Inflation is seldom a good thing.
But when it comes to investing, the U.S. Treasury Department has a downright fantastic inflation opportunity. You can buy bonds that pay 9.62 percent interest—tax-deferred—with no downside risk and no state or local income taxes when you cash them in.
If you buy now, you earn 9.62 percent for six months, guaranteed. At the end of six months, the Treasury Department:
- adds the interest you earned to your principal, and
- pays interest on your new principal balance at the new rate it will determine this year, on November 1.
Example. You buy $10,000 of Series I bonds on September 24. You earn 9.62 percent for six months for a total of $481 ($10,000 x 9.62 percent ÷ 2). On March 24, your principal balance is $10,481 ($10,000 + 481).
As 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…)
Many 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…)
As you are probably aware there is a higher probability of a cybersecurity attack in the near future. Therefore, I think it is prudent that you have some information on how you can be best prepared. (more…)
Millions 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…)
There 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…)
The 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.
We 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…)
Using 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…)