Understanding Form 5498:

Let's demystify Form 5498, the document that sheds light on your contributions to HSAs and IRAs. It's your roadmap to tracking these important financial moves.

Embracing the Digital Era: An Overview

Taxes, an inevitable part of life, are evolving into a more convenient and efficient process with the introduction of online estimated tax payments. In this era of digital transactions, let's explore how this shift can simplify your tax obligations.

Hey tax trailblazers! The IRS is shaking up the tax game, and we're here for the digital revolution!

Hey fellow tax enthusiasts!

Here's the scoop: For the second year running, the IRS is hitting pause on rolling out a rule change that would shake things up for tax filers receiving business income through payment apps and online marketplaces like Venmo, CashApp, Etsy, and Airbnb.

Zap! The Rise of Electric Vehicles

Electric vehicles are all the rage, and it's not just because they're quiet as a mouse. The government is now giving us a pat on the back (or a charge up) with the Clean Vehicle Credit. Now, let's dive into the electrifying details and unravel the mysteries of tax credits for EVs!

Hey there, fellow tax nerds and planet-loving peeps! It’s Melissa, your guide through the maze of numbers, deductions, and, yep, those ever-exciting tax credits. While I’ve been hammering away at construction plans (seriously, who knew picking out faucets could be as complex as tax law?), AccountAbility has embraced the digital nomad life, going fully remote. But wait until you hear about the electrifying changes to the Home Energy Tax Credit in 2023! Let's shed some light on this, shall we?

In the world of remote bookkeeping and tax preparation businesses, it's easy to see your peers as competitors. After all, you're all vying for the same clients and striving for financial success. But what if we told you that your fellow bookkeepers and tax pros could be your greatest allies in this journey? Hold onto your calculators; it's time to explore the hilariously practical world of business besties and 'co-petitors.'

Running a small business can be like juggling flaming torches on a unicycle – exciting but potentially hazardous! Managing your finances effectively is essential to avoid setting your financial circus on fire. Here are our top 10 finance management tips for small businesses.

To retain and motivate the best talent within your business, you need to offer a competitive benefits package. While high wages are often the driving force behind recruiting the best and brightest to your organization, your benefits package may be a potential employee's deciding factor.

When planning for retirement, many people put their money into a Roth IRA. But what do you do if you make too much money to take advantage of the current low-income tax rates and use a Roth account to set yourself up for a future of tax-free income in retirement?

If you’re exploring options for retirement funds, you may have heard the term IRA countless times without actually knowing what it means. Lucky for you, we’re here to help you understand what an individual retirement account (IRA) is and whether or not you should place your money into a Roth IRA account or a Traditional IRA.

The topic of retirement is constantly on our minds, but as small business owners, offering a strong retirement plan for your employees can be confusing. Recently, changes in legislation are allowing businesses and their employees to capitalize on added incentives related to their retirement plans. This means when the time comes, you'll have enough money to sit back and enjoy a frozen cocktail on the beach without worrying about how to fund your retirement.

When a loved one dies, so many arrangements need to be made that the logistics behind receiving an inheritance are often placed on the back burner. Of course, the last thing you want to consider is what taxes could be applied to money passed down from a lost loved one, so we are here to help simplify the process. Check out our latest blog to learn more.

If you cannot pay your taxes in full right now, don’t sweat it. When you require options other than full payment, setting up a payment plan is easy and can be done on the IRS website. Several plan offerings exist, so you can best serve your bank account. Keep reading to learn more…

Many people are choosing to use green energy to power their vehicles. This upcoming year, the IRS is rewarding anyone who purchases a clean vehicle in 2023 or after with a tax rebate. Learn more to see if your new or used vehicle is a qualified plug-in EV or fuel cell electric vehicle (FCV)!

You may have expected that the rules pertaining to your tax filing would change, especially if you are a small business using a third-party payment platform. However, the IRS is walking back the expected changes to filing your 1099-K until the upcoming year. In this blog, we will walk you through the anticipated changes and how to best prepare throughout the year.

Happy New Year! As you kick off 2023 with major motivation to meet your resolutions, we have another goal for you to add to your vision board: Taking advantage of your HSA!

Massachusetts employees are receiving the gift of extra money this holiday season! We know what you’re thinking, “What’s the catch?” But this gift comes with no strings attached. If it hasn’t already hit your account, then in the upcoming weeks, you may be receiving a Massachusetts Tax Refund check.

Business-related car expenses tend to add up, and it can be confusing to know what is and is not tax deductible. We hope that this simple breakdown of what you can and cannot write off when it comes to your car will help you navigate this often long and winding road. 

If student loans still plague you, then by now, you've surely heard the news that the Biden-Harris administration, who has already allowed Covid-related extensions for paying back student loans, is offering borrowers up to $20,000 in loan forgiveness. An estimated 43 million borrowers qualify for this relief, and roughly eight million of those people will receive this forgiveness automatically without having to apply.

But what can you expect if you're one of the large majority which has to complete the application process? That's what we're here to answer! We have all the information you need when it comes to this loan forgiveness plan.