Posted on: September 23rd, 2024
Navigating the Economic Landscape of an Election Year The impact of the presidential election on taxes is always unknown. For that reason, as we approach another pivotal presidential election year, the air is thick with anticipation and uncertainty. The choices we make at the ballot box have far-reaching implications, not just for our nation’s leadership…
Posted on: August 21st, 2024
Tax Reduction Tip Strategies Many individuals are looking for tips on tax reductions and ways to minimize their tax liability and maximize their potential refunds. We understand that navigating the complex landscape of tax laws can be overwhelming. However, with the right strategies, you can effectively reduce your tax burden. Here are eight practical tips…
Posted on: July 15th, 2024
Tax audits can be a daunting experience for individuals and businesses alike. The thought of being scrutinized by the IRS can be anxiety-inducing, but there are steps you can take to minimize the likelihood of being audited. As experienced CPAs, we’ve seen our fair share of tax audits and have identified some common red flags…
Posted on: June 21st, 2024
As a leading accounting firm, Brown, Chism & Thompson LLC understands the importance of wealth management for our clients. Wealth management is a comprehensive approach to managing and growing your financial assets in order to achieve your long-term financial goals. It involves a combination of financial planning, investment management, tax planning, and estate planning to…
Posted on: May 16th, 2024
Be a Cash Flow Crisis Survivor In the world of business, cash flow is king. Without a healthy cash flow, even the most successful companies can find themselves facing a financial crisis. As a CPA firm, we understand the importance of managing cash flow effectively to ensure the long-term success of our clients. In this…
Posted on: April 25th, 2024
Business Tax Extensions are Daunting Navigating the complex world of business taxes and related business tax extensions can be a daunting task for any entrepreneur or business owner. With constantly changing regulations and requirements, it’s crucial to stay up to date on the latest information to ensure compliance and avoid any potential penalties. One important…
Posted on: March 18th, 2024
When you gamble and win, it’s important to understand the tax implications of your winnings. Gambling winnings are considered taxable income by the Internal Revenue Service (IRS), so it’s crucial to report your winnings accurately on your tax return to avoid any potential penalties or legal consequences. IRS Requires Reporting of All Winnings If you…
Posted on: February 19th, 2024
Getting organized for tax season can seem like a daunting task, but with a little planning and preparation, you can make the process much smoother. Here are some steps you can take to get organized for tax season: Gather all necessary documents: Start by collecting all the documents you will need for your tax return.…
Posted on: January 18th, 2024
As a self-employed individual, it is important to grasp the concept of quarterly tax payments and how they affect your financial obligations. Unlike traditional employees who have their taxes withheld by their employers, self-employed individuals are responsible for calculating and paying their taxes directly to the government. This often involves making quarterly tax payments throughout…
Posted on: December 21st, 2023
How a CPA Firm Can Help Navigate the Complexities of Inflation and Taxes Comprehensive Tax Planning for Inflation and Taxes One of the primary ways a CPA firm can help navigate the complexities of inflation and taxes is through comprehensive tax planning. Inflation can result in increased costs and higher income levels,…