. To be tax-free, the payments must be made directly to the qualified educational institution or health care provider. Understanding the nuances of federal gift tax law can help keep taxes to a minimum - that's where we come in! Give us a call at (757) 497-1223 today.

02/07/2025

Tax season is a stressful time for a lot of us; however, by planning strategically and making informed tax decisions ahead of time, you can reduce the risk of accumulating tax debt and more easily navigate the complex world of taxation. Make these smart money moves to maintain financial stability for years to come.

Tax season can be a stressful time for many individuals, and the fear of accumulating tax debt looms large. However, with strategic planning and informed decisions, you can navigate the complexities of taxation and reduce the risk of finding yourself in debt to tax authorities. In this blog post, we...