https://ronlykinscpas.com/ Take a look at our recent blog posts and client newsletter articles. en-us Wed, 01 May 2024 09:00:00 +0000 Wed, 01 May 2024 09:00:00 +0000 https://www.ronlykinscpas.com/newsletter.php#2 If you received a large refund this year, you may want to adjust your withholding. Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money. Wed, 01 May 2024 09:00:00 +0000 https://www.ronlykinscpas.com/newsletter.php#2 https://www.ronlykinscpas.com/newsletter.php#1 If you’re a small-business owner and you hire your children this summer, you may be able to secure tax breaks and other nontax benefits. The kids can gain bona fide on-the-job experience, save for college and learn how to manage money. You may be able to shift some of your high-taxed income into tax-free or low-taxed income, and, depending on the situation, you may realize payroll tax savings. Perhaps best of all, your kids will spend time with you. Wed, 01 May 2024 09:00:00 +0000 https://www.ronlykinscpas.com/newsletter.php#1 https://www.ronlykinscpas.com/newsletter.php#3 Every business wants to cut costs, but it isn’t easy. We’re talking about clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs (such as wages, benefits and overhead) often aren’t viable options because the very stability of your operation may depend on them. But there might be other ways to lower expenses if you dig deeply enough. Here are three possibilities. Wed, 01 May 2024 09:00:00 +0000 https://www.ronlykinscpas.com/newsletter.php#3 https://www.ronlykinscpas.com/newsletter.php#1 Generally, the IRS has three years to audit a tax return, from the later of the due date of the return or the date you file. You can also file an amended return within this time frame if you overlooked something. Mon, 01 Apr 2024 09:00:00 +0000 https://www.ronlykinscpas.com/newsletter.php#1 https://www.ronlykinscpas.com/newsletter.php#3 Businesses shut down for many reasons. Examples include an owner’s retirement, a lease expiration, staffing shortages, partner conflicts and increased supply costs. If you’ve decided to close your business, you might need assistance with some steps in the process, including handling various tax obligations. Mon, 01 Apr 2024 09:00:00 +0000 https://www.ronlykinscpas.com/newsletter.php#3 https://www.ronlykinscpas.com/newsletter.php#2 If you own a C corporation, you know there’s a tax advantage to taking money out as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but it can’t deduct dividend payments. Therefore, if funds are paid as dividends, they’re taxed twice, once to the corporation and once to the recipient. Money paid out as compensation is taxed only once, to the recipient employee. Mon, 01 Apr 2024 09:00:00 +0000 https://www.ronlykinscpas.com/newsletter.php#2 https://ronlykinscpas.com/blog.php?id=17 Wed, 08 Jul 2020 14:00:00 +0000 https://ronlykinscpas.com/blog.php?id=17 https://ronlykinscpas.com/blog.php?id=16 Wed, 28 Feb 2018 09:00:00 +0000 https://ronlykinscpas.com/blog.php?id=16 https://ronlykinscpas.com/blog.php?id=15 Thu, 08 Feb 2018 09:00:00 +0000 https://ronlykinscpas.com/blog.php?id=15 https://ronlykinscpas.com/blog.php?id=14 Fri, 26 Jan 2018 09:00:00 +0000 https://ronlykinscpas.com/blog.php?id=14 https://ronlykinscpas.com/blog.php?id=13 Protect yourself from identity theft! Sat, 01 Apr 2017 09:00:00 +0000 https://ronlykinscpas.com/blog.php?id=13 https://ronlykinscpas.com/blog.php?id=11 Do you unexpectedly owe thousands of more dollars to the IRS? Read here to see how to avoid these penalties. Thu, 07 Apr 2016 09:00:00 +0000 https://ronlykinscpas.com/blog.php?id=11 https://ronlykinscpas.com/blog.php?id=10 Our CPA recently was a sponsor for the Mount Carmel Foundation event, Brain on Fire, an evening with Susannah Cahalan. Tue, 29 Mar 2016 09:00:00 +0000 https://ronlykinscpas.com/blog.php?id=10 https://ronlykinscpas.com/blog.php?id=9 TAX TIP: Charitable donations are tax deductible and can reduce your tax burden significantly. Recently we were honored to support the Otterbein Golf Team in Scottsdale, Az. Thu, 24 Mar 2016 09:00:00 +0000 https://ronlykinscpas.com/blog.php?id=9 https://ronlykinscpas.com/blog.php?id=8 If you have not filed your 2015 tax returns, we urge you to ASAP! If a return is late there can be penalties! Tue, 15 Mar 2016 09:00:00 +0000 https://ronlykinscpas.com/blog.php?id=8 https://ronlykinscpas.com/blog.php?id=7 Wed, 02 Mar 2016 09:00:00 +0000 https://ronlykinscpas.com/blog.php?id=7 https://ronlykinscpas.com/blog.php?id=6 The 401(K) plan is "the best thing since sliced bread!" You'll wish you had done more! Thu, 18 Feb 2016 09:00:00 +0000 https://ronlykinscpas.com/blog.php?id=6 https://ronlykinscpas.com/blog.php?id=5 Getting Fake IRS Phone Calls? Hang Up! IRS never contacts taxpayers by phone. Don't fall for this and listen to some tips to avoid tax fraud. Thu, 11 Feb 2016 09:00:00 +0000 https://ronlykinscpas.com/blog.php?id=5 https://ronlykinscpas.com/blog.php?id=4 Advantages of Health Saving Accounts Thu, 28 Jan 2016 09:00:00 +0000 https://ronlykinscpas.com/blog.php?id=4 https://ronlykinscpas.com/blog.php?id=3 Mon, 25 Jan 2016 09:00:00 +0000 https://ronlykinscpas.com/blog.php?id=3 https://ronlykinscpas.com/blog.php?id=2 Wed, 13 Jan 2016 09:00:00 +0000 https://ronlykinscpas.com/blog.php?id=2