RW Phipps Accounting News

How to Select the Right Accountant for Your Financial Needs

How to Select the Right Accountant for Your Financial Needs

When it comes to managing your finances, whether it's for personal or business purposes, having a trusted accountant by your side can make all the difference. Accountants are not just number crunchers; they are financial advisors who can help you navigate complex tax...

Smart Tax Saving Tips: Keep More of Your Hard-Earned Money

Smart Tax Saving Tips: Keep More of Your Hard-Earned Money

Taxes are an inevitable part of life, but that doesn't mean you can't take steps to reduce your tax burden and maximize your savings. With careful planning and a bit of strategic thinking, you can legally minimize the amount of taxes you owe and keep more of your...

Key points to keep in mind when filing 2022 tax returns

Key points to keep in mind when filing 2022 tax returns

To help taxpayers navigate the beginning of the tax filing season, the Internal Revenue Service today offered a checklist of reminders for people as they prepare to file their 2022 tax returns. From gathering paperwork to filing a tax return, these easy steps will...

IRS introduces new service industry tip reporting program

IRS introduces new service industry tip reporting program

The Treasury Department and Internal Revenue Service today issued Notice 2023-13, which contains a proposed revenue procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program, a voluntary tip reporting program between the IRS and...

IRS: Maximum educator expense deduction rises to $300 in 2022

IRS: Maximum educator expense deduction rises to $300 in 2022

As the new school year begins, the Internal Revenue Service is reminding teachers and other educators that they'll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year. This is the first...

Cryptocurrency: Investment or speculation?

Cryptocurrency: Investment or speculation?

With cryptocurrencies so much in the news, you might be wondering if you should invest in them. But “invest” may not be the right word – because, in many ways, cryptocurrencies, or “crypto” for short, are more speculation than investment. But what’s really the...

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