HG Tax and Financial Services

HG Tax and Financial Services HG Tax & Financial Services is here to help you navigate the ever-changing financial and regulatory

Happy Veterans Day!
11/11/2023

Happy Veterans Day!

Have you been thinking of making home improvements? If so, and they include energy saving improvements, you may qualify ...
11/01/2023

Have you been thinking of making home improvements? If so, and they include energy saving improvements, you may qualify for some substantial income tax credits. Even if home improvements aren’t currently on your to-do list, with the increasing cost of energy you may find that energy saving home improvements, along with the tax credits that accompany them, are something you should be considering. https://www.hgtaxservice.com/blog/home-energy-audit-tax-benefits/45966

MADE A MISTAKE ON YOUR TAX RETURN - WHAT HAPPENS NOW?Generally speaking, tax return mistakes are a lot more common than ...
09/21/2023

MADE A MISTAKE ON YOUR TAX RETURN - WHAT HAPPENS NOW?

Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes have grown complicated and the paperwork required to file proper tax returns is often convoluted. This is especially true if you're filing your taxes yourself.

Congress has passed numerous tax laws in recent years making taxes ever more complicated. Even seasoned tax professionals have a hard time digesting all of the changes that they and their clients have to deal with, requiring hours of continuing education. All of this is to say that if you've just discovered that you've made a significant mistake on your tax return, the first thing you should do is stop and take a deep breath, and then call this office. It happens. It's understandable. There are steps that you can take to correct the situation quickly — you just have to keep a few key things in mind, including that the mistake could be in your favor.

Fixing Tax Return Mistakes - Here's what you need to know:
https://www.hgtaxservice.com/blog/made-a-mistake-on-your-tax-return-what-happens-now/45091

Happy Labor Day!Without your hard work, this company would not become what it is today.
09/04/2023

Happy Labor Day!
Without your hard work, this company would not become what it is today.

MID-YEAR TAX PLANNING CHECKLISTWaiting until after the close of the tax year to worry about your taxes can result in mis...
08/29/2023

MID-YEAR TAX PLANNING CHECKLIST

Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. Mid-year is the perfect time for tax planning. The following are some events that can affect your tax return; you may need to take steps to mitigate their impact and avoid unpleasant surprises after it is too late to address them. Here are some events that can trigger tax consequences. Did you (or are you going to):

https://www.hgtaxservice.com/blog/mid-year-tax-planning-checklist/45241

CAN A SELF-EMPLOYED TAXPAYER MIX BUSINESS AND PLEASURE DURING FOREIGN TRAVEL AND STILL GET A TAX DEDUCTION?When a self-e...
08/22/2023

CAN A SELF-EMPLOYED TAXPAYER MIX BUSINESS AND PLEASURE DURING FOREIGN TRAVEL AND STILL GET A TAX DEDUCTION?

When a self-employed individual makes a business trip outside of the U.S. and the trip is 100% devoted to business, all of the ordinary and necessary business travel expenses are deductible, just as if the business trip were within the U.S.

On the other hand, if the trip also incorporates a vacation, then special rules determine the deductibility of the travel expenses to and from the destination; when the other business travel expenses, such as lodging, meals, local travel, and incidentals can be deducted; and when they must be allocated. So, whether you are just visiting Canada, Mexico, a Caribbean island or traveling to Europe or even more exotic locales, here are some travel tax pointers:

https://www.hgtaxservice.com/blog/can-a-self-employed-taxpayer-mix-business-and-pleasure-during-foreign-travel-and-still-get-a-tax-deduction/45903

YOUR ENTREPRENEUR START-UP GUIDEAsk any experienced entrepreneur and they will tell you that the difference between runn...
08/08/2023

YOUR ENTREPRENEUR START-UP GUIDE

Ask any experienced entrepreneur and they will tell you that the difference between running a business and running a successful business is massive. To truly give yourself the best chance of success, and to help achieve your overall goals in the most effective ways possible, there are a number of key best practices you'll want to keep in mind along the way.

https://www.hgtaxservice.com/blog/your-entrepreneur-start-up-guide-the-best-practices-to-help-motivate-success/45908

EMPLOYEE OR INDEPENDENT CONTRACTORIt is not uncommon for employers to misclassify employees as independent contractors, ...
08/02/2023

EMPLOYEE OR INDEPENDENT CONTRACTOR

It is not uncommon for employers to misclassify employees as independent contractors, either to intentionally avoid their withholding and tax responsibilities or because they are not aware of the laws regarding the issue. Misclassifying a worker can have significant ramifications for both the employer and the worker in terms of how much each pays in income, Social Security, and Medicare taxes, among others. Worker misclassification is a perennial issue for the Internal Revenue Service and state taxing authorities due to the perception that many employers are not properly classifying their workers. This article looks at several issues regarding this matter.

https://www.hgtaxservice.com/blog/employee-or-independent-contractor-8211-a-primer-for-employers-and-employees/45910

7 HELPFUL BOOKKEEPING TIPS FOR E-COMMERCE COMPANIESBy far, one of the biggest (and most unique) challenges facing e-comm...
07/26/2023

7 HELPFUL BOOKKEEPING TIPS FOR E-COMMERCE COMPANIES

By far, one of the biggest (and most unique) challenges facing e-commerce companies today has to do with the uncertain nature of the entire enterprise.

Nobody could have predicted the onset of the COVID-19 pandemic in 2020. One side effect of this was that e-commerce ordering across all verticals shot up overnight as in-person shopping became impossible in many areas. This led to inventory issues and other supply shortages. Now that things are opening back up again, everything is slowing back down. Because of factors beyond your control like this, not to mention the potential of a recession, it is essential to have control of your business processes whenever possible.

Therefore, if you want to make sure that your bookkeeping is in order to help empower your e-commerce business as much as possible, there are a few key elements that you should keep a watchful eye over moving forward.

https://www.hgtaxservice.com/blog/7-helpful-bookkeeping-tips-for-e-commerce-companies/45884

TAX BREAKS FOR HIRING YOUR CHILDREN IN YOUR FAMILY BUSINESSYou might consider hiring your children to help in your busin...
07/18/2023

TAX BREAKS FOR HIRING YOUR CHILDREN IN YOUR FAMILY BUSINESS
You might consider hiring your children to help in your business. Financially, it makes more sense to keep the family employed rather than hiring strangers, provided, of course, that the family member is suitable for the job.

Rather than helping to support your children with your after-tax dollars, you can instead hire them in your business and pay them with tax-deductible dollars. Of course, the employment must be legitimate and the pay commensurate with the hours and the job worked. The following are typical situations encountered when hiring family members.

https://www.hgtaxservice.com/blog/tax-breaks-for-hiring-your-children-in-your-family-business/41664

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