The novel coronavirus (COVID-19) has shaken industries and economies across the world. If you’re like many small business owners right now, you are probably sitting in your home worrying non-stop about how your small business will make it through this crisis. The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocates more than $2 trillion in support for individuals and businesses as they attempt to navigate this time, and several banks and financial institutions are offering relief as well.Read More
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Lawhorn CPA Group’s top priority is the safety and well-being of our clients and team professionals.
With the new “safer at home” order in effect, please know that our business is considered essential, and we will remain open and working. However after careful review of information provided by the Centers for Disease Control and Prevention (CDC) and other state and federal organizations on the COVID-19 pandemic, we have determined it may be necessary for our offices to close periodically or operate with limited staff to protect the health of clients and employees.Read More
If you have access to the outside world at all, you are probably fully aware of the coronavirus that has been sweeping the world. In an effort to keep you informed, we’ve gathered some information on what this could mean for this tax filing season and what we’re doing to prepare.Read More
One of the most famous axioms that individuals hear when discussing wealth is that “you can’t take it with you when you go.” This adage could be considered the primary ethos behind the process of estate planning. Estate planning is the preparation for the distribution of an individual’s assets and real and personal property upon their death. At the heart of estate planning lies the formal creation of a will, which includes naming an executor. An executor of an estate is an individual tasked with locating and assembling the assets of an individual’s estate. In this article, we’ll further explore the executor of an estate, including executor responsibilities and duties.
“Planning is bringing the future into the present so that you can do something about it now.” ~ Alan Lakein
Tax planning is a concept which has become a more prevalent topic in American’s lexicon since the passage of the Tax Cuts and Jobs Act, which became law in December of 2017. Tax planning is the analysis of your financial situation from a tax perspective and has several beneficial advantages that can help you leverage tax benefits, preserve investment returns, structure charitable donations, protect and secure financial support for dependents, and prepare for a secure retirement. If you’re looking to reduce your taxes or increase your tax refund for 2020, here are some tax planning basics to follow.
Monopoly has been a favorite board game among kids for over 80 years. Most kids like the game because they get to make money, but what they do not realize is they are also learning valuable personal finance lessons that can help them in the future. Here are the top six personal finance lessons that can be learned from playing Monopoly.
We are 113 days until 2020. If you’re wondering where 2019 went, we are right there with you. As the 2018 tax extension deadline approaches on October 15, 2019, we know you are most likely not considering filing your 2019 tax return yet. But maybe we all should be. With many new updates to tax laws and the final implementation to steps of the Tax Cuts and Jobs Act, it is easy to be unsure of how these changes are going to affect you. We are here to walk you through some anticipated challenges for the 2020 tax season.
Before anything can be sold in the marketplace, you need to formulate a price for that product or service. For nearly the entire history of capitalism, decision-makers have chosen one of two pricing strategies, often without knowing what pricing strategy they are actually using. These two pricing processes are the cost-based approach, where a price is formulated from its overall cost of production (plus a markup), and the competitor based approach, where a price is created based on what other market participants are charging (or maybe a little less than they are charging if you’re a new competitor).
The new tax laws in the US and the subsequent tax code changes have caused much concern, confusion, and have even caused some to experience unwarranted tax penalties. With the massive overhaul of the tax codes and IRS guidance that has taken place over the past 24 months, there appeared to be quite a bit of “trial and error” taking place as the IRS scrambles to apply guidance and tax code to match the new tax laws. Recently in the news, the IRS announced it would waive tax penalties for more than 400,000 eligible taxpayers who underpaid on their 2018 tax returns.