News & Tips - Augustedge, PLLC

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

Navigating the R&D Tax Credit Maze: What SMBs Need to Know Amid Legislative Uncertainty

The landscape of tax legislation in the United States has been marked by constant evolution, with changes often reflecting the broader economic and political priorities of the time. One area that has seen significant shifts, and consequent uncertainty, involves the treatment of research and development (R&D) expenses. Historically, businesses could immediately deduct R&D expenses in the year they were incurred, a provision that encouraged [...]

By Augustedge Staff|2024-06-04T15:55:44+00:00June 10, 2024|Taxes|Comments Off

How Health Savings Accounts Can Supercharge Your Tax Savings

Article Highlights Health Savings Accounts Qualifications Tax Benefits As a Supplemental Retirement Plan Establishing and Contributing to an HSA Become Ineligible In the labyrinth of financial planning and tax-saving strategies, Health Savings Accounts (HSAs) emerge as a multifaceted tool that remains underutilized and often misunderstood. An HSA is not just a way to save for medical expenses; it's also a powerful vehicle for retirement [...]

By Augustedge Staff|2024-06-04T15:49:22+00:00June 7, 2024|Financial Planning|Comments Off

Augustedge, PLLC
Wenatchee Satellite Office

Augustedge, PLLC
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Augustedge, PLLC Wenatchee Satellite Office

Augustedge, PLLC Insurance Virtual Office

Augustedge, PLLC
Wenatchee Satellite Office

Augustedge, PLLC
Insurance Virtual Office