Rupert Tax & Advisory Services LLC

03/01/2022

In the days when it seems like people are being split so easily by their differences (and a lot by outside forces), it's helpful to remember that we have more commonalities than we think. As we reach to understand our similarities, may those join us together in difficult times.

02/28/2022

Before I talk about preparing for your tax appointment, let's first make sure you've got an appointment scheduled. Haven't had a chance yet? You'll want to jump on that ASAP - our calendar is nearly full!

Now, for those with an appointment coming up, there are a few things you can do to make things go quickly and smoothly including:

- Identify what paperwork you'll need to bring to your appointment
- Gather all the appropriate documents and either submit them electronically (24 hours in advance) or print them out and bring them with you.
- Review last year's documents to be sure you're not missing anything

Doing these few things in advance will ensure a timely and efficient filing appointment.

02/25/2022

Tax scams abound and can look like anything from unemployment fraud to email phishing to text message scams about stimulus payments to threatening messages from the "IRS" about money owed.

Whatever form they come in, the one measure you can take is to prioritize securing your digital presence and online information.

Another way to combat scams is to familiarize yourself with the known ones, so take a few minutes to check out this year's list of scams to watch out for.

Don't fall victim to tax scams. Learn how to spot a scam and what to do.

02/24/2022

How to Reduce Taxes in Retirement: Ryan Rupert's Pro Advice

When you’ve worked so hard to save up for your later years, learning how to reduce taxes in retirement becomes a big priority - and we can help.

02/24/2022

It's Black History Month, and we want to honor the African American entrepreneurs and influencers who have made great strides ahead for all of us.

UNICEF USA works with many Diaspora and Multicultural partners, our fellow champions for children in the U.S. and globally. For Black History Month, we pause to honor these partners and look forward to future collaborations.

02/23/2022

Rather than asking "Is this expense deductible?" (the answer to which is often NO), start asking "How can I turn this expense into a deduction?"

Uncovering hidden deductions isn't about spending money on things to get a tax break. There's not a lot of money to be had there. What it really looks like is examining where you're already spending money and then turning it into something that works for you.

Are your money and time spent regularly on something outside the scope of your business that could actually be turned into a legitimate business venture? It might be time to consider turning that "play" into a lucrative work endeavor that not only brings in a profit but also means tax breaks for you.

We'd be glad to look things over for you and give you insight on where to begin.

02/22/2022

America Saves Week is here and today's focus -- Saving for the Unexpected -- is something we should all be thinking about post-pandemic. Because if we learned anything from the past two years, it's that things can change suddenly and with little warning.

If you want some resources on how to achieve financial stability, tips on how to start saving and reach financial goals, and other helpful information for your savings journey, hop on over to the America Saves Week website.

Since 2007 America Saves Week has been an annual celebration as well as a call to action for everyday Americans to commit to saving successfully. Through the support of thousands of participating organizations, together we encourage individuals to do a financial check-in that allows them to get a cl...

02/21/2022

All of the 3rd Economic Impact Payments - in the amount of $1,400 for each qualifying child - have been issued.

If you're one of those who didn't receive it and know you have a child who qualifies you to get it - don't fret. You can still claim it via the 2021 Recovery Rebate Credit.

And, we can help you with that when you schedule an appointment with us.

IR-2022-19, January 26, 2022 — The Internal Revenue Service announced today that all third-round Economic Impact Payments have been issued and reminds people how to claim any remaining stimulus payment they’re entitled to on their 2021 income tax return as part of the 2021 Recovery Rebate Credit...

02/18/2022

The IRS does provide an outlet to answer important tax questions you might have. The problem? There is only a 3.5 month window for you to ask those questions. And picking up the phone to call the IRS is kinda like going to the beach without packing any sunscreen (i.e. "I probably know what's gonna happen here but maybe it won't be that bad"). Although touted as a "toll-free" service, the over-the-phone option is often hard to navigate and can lead to frustrating hold times. So what's an alternative?

SOLUTION: Work with a human. One you know and trust.

You can call us right this second with any questions you might have. Important tax questions arise throughout the year ... not 3.5 months at a time.

02/17/2022

Office space can be a big part of owning your own business. It can be a pretty big expense, too… And of course, the past two years might have changed how you do business in that office – a lot.

Maybe you have more people working from home. Maybe you’ve had to lay off some, at least for now. Odds are good that if you take a peek out over your office these days, you won’t see what you saw in 2019.

It might be time to ask: Do I still need as much office space?

And if your answer is "maybe not," we can take a look at your situation and help you decide if you should downsize.

02/17/2022

Retirement Contribution Tax Deductions for Washington Filers

The clock is still running in Washington Filers’ favor. There’s still time to maximize retirement contribution tax deductions for 2021.

02/16/2022

With government assistance comes government regulation... and little to no guidance.

If your business was among those that received federal assistance during the pandemic (PPP loans, ERTC, RRF, etc.), you are required to report on transaction details involving the use of those funds. And existing accounting models for this weren't very helpful for most for-profit businesses.

However, in November of last year, the FASB (Financial Accounting Standards Board) released an updated model that will help businesses track usage and create accountability.

An accounting standards update affects companies that took advantage of COVID stimulus programs.