Tax Tips Blog

As a follow-up to our previous communication regarding the Beneficial Ownership Information (BOI) Reporting, we wanted to send a reminder about the approaching deadline of January 1, 2025 and the importance of ensuring your compliance with the regulations. As mentioned in our earlier article, the BOI reporting requirement is part of the recent regulatory changes […]

Divorce is a challenging and emotional process that can significantly impact various aspects of your life, including your finances. While the financial implications of divorce are far-reaching, it’s crucial to understand how it can affect your taxes. In this article, we’ll explore how a divorce can impact your tax situation and provide some essential considerations

Summer wedding season has arrived, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer’s marital status as of December 31 determines their tax filing options for the entire year, but that’s not all newlyweds need to know. Report a name change Report any name changes to the Social

The Internal Revenue Service (IRS) imposes a variety of penalties on taxpayers to encourage compliance with tax laws and regulations. In 2023, several changes and updates to IRS penalties have taken effect, impacting both individual taxpayers and businesses. The IRS imposed a whopping $7 billion in tax penalties in 2023, a record-high that marks a

What to Do If You Get an IRS Letter Tax season is over, and you’ve filed your return. Now you can sit back and relax, right? Well, not always. Sometimes, even after filing, the IRS might send you a letter or notice. Don’t panic! Getting mail from the IRS doesn’t automatically mean there’s a big

As the current tax season comes to a close, it’s the perfect time to start thinking about tax planning for the upcoming year. At Penrose & Associates, we believe that proactive tax planning is the key to minimizing your tax liability and maximizing your financial health. Here’s why starting your tax planning now can make

Tax season often brings about mixed feelings for many individuals. Some eagerly anticipate a tax refund, seeing it as a welcome financial boost, while others may dread the process, fearing they might owe money to the government. While receiving a tax refund can be a welcome bonus, owing money to the IRS can be stressful. 

Demystifying Beneficial Ownership Interest (BOI): Eligibility, Exclusions, and Filing Deadlines Explained In the realm of financial regulations and compliance, the term “Beneficial Ownership Interest (BOI)” holds significant importance. Understanding who qualifies for BOI status, who doesn’t, and the pertinent filing deadlines is crucial for businesses and individuals navigating regulatory requirements. Let’s delve into what BOI

Receiving a tax refund can feel like a financial windfall, providing an opportunity to bolster savings, pay off debts, or indulge in a little splurge. However, rather than seeing it as merely a bonus, taxpayers can leverage their tax refund strategically to enhance their financial well-being. Here are some savvy ways to make the most

As the year draws to a close, it’s the perfect time to take stock of your finances and explore opportunities to optimize your tax situation. Making informed decisions before the year ends can lead to significant savings come tax season. Here are some year-end tax tips for 2023 to consider: Contribute to Retirement Accounts: Take