As a US citizen with foreign accounts that produce foreign income, you should remember that you are taxed on your worldwide income. There is no hiding of assets or income in other countries to avoid taxes.

Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.

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Many small business owners report their business income on their personal returns, these increases in tax rates may affect them. It's important to make sure you understand how tax brackets work.

Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.

Learn more at https://HawkinsAshCPAs.com/.

A great way to save on taxes is to hire family members in your business, which you can still do before the end of the year.

Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.

Learn more at https://HawkinsAshCPAs.com/.

Currently, it looks like the tax rate will be going up, especially for those in the higher brackets. If rates are expected to be higher when you retire than what they are now, Roth IRAs should be a part of your tax planning conversation. The problem is that if your income is too high right now, the amount that you can contribute to these accounts may be limited.

Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.

Learn more at https://HawkinsAshCPAs.com/.

Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.

We have been talking over the last couple of weeks about tax planning for the end of the year. Retirement plans are a great way to lower your tax bill. Also, with businesses having a hard time finding employees, this type of employee benefit may tip the scale to get that new employee.

Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.

Learn more at https://HawkinsAshCPAs.com/.

Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.

As we move into the 4th quarter now is the time to begin to look at tax planning for 2021. With the potential for big changes in Washington, this may be the year to do tax planning a little differently.

Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.

Learn more at https://HawkinsAshCPAs.com/.

Back in March, we talked about changes to the Child Tax Credit for 2021. Those checks and deposits started to arrive in July. On today’s show, I just want to make sure parents/guardians know how these payments will affect their 2021 return as it may produce some surprises.

Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.

Learn more at https://HawkinsAshCPAs.com/.

A common question we receive is what do tax accountants do in the summer. You would be surprised how busy our summers are. This summer, we are doing a lot of work with the Employee Retention Credit. In this episode, Jeff explains the ERC tax credit and how PPP can factor into the calculation.

In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's.

Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.

Learn more at https://HawkinsAshCPAs.com/.

Listen to more of the Tax Insights Podcast on YouTube at https://youtube.com/playlist?list=PLpF_o07d5AnStS_y8NAdbouPr3pdgiQQG

Listen to more of the Tax Insights Podcast at https://hawkinsashcpas.com/cpa-hq/podcast/.

In this episode, we go more in depth about some different aspects of the research and development tax credit including how to quantify the research being done and the basics of the credit calculation after determining the research is qualified based on the 4-part test.

In these lively interviews, Charlie Wendlandt, CPA, breaks down complex tax topics into bite-size how-to's.

Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.

In this episode, we’ll go more in-depth about some different aspects of the research and development tax credit including what is considered research by the IRS.

In these lively interviews, Charlie Wendlandt, CPA, breaks down complex tax topics into bite-size how-to's.

Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services they need to save taxes, preserve wealth and maintain compliance. We have offices in Wisconsin and Minnesota.