News & Tips

How an Accounting Pro Can Help You Create and Stick to a Budget

Maintaining a clear and effective budget is crucial for success. Yet, many businesses are overwhelmed by day-to-day operations, often making financial decisions without a solid forecast. This can lead to unexpected financial troubles and missed growth opportunities. As accounting professionals, we understand the challenges you face. We are here to offer insights on how a well-structured budget, crafted with the help of an accounting [...]

By Augustedge Staff|2024-07-03T15:44:28+00:00July 11, 2024|Accounting|Comments Off

Living Below Your Means: A Key to Entrepreneurial Success

Starting a business is a thrilling adventure, filled with dreams of innovation, independence, and financial success. However, the reality of entrepreneurship often involves long hours, relentless challenges, and financial uncertainty. As tax and accounting professionals, we have seen firsthand the struggles that startups face. One of the most critical lessons for new entrepreneurs is understanding the importance of living below your means to ensure [...]

By Augustedge Staff|2024-07-03T15:37:30+00:00July 9, 2024|Financial Planning|Comments Off

Think Twice Before Tossing: The Critical Timing for Disposing of Your Tax Records Safely

Article Highlights: Why We Keep Records Audit Defense Amending Returns Claiming Refunds Tax Basis Duration for Keeping Tax Records Federal Statute of Limitations on Tax Refunds Tax Return Omissions Indefinite Retention Financially Disabled The Big Problem! Stock Acquisition Data Stock and Mutual Fund Statements Tangible Property Purchase and Improvement Records The 10-Year Statute of Limitations on Collections Now that your taxes are complete and [...]

By Augustedge Staff|2024-07-03T15:31:56+00:00July 8, 2024|Taxes|Comments Off

Guarding Your Refund: The Complicated World of Tax-Related Identity Theft

Tax season should be a time to reclaim some of your hard-earned money, not a source of stress and anxiety. Yet, for many taxpayers, tax-related identity theft is a very real threat. Imagine filing your return, only to find out that someone else has already cashed in your refund. This is a harsh reality for countless taxpayers each year. So, how can you protect [...]

By Augustedge Staff|2024-07-03T15:25:25+00:00July 5, 2024|Taxes|Comments Off

Get Those Kids a Job: The Tax Advantages of Securing Summer Jobs for Your Children

Article Highlights Standard Deduction IRA Options Self-Employed Parent Employing Your Child Tax Benefits Children who are dependents of their parents are subject to what is commonly referred to as the kiddie tax. This generally applies to children under the age of 19 and full-time students over the age of 18 and under the age of 24. The kiddie tax originated many years ago as [...]

By Augustedge Staff|2024-07-03T15:12:35+00:00July 3, 2024|Taxes|Comments Off

Unlock the Secrets: How Political Donations Can Impact Your Taxes

Article Highlights Understanding Political Donations Donating Time and Out of Pocket Expenses Tax Treatment of Political Donations Reporting and Disclosure Requirements Gift Tax Issues PAC Reporting Charitable Contributions vs. Political Donations Strategies for Tax-Efficient Political Giving In the intricate world of tax law, political donations occupy a unique space, blending civic engagement with financial implications. As taxpayers consider supporting their preferred political causes or [...]

By Augustedge Staff|2024-07-03T15:06:08+00:00July 2, 2024|Taxes|Comments Off

Avoid the Trap: Smart Strategies to Prevent Costly Penalties from Underpaying Estimated Taxes

Article Highlights: Understanding Underpayment Penalties De Minimis Exception Safe Harbor Payments Payment Timing Withholding Annualized Payments Farmers and Fishermen Underpayment penalties are a common concern for taxpayers, and many are unaware of how substantial they can be. These penalties are assessed by the Internal Revenue Service (IRS) when taxpayers fail to pay enough of their tax liability through withholding or estimated tax payments throughout [...]

By Augustedge Staff|2024-07-03T14:59:00+00:00July 1, 2024|Taxes|Comments Off

Purr-fect Savings: The Secrets of Pet Tax Deductions

When tax season rolls around every year, many pet owners wonder if they can get a tax break for their furry companions – after all, “pet parents” often consider their fur babies to be as much a part of the family as actual children. Pet expenses are big business in the United States. Charlotte NBC affiliate WCNC noted that Americans spent $109 billion on [...]

By Augustedge Staff|2024-06-04T16:09:15+00:00June 14, 2024|Taxes|Comments Off

Smarter Headcount Management with AI

In the face of slowing economic times and rising labor costs, small and medium-sized businesses (SMBs) must find innovative ways to maintain profitability across all industries. One way to increase productivity and streamline day-to-day operations is to use artificial intelligence (AI) engines like ChatGPT. Although AI platforms can seem daunting to new users, with a little practice, you can become a power user in [...]

By Augustedge Staff|2024-06-04T16:04:59+00:00June 13, 2024|Business|Comments Off

Top Reasons Taxpayers End Up in Court and How to Avoid Them

Tax law is as complex as it is daunting. Each year, countless taxpayers find themselves entangled in disputes that lead to the tax court. Understanding the most litigated tax issues can empower you and your business to navigate the tax maze more effectively, ensuring compliance and avoiding unnecessary disputes with the Internal Revenue Service (IRS). Here, we delve into the common areas of the [...]

By Augustedge Staff|2024-06-04T15:59:48+00:00June 11, 2024|Taxes|Comments Off

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Augustedge, PLLC Wenatchee Office

Augustedge, PLLC Chelan Office

Augustedge, PLLC Vancouver Office

Augustedge, PLLC
Wenatchee Office

Augustedge, PLLC
Chelan Office

Augustedge, PLLC
Vancouver Office