Tips On How To Reduce Your Tax Bill

Save On TaxesAs a full-service accounting firm, a major desire of our clients is for us to help them to cut their tax bills. We certainly have the knowledge and expertise to save you as much as possible when we plan throughout the year and prepare your taxes, but there are also ways that you can reduce your tax bill on your own. In today’s blog,  The Youngblood Group, LLC provides tips on how you can lower the amount you’ll pay when April 15th rolls around. (more…)

Do You Understand Your EIDL Obligations?

EIDLMany small businesses took advantage of the Economic Injury Disaster Loans (EIDL) that the Small Business Administration (SBA) made available due to the pandemic. I advised clients to take this only if they truly needed it, understood the constraints and consequences of taking on this loan, and had a plan for repayment.  (more…)

Independent Contractors And Taxes

Independent ContractorMillions of American businesses hire independent contractors to perform all types of services. And millions of American workers prefer to work as contractors rather than employees.

Due to the COVID-19 pandemic, more people than ever want the freedom that comes with being an independent contractor. (more…)

ADA Website Compliance Means Tax Benefits

ada complianceThere are myriad reasons to ensure your website is ADA compliant. It ensures that anyone, regardless of disabilities, can fully interact and engage with your pages. They will not be excluded from your site’s information and can enjoy the same benefits as the non-disabled. This also your business to reach as many individuals as possible, and you have the opportunity to provide your goods and services to a much wider segment of the country. Additionally, there are tax benefits as well — you might be able to deduct the cost of building your website as well as maintaining it. In today’s blog, The Youngblood Group, LLC discusses what makes a website ADA compliant in addition to the statute that enables the tax benefits. (more…)

Confusion From Recent IRS Letters

IRS LetterThe IRS has sent out millions of letters to individuals who received the advanced Child Tax Credit payments in 2021 (Letter 6419) and/or the Economic Impact Payments (Notice 1444). Unfortunately, many of these letters have been shown to list incorrect amounts and information.
It is important to compare this letter to your records to ensure accurate reporting. Start by checking the amounts you received in your bank account in comparison to the letter/notice. You can also go to the IRS website and create or log in to your online account to view your records.
If incorrect information is filed, the processing of your return and/or refund could be delayed for weeks or even months, so it is imperative to double-check these amounts before your return is prepared.

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The Importance Of A Full-Service Accountant

accountantHaving an accountant can make your life easier. Whether you are running a business or have complicated finances in your personal life, an accountant can take a lot off of your plate. When you work with a professional, it is important that they provide a wide variety of services, including IRS representation, so you can entrust your financial well-being to a single person or organization. Having to coordinate numerous accountants and tax professionals who all focus on different things can be draining, so it is ideal to find a single person who can handle all of your needs. In today’s blog, The Youngblood Group, LLC, discusses the importance of working with a full-service accountant. (more…)

A Bespoke Accounting Firm Makes A Difference

accountingIt is essential that you have faith in your accounting firm. After all, you are entrusting them to fulfill their fiduciary responsibility and help you manage your finances. With this in mind, it is in your best interests to find a firm that not only has the experience to handle your monetary and organizational needs but can also openly and clearly communicate with you. You deserve the best from your accountant, and you shouldn’t settle for anything less. In today’s blog, The Youngblood Group, LLC, discusses the myriad benefits of working with a bespoke accounting firm. (more…)

Bookkeeping Simplifies Your Life

bookkeepingWe know that running a successful business requires a lot of organization and balancing. Our founder, Josh Youngblood, started his first company at the age of 15, so he has firsthand knowledge of everything it takes to keep all of your affairs in order. When you are juggling lots of duties, any reprieve can make major improvements to your quality of life — for both your business and personal life. Because of this, it is important to have a professional accounting firm on your team that can handle your bookkeeping. In today’s blog, The Youngblood Group, LLC, talks about the accounting and bookkeeping services we offer to our clients. (more…)

An Enrolled Agent Can Help You With The IRS

Enrolled agentUsing an accountant can make your life significantly easier. Whether you are filing your taxes as an individual or for your business, it can be a hassle to keep track of everything throughout the year — not to mention preparing everything when it comes time to file. The benefits are even more apparent when you have a complex tax situation. Moreover, when your taxes become more complicated, you run the risk of having to deal with the IRS. This can be an intimidating and stress-inducing position, so you need to have an adept accountant on your side. In today’s blog, The Youngblood Group, LLC, discusses the importance of having an Enrolled Agent for IRS representation. (more…)