Death & Taxes: Guide to Filing Taxes for a Deceased Taxpayer in the Year of Death
Filing taxes in the year of death can be complex. Learn how to prepare a final Form 1040, estate Form 1041, and when to call in an expert.
Understanding Federal Inheritance Taxes: Real Estate, Retirement Accounts, and More
Understanding the tax obligations of your inheritance can help you make informed decisions about how to manage your inherited assets (and set you up for a much easier tax season).
An Independent Contractor’s Guide to Filing Taxes
The process of filing and paying taxes as an independent contractor is both different and more complicated than that of a W2 employee. Here’s what you should know.
Understanding Financial Statements: A Guide for New Business Owners
Learn why accurate financial statements are crucial for small businesses. Understand P&L, Balance Sheet, and Cash Flow to make informed decisions and grow your company.
What to Do If You Receive a Notice From the IRS (2024)
It’s that time of year again: IRS notice season. No, it’s not an official season, but for tax professionals like myself, it might as well be! Have you received a notice from the IRS or your state tax agency? If so, don’t panic. As a trusted CPA who’s helped numerous clients navigate these waters, I’ll […]
How To Get the Most Value From Your CPA
When people invest in a CPA, they often want to know how to get the most value from the CPA’s services. What should they ask? What information should they provide? How involved should they be in the processes? To ensure your financial, personal, and business goals are met, Wood CPA has some tips on how […]
2023 Tax Changes to Look Out For
Adjustments to federal tax brackets, deductions, credits, and more are not new—they happen every year. This year’s changes are small and are largely related to inflation, but regardless it’s important to be informed about them so you can make any necessary adjustments for next year’s taxes. Let’s take a look at the 2023 tax changes […]
Preparing for Tax Season 2022: What Your CPA Needs From You and What To Expect
This blog was originally published on January 25th, 2022 but has been updated on January 18th, 2023. Tax season is upon us, which means it’s time to start preparations for your 2022 tax return. Whether this is your first or your fiftieth year filing taxes, preparing for tax season can be stressful and often frustrating […]
How Can I Lower My Tax Bill: 10 Tips For Small Businesses
As a small business owner, you might not be aware of all the deductions, credits, and other business income strategies that can help you lower your tax bill. That’s why we put together a list of 10 quick tips to help you keep your income where it belongs: out of the government’s coffers, and in […]
The Importance of Professional Bookkeeping for Small Businesses
For small businesses, bookkeeping is an essential part of the tax planning process. Bookkeeping involves keeping track of your company’s financial transactions on a regular basis. With an organized log of all business expenses, you’ll be able to make accurate financial decisions and tax preparations. Key Takeaways: Bookkeeping and accounting are technically two separate services–but […]