As the costs of higher education continue to rise, it’s essential for students and their families to be aware of the financial aids available to them. I’m Emily Lance with the Romine Group, and today, I’ll walk you through two significant college tax credits that can help ease the financial burden: the American Opportunity Tax […]
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The Private School Homeschool Deduction can significantly reduce your tax burden if you have children in private school or homeschool. To get to the point without any of the fluff, we figured we should give it to you straight. Here’s What You Need to Know: Indiana parents who claim their child as a dependent and […]
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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 […]
Read More… from Explaining the ERC with Tanner Roberson of The Romine Group
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 […]
Read More… from The Romine Group’s Guide to Paying Your Kids in Your Business