Tax Insights with Hawkins Ash CPAs

If you filled your 2022 tax return and you're not satisfied with the outcome, now is the time to start planning for next year's tax savings. In this episode, Jeff Dvorachek, a tax partner, shares ways you can increase 401k, IRA, and HSA contributions to save on next year's taxes. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

As a business owner, you can choose among a variety of structures for operating your business. The business structure you choose influences everything from day-to-day operations to taxes and how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits. In this episode, Jeff Dvorachek, a tax partner, takes a closer look at the benefits of different types of business entities such as an S-corporation, C-corporation, partnership, or sole proprietor. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

As a small business owner, selecting the correct business structure is an exciting task, but it doesn't come without challenges. Many owners wonder about the differences between each business structure or if they should create an LLC. In this episode, Jeff Dvorachek, a tax partner, takes a closer look at LLCs to learn what they are, how they differ from other business structures, and what you'll need to know when choosing the proper business structure for your new endeavor. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

If your product enters another state or you have a remote employee working in another state. You may have a tax liability to states other than the state your business is in. Failure to collect and pay the appropriate tax can lead to additional payments, interest, and penalties. In this episode, Jeff Dvorachek, a tax partner, shares the information business owners need to determine their sales payroll and income tax liabilities to other states. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

In these 5 minutes, Jeff Dvorachek, a tax partner, explores the various ways hiring a child or spouse can maximize the tax savings of a family-owned business. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

After you have filed your 2022 tax return, the IRS states that 9 out of 10 refunds will be issued within less than 21 days; that is if; you e-file with direct deposit. In this episode, Jeff Dvorachek, a tax partner, breaks down how fast your refund will arrive depending on the filing and; the refund method chosen. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses, and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

With a Roth account, you would not receive a tax deduction on your contribution. But you will also not have to pay tax on qualified distributions. With today's low stock values, Jeff Dvorachek, a tax partner, explains how contributing to or converting existing funds to a Roth account may be advantageous. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

Saving for retirement is essential, and it is crucial to maximize the funding of the retirement plan account available to you. In this episode, Jeff describes the various IRA, 401k, and SEP accountants available and the associated contribution limits. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

As a person nears 70 years of age, it's important to prepare for the proper retirement plan withdrawal amounts. In 2023 the required minimum distribution rules will affect those 73 years of age and older. In this episode, Jeff analyses the several factors that impact an individual's required minimum distribution amount. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.

It's that time of year, form 1099 is due by January 31st. In general, a business owner would need to send a 1099 to anyone they paid more than $600 for things such as rent, services, or prizes. In this episode, Jeff Dvorachek explains what transactions would trigger a 1099 and the exemptions that may apply. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota. Listen to more of the Tax Insights Podcast at hawkinsashcpas.com/cpa-hq/podcast/.