Tax Tips Blog

Please note that beneficial ownership information reporting requirements have been affected by a recent federal court order. The Department of the Treasury is appealing that order. In the meantime, business owners are not currently required to file a BOIR and are not subject to liability if they fail to do so while the applicable order […]

As the year draws to a close, now is the perfect time to ensure your financial house is in order and to take advantage of tax-saving opportunities. With a little planning, you can reduce your tax liability for 2024 and set yourself up for a strong financial start in 2025. Here are some key strategies

Setting and achieving financial goals can feel overwhelming, but breaking them down by decade can make the process more manageable. Here is a guide to what you should be aiming for as you progress through each stage of life. 20s: Building a Strong Financial Foundation In your 20s, your primary goal is to establish a

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.