Paramount Tax Blog

Latest news from Paramount Tax

Summer Accounting Tips for Small Businesses

Posted on Sep 15th 2023

Summer is a season of sunshine, vacations, and relaxation, but for small business owners, it can be a challenging time. With employees taking time off and potential slowdowns in sales, small business owners need to be proactive in their accounting practices to ensure they remain financially stable.

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How to Prepare for Tax Season Now

Posted on Feb 7th 2023

Though the 2022 tax season is officially over, there are plenty of things you can do now to help you get ahead of the game for the 2023 tax season. Making sure you have all the correct documents and information ahead of time will help you avoid any hiccups when tax season arrives. Here are some tips on preparing for the upcoming tax season, brought to you by the professionals at Paramount Tax.

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What to Know About Income Tax in 2023

Posted on Nov 15th 2022

President Biden signed the Inflation Reduction Act into law in August of 2022. This means various changes will take effect in the 2023 fiscal year, prompting corporations and individuals to review and understand the key changes. Here are a few key takeaways for you to know.

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End of Year Tax Tips

Posted on Oct 17th 2022

Tax planning during the end of the year can have a surprising impact on the amount you have to pay during the upcoming tax season. If you're looking to minimize your tax burden in the spring, start planning now with these end of year tax tips, brought to you by the tax professionals at Paramount!

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Tax Filing Tips for College Students

Posted on Sep 14th 2022

Filing taxes can be a complicated, overwhelming process. But it doesn’t have to be. As a student, there are specific benefits you qualify for that can put money back in your pocket. Here are tips to help make the upcoming tax season easier.

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Summer Tax Tips

Posted on Jun 7th 2022

While it may feel like tax season is just barely in the rearview mirror, summertime is a crucial period for making smart choices when it comes to your taxes. Follow our tips to make next year’s tax season easier — and maybe even save some money.

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Bookkeeping Tips for Your Small Business

Posted on Jun 7th 2022

Bookkeeping can seem overwhelming, especially if you've never done it before. But don’t worry — here, we’ve compiled tips for healthy accounting habits that will set you and your business up for success.

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2022 Tax Season is Here, Boost Your Return With These Tips

Posted on May 12th 2022

The 2022 tax season has officially begun, and you may be feeling the pressure of navigating this unique filing season on your own. Amid filing difficulties and information verification, here are a few tips to maximize your return for this tax season.

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Featured Articles December 2018

Posted on Dec 1st 2018

The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified numerous tax provisions starting in 2018. Here's what individuals and families need to know as they get ready for tax season, brought to you by our expert tax advisors.

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Featured Articles November 2018

Posted on Nov 1st 2018

Once again, tax planning for the year ahead presents a number of challenges, this year, primarily due to tax laws changes brought about the passage of the Tax Cuts and Jobs Act of 2018. These changes include the nearly doubling of the standard deduction, elimination of personal exemptions, and numerous itemized deductions reduced or eliminated. Let's take a closer look, brought to you by our tax services.

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Featured Articles October 2018

Posted on Oct 1st 2018

Tax withholding can be complicated, and with the passage of the Tax Cuts and Jobs Act (TCJA) legislation, it's even more so since a number of tax provisions have changed. As such, it's important to make sure the right amount of tax is withheld for your particular tax situation. Let's take a look at which taxpayers would benefit from a "paycheck checkup" right now to avoid an unexpected tax bill next year, brought to you by our small business bookkeeping experts.

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Featured Articles September 2018

Posted on Sep 1st 2018

Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses--including the cost of buying health insurance. Here's what you need to know about QSEHRAs, brought to you by CPA accounting firm.

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Featured Articles July 2018

Posted on Jul 10th 2018

Under tax reform, taxpayers who itemize should be aware that deductions they may have previously counted on to reduce their taxable income have disappeared in 2018. Here are Five Tax Deductions that Disappeared in 2018, brought to you by our accounting firms.

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Featured Articles June 2018

Posted on Jun 10th 2018

Many parents are looking for ways to save for their child's education and a 529 Plan is an excellent way to do so. Even better, is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child's K-12 education as well as college or vocational school. Here are some tips on saving for education, brought to you by our tax accountants.

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Featured Articles May 2018

Posted on May 24th 2018

With the price of Bitcoin hitting record highs in 2017, many Bitcoin holders cashed out not realizing the impact it could have on their tax bill. Many people, for example, did not understand that it was a reportable transaction and found themselves with a hefty tax bill--money they may have been hard-pressed to come up with at tax time. Others may have been unaware that they needed to report their transactions at all or failed to do so because it seemed too complicated. Here is some info on reporting virtual currency transactions, brought to you by our tax accountants.

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Featured Articles April 2018

Posted on May 14th 2018

The Bipartisan Budget Act of 2018 (BBA) retroactively extended a number of tax provisions through 2017 for individual taxpayers. Let's take a look at five of them, brought to you by our accounting firms.

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Featured Articles March 2018

Posted on Mar 12th 2018

The health care law contains tax provisions that affect employers. The size and structure of a workforce--small or large--helps determine which parts of the law apply to which employers. Calculating the number of employees is especially important for employers that have close to 50 employees or whose workforce fluctuates during the year. Here is some info on employer responsibilities under the ACA, brought to you by our accounting firms.

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Featured Articles February 2018

Posted on Feb 7th 2018

You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2017 earnings and withheld taxes no later than January 31, 2018 (allow several days for delivery if mailed). Here's what to do if you're missing important tax forms, brought to you by our tax accountants.

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Featured Articles for January 2018

Posted on Jan 22nd 2018

Summary of all posts for January 2018 from Paramount Tax, brought to you by our accounting firms.

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5 QuickBooks Reports You Need to Run in January

Posted on Jan 10th 2018

Getting all of your accounting tasks done in December is always a challenge. Besides the vacation time you and your employees probably took for the holidays, there are those year-end, "Let's-wrap-it-up-by-December-31" projects. Contact us at Paramount to learn more about our small business accounting services.

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Late-Filing Penalty Relief for Partnerships

Posted on Jan 10th 2018

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (Surface Transportation Act) changed the date by which a partnership, real estate mortgage investment conduits (REMICs), or other entity must file its annual return. For calendar year filers, the due date for filing the annual return or request for an extension changed from April 15 (April 18 in 2017) to March 15. Contact Paramount's CPA firm to learn more.

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Safe Harbors Help Taxpayers Suffering Property Losses

Posted on Jan 10th 2018

Safe harbor methods are used by individual taxpayers when determining the amount of their casualty and theft losses for their homes and personal belongings. Four of the safe harbor methods may be used for any qualifying casualty or theft loss, and three are specifically applicable only to losses occurring as a result of a Federally declared disaster. Contact Paramount's tax services to learn more.

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Standard Mileage Rates for 2018

Posted on Jan 10th 2018

Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, pickup or panel truck are: Contact Paramount to learn more about our certified public accountants.

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Extended Due Dates for Health Coverage Forms

Posted on Jan 10th 2018

The due date for certain entities to provide 2017 health coverage information forms to individuals in 2018 has been extended. Contact Paramount to learn more about our tax services.

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The Basics of Starting a Home-Based Business

Posted on Jan 10th 2018

More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs--home-based business people. Contact Paramount to learn more about our small business accounting services.

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Choosing a Business Entity

Posted on Jan 10th 2018

When you decide to start a business, one of the most important decisions you'll need to make is choosing a business entity. It's a decision that impacts many things--from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face, and with the passage of the Tax Cuts and Jobs Act of 2017, it's more important than ever to choose the business entity that benefits your business. Contact Paramount to learn more about our CPA firm.

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Got Debt? How to Improve your Financial Situation

Posted on Jan 10th 2018

If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it's a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you're in financial trouble, then here are some steps to take to avoid financial ruin in the future. Contact Paramount to learn more about our accounting firms.

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Small Business: Be Alert to Identity Theft

Posted on Jan 10th 2018

Small business identity theft is a big business for identity thieves. Just like individuals, businesses may have their identities stolen, and their sensitive information used to open credit card accounts or used to file fraudulent tax refunds for bogus refunds. As such, small business owners should be on guard against a growing wave of identity theft against employers. Contact Paramount to learn more about our small business accounting services.

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Important Tax Changes for 2018

Posted on Jan 10th 2018

Welcome, 2018! Each new year brings changes to current tax law and 2018 is no different. From tax rate schedules to health savings accounts, here's a checklist of tax changes to help you plan the year ahead, brought to you by Paramount's tax accountants.

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