Estate planning is a critical step in planning your financial future. Without it, you could be opening up your estate to hefty taxes. Multiple heirs or a large estate tends to complicate matters, so everything must be planned out properly. ORT Consultants is here to assist with your estate planning. Our professional staff can handle [...]
The question on every graduate’s mind is whether they will need to pay taxes on their student loan forgiveness. The one-time student loan forgiveness will forgive $10k for most borrowers earning under $125,000 annually or $250,000 if filing jointly. Some borrowers could receive up to $20k in student loan forgiveness if they previously received a [...]
Although the 2023 tax season seems like it is far away, it is fast approaching. April 2023 will be here before you know it, so understanding revisions to the tax code now will leave you with fewer headaches come next year. […]
It’s hard to imagine the feeling of dread that is experienced when you open a letter from the IRS stating that you are to be audited. IRS audits are long and drawn out because you must compile documentation on everything that was claimed in the tax returns. Personal audits are one thing, but business audits [...]
Running a small business is the equivalent of working two full-time jobs. Nobody knows your business better than you do, so it is hard to turn over the reigns on certain aspects, such as financials, to another employee. However, trying to juggle every aspect of your business may be detrimental to your mental health. You [...]
Small businesses grow over time, which means that your bookkeeping needs must evolve. While you may have started by keeping track of your business finances on your own, you may be in a position where it makes more sense to have a company, such as ORT Consulting, do your bookkeeping. There are several advantages to [...]
The 2021 tax season is at an end for many Americans, because April 18th marked the last day to file a 2021 tax return and pay any taxes due. April 18th also marked the due date for the first installment of quarterly prepayments for businesses. However, there are still key tax deadlines quickly approaching this [...]
Receiving a letter from the IRS stating that your business will be audited is enough to make anyone’s head hurt and your blood pressure rise. After all, about 1 in 100 small businesses are audited each year by the IRS. However, you can prepare in advance by having an accountant at ORT Consulting conduct an [...]
Tax laws change annually which makes it difficult for the average person to keep up with them. Although it may be tempting to file your business taxes yourself, you may be harming your business by doing so. You could incorrectly file your taxes or miss out on key deductions or credits. The tax professionals at [...]
Personal financial planning is essential in today’s complex economic environment. Creating a personal budget, creating a saving plan and account, setting up tax planning, and addressing debts through the establishment of a debt management plan are important steps. There are often many factors that are difficult to control and having a watchful eye on your [...]
