Tax Practice

Griffin and Johnson Tax Prep! - Tax Practice
An elegant office setting with a large wooden table, where a diverse group of financial experts are discussing and examining documents related to the Alston Awards. On the table, there are scattered p

Understanding Alston Awards and Their Tax Consequences

Introduction to Alston Awards Alston Awards, although not a widely recognized term in mainstream financial or legal lexicon, could refer to a hypothetical or specific type of award or financial incentive given in an organizational or professional context. For the

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Understanding Tax Audits (Less Intimidating Than They Seem)

Understanding Tax Audits: Less Intimidating Than They Seem For many taxpayers, the phrase tax audit can evoke a mix of fear and confusion. Imaginations run wild with scenarios of enduring the scrutiny of stern auditors who sift through every financial

An illustrated guide visually comparing tax credits and tax deductions, featuring an accountant sitting at a desk with a calculator, surrounded by floating symbols of money and tax forms, in a bright

Understanding the Distinction Between Tax Credits and Tax Deductions

When managing personal or business finances, comprehending the nuances of tax implications can significantly influence financial outcomes. Two key components of tax optimization are tax credits and tax deductions. While both can provide valuable savings, they do so in different

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Understanding the Qualified Business Income Deduction (QBI) and Eligibility Criteria

Introduction to the Qualified Business Income Deduction (QBI) The Qualified Business Income Deduction (QBI), introduced as part of the Tax Cuts and Jobs Act in 2018, offers a substantial tax incentive for small business owners, entrepreneurs, and freelancers in the

An illustration of a diverse group of students sitting around a large table filled with laptops and documents, diligently filling out FAFSA forms under guidance from a knowledgeable counselor, in a br

Understanding FAFSA and the Application Process: A Comprehensive Guide

The Free Application for Federal Student Aid (FAFSA) is a crucial component for students in the United States seeking financial assistance for higher education. This comprehensive guide will walk you through understanding FAFSA and detail each step involved in the

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When to Opt for an S-Corporation Entity

Understanding S-Corporation Entity An S-Corporation is a distinct type of corporation designed for small to medium size businesses which offers the benefits of limited liability but also allows profits and some losses to be passed through to the owner’s tax

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Tax Advice for Generation Z: 12 Strategies to Begin Saving Sooner

Understanding Tax Strategies for Generation Z As members of Generation Z begin to enter the workforce, it’s crucial that they acquire a solid understanding of taxes and learn efficient strategies to manage and save their income. The importance of starting

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Launching a Business? (A Guide to Getting Started)

Introduction to Launching Your New Business Starting a business is a path filled with excitement, challenges, and the promise of new opportunities. Whether you are a seasoned entrepreneur or stepping into the business world for the first time, the journey

An artistic illustration of a gig economy worker sitting at a contemporary home desk, surrounded by four symbolic icons such as a piggy bank, a clock, a calendar, and a laptop, depicting different str

4 Strategies to Build Retirement Savings as a Gig Economy Worker

Understanding the Gig Economy and Retirement Savings In today’s dynamic economic landscape, the gig economy plays a significant role. Characterized by contractual or part-time occupations where workers are generally paid for each job they perform (typical of freelancers, independent contractors,

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Tax Year 2023: Is There an Extended Deadline in Your State?

Understanding Tax Year 2023: Is There an Extended Deadline in Your State? Each year, taxpayers across the United States mark their calendars for April 15, the official deadline for filing federal tax returns. However, not every taxpayer faces the same