The end of the year brings about a flurry of business activities, and one crucial aspect that demands attention is payroll. It’s imperative for businesses to ensure that their payroll matters are in order. In this article, we’ll delve into the essential forms and deadlines associated with year-end payroll. First and foremost, let’s address the […]
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In this article, we discuss the complexities of itemized deductions, which frequently puzzle individuals, who question the value of meticulously recording receipts and expenditures. We aim to provide clarity and guidance through the maze of itemized deductions, ensuring you navigate confidently. Understanding the Basics: Itemized deductions are expenses that you can subtract from your taxable […]
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As we navigate the paperwork jungle that often accompanies financial planning, one particular packet deserves your undivided attention: the 529 plan. In the midst of engagement letters and tax packets, the 529 plan shines as a beacon of future security and educational prosperity for you and your loved ones. So, what exactly is a 529 […]
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What exactly are 1099s? There are two main types of information you need to know about: 1099-NEC and 1099-MISC. Let’s break them down: 1099-NEC (Non-Employee Compensation): This form applies when you pay someone more than $600 annually for services they provide to your business. Think of subcontractors or independent contractors who have worked on specific […]
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As tax season comes to a close, many individuals find themselves facing a balance due on their tax returns. However, there are proactive steps you can take to lower that amount before the filing deadline. Contributing to Your IRA One effective way to reduce your tax liability is to contribute to your Individual Retirement Account […]
At The Romine Group, we pride ourselves on keeping you informed about crucial regulatory changes that may impact your business operations. Today, we’re shedding light on the Corporate Transparency Act and its implications, particularly regarding Beneficial Ownership Information (BOI) reporting. So, what exactly does this mean for you? The Corporate Transparency Act mandates that entities […]
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Several weeks ago, the IRS announced the details of a special withdrawal process for taxpayers who filed an Employee Retention Credit (ERC) claim. To give some context, the IRS paused all processing of ERC claims in a historic news release in mid-September due to a flood of improper ERC claims. The main concern is these […]
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Today, we’re delving into some significant changes coming in 2024 for retirement accounts, brought to you by The Romine Group, a leading CPA firm. In this blog post, we’ll unravel the key modifications affecting 401(k)s, 403(b)s, 457 plans, the Federal Thrift Savings Plan, IRAs, and more. Understanding these changes is essential for maximizing your retirement […]
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In this blog post, we’ll delve into the topic of paying your kids within your business—a unique approach that can help them save for significant milestones like their first house, car, or even college. However, as with any financial strategy, there are important considerations and guidelines to ensure both compliance and mutual benefit. The Key […]
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In today’s blog post, we’ll explore the realm of prepaid expenses from the perspective of a cash-based taxpayer. As a Certified Public Accountant (CPA) firm, The Romine Group specializes in tax planning, and we’ll uncover how prepaying expenses can be a strategic move to lower your income and navigate the complexities of taxation. Understanding Prepaid […]
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