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.

Need a CPA? You Probably Also Need Business Advisory Services

Many people who seek out CPAs simply want their tax return filed. But there are plenty of online tax preparation services that can help you file your taxes. You don’t necessarily need to enlist the services of a Certified Public Accountant for that.  So when do you need the services of a CPA? Well, most.

Tax Planning 101: Tips for Individuals and Businesses To Maximize Tax Breaks

There’s no escaping it: everyone has to deal with taxes. At best, it’s a mildly stressful experience. At worst, it can be overwhelming. But what if we told you it doesn’t have to be? What if, with the right amount of tax planning and support, tax season could actually be an organized, straightforward, even easy.

What Does Your CPA Do When it’s NOT Tax Season?

For many folks, the only time they see their certified public accountant is during the weeks leading up to April 15th–also known as Tax Day. But what exactly do they get up to after that?  Much like we used to assume our school teachers lived in their classrooms and evaporated into thin air once summer.

Inheritance Taxes in Minnesota: What You Need To Know

There are several different ways an inheritance can be taxed in the North Star State. Whether you’re preparing your own estate or have found yourself the beneficiary of one, it’s important that you understand all the tax implications (including any potential tax breaks) so you can plan accordingly. At Wood CPA, we make sure our.

What Happens When You Over-Contribute to Your HSA, IRA, or 401(k)?

Setting aside money for retirement or healthcare expenses through an IRA, 401(k), or HSA is a smart thing to do. So contributing as much as possible to these accounts is a great idea, right? Well…yes and no. What many people don’t realize is that you can contribute too much to these tax-advantaged accounts. The IRS.

How To Choose Which Business Structure Is Best for You

When you start your own business, there are seemingly millions of decisions to make. From financial and legal considerations to hiring and training staff, it can feel like a lot.  Of all of the decisions you have to make as you set up your business, choosing a business structure is one of the most important..

How To Find the Right CPA: Hiring a CPA That’s a Good Fit for You and Your Business

Hiring the right CPA can be a game-changer for your business. A good CPA can save you time, prevent costly mistakes, help you choose the right business structure and accounting method, make tax time less stressful, and even help you set goals and make decisions for your business. But how do you find the right.

sales and use tax

What Is Sales and Use Tax, and How Does It Affect Your Business?

Sales and use tax management and compliance issues are not limited to retail companies — they can pose a challenge for businesses of all types and sizes.  Collecting, calculating, reporting, and paying sales and use taxes are often some of the most confusing aspects of running a business. And because these taxes impact your business.