Brumley Robinson & Associates CPAs PLLC

06/30/2025

Struggling with tax debt? An Offer in Compromise (OIC) might be the solution if you’re eligible. The IRS allows qualified taxpayers to settle their debt for less than the full amount owed. If you're facing financial hardship, an OIC can help you get back on track while avoiding overwhelming penalties. The process requires proper documentation, negotiation and a $205 nonrefundable application fee. Be aware that most offers aren’t accepted. But in the right situation, it can significantly reduce an individual’s tax burden. Contact us at (704) 875-6399 to see if you’re a candidate.

06/27/2025

Ready to take control of your money? Start with a realistic budget and implement these simple tips to help you spend smarter, save more, and hit your financial goals. https://bit.ly/43p0LIO

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Creating a realistic budget is one of the most effective ways to take control of your finances. Whether you're saving for a major purchase, paying off debt, or building an emergency fund, a well-thought-out budget helps you make informed financial decisions. Here are five practical tips to help you....

06/25/2025

Small business owners: Don’t leave money on the table! From tax credits to equipment deductions, there are several tax relief programs that can boost your bottom line. https://bit.ly/4kqC1GP

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Running a small business comes with a variety of challenges. From managing payroll to staying competitive in your market, the responsibilities can seem endless. One of the most pressing issues small business owners face is managing tax obligations. If you've ever felt overwhelmed by your tax burden,...

06/23/2025

Suppose you have a spouse with past-due child support or debts to federal or state tax agencies. You file a joint tax return, and the refund is seized or reduced due to your spouse's debts. But what if you aren't responsible for the debts? You may be eligible for "injured spouse" relief. (This differs from "innocent spouse" relief, which may be provided if one spouse understates taxes due on a joint tax return and the other spouse didn't know about the errors.) There are processes to follow for injured spouse relief that we can help with. Contact us at (704) 875-6399.

06/20/2025

Dealing with international taxes? Tax treaties can help you avoid double taxation, reduce tax rates, and simplify compliance. https://bit.ly/3ZtXK8G

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Tax treaties might seem complex, but understanding them can help you save money and avoid double taxation. Whether you're an expat, a business owner operating internationally, or just curious about how countries work together to simplify taxation, this guide is for you. Let's dive into what tax trea...

06/18/2025

Changing jobs? Avoid the tax hit and possible early withdrawal penalties of a lump-sum distribution from your 401(k) or other employer-sponsored retirement plan. If your balance is at least $7,000, leaving it in your old plan is easy. But watch out for additional fees and limited investment options. Alternatively, rolling over the balance to your new employer’s plan simplifies retirement asset management. But investment choices may still be limited. If you don’t mind managing two plans, a rollover to an IRA may be your best option. An IRA offers nearly unlimited investment options. Need guidance? Contact us at (704) 875-6399.

06/17/2025

Making your maximum 2025 IRA contribution earlier in the year provides some key benefits: Your money has more time to grow tax-deferred (or tax-free in the case of a Roth IRA), and you won't risk forgetting to contribute later. However, tying up funds too soon could limit cash available for other financial needs or investment opportunities. The best timing depends on your specific situation. Let's discuss the right strategy for you. Call us today at (704) 875-6399.

06/16/2025

Estate planning is an ongoing process that requires regular reviews and revisions to ensure it meets your goals. Family changes like marriages, divorces, births, adoptions and deaths, as well as significant health changes, warrant a review. Increased income or net worth may necessitate new wealth protection strategies. Moving to a new state or changes in tax laws can also impact your plan. Contact us at (704) 875-6399 for help achieving your estate planning goals! Ensuring your estate plan stays aligned with your goals means regular reviews and adjustments. Family events, health changes, financial growth, or even relocation can impact your plan. Stay proactive and let us help you achieve your estate planning goals! Contact us at (704) 875-6399 for expert guidance.

06/13/2025

Choosing the right accounting software is key to efficient financial management. Consider factors like ease of use, scalability, automation, and security to find the best fit for your business. https://bit.ly/4k4OU9G

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Managing your business finances effectively starts with choosing the right accounting software. Whether you're a solo entrepreneur, a small business owner, or running a growing company, the right software can streamline your bookkeeping, help with tax compliance, and provide financial insights. With...

06/11/2025

It’s alright to feel overwhelmed with the idea of dividing everything you own between your loved ones; we’re here to make this process as easy as possible. Before your first consultation with us, use this guide to figure out what assets you want to prioritize, your loved ones' needs, and what other information to bring along with you. Call us today at (704) 875-6399 to schedule this meeting and follow our page for more personal finance and estate planning tips!

06/10/2025

Looking to support a charitable cause while also securing your retirement income? A Charitable Remainder Trust (CRT) could be the perfect solution! By setting up a CRT, you can enjoy an income stream, tax benefits, and reduce your taxable estate size. Diversify your portfolio by selling non-income-producing assets tax-free and reinvesting the proceeds. Contact us at (704) 875-6399 to learn more about how a CRT can benefit you!

06/09/2025

For those age 50 or older, a great way to make up for not having saved enough for retirement in the past (or to simply maximize your tax-advantaged nest egg) is to make “catch-up” contributions to a 401(k), 403(b), 457 plan, SIMPLE or IRA. New starting in 2025, if you’re age 60 to 63, you can boost your 401(k) or other employer-sponsored retirement plan contribution even more: up to 150% of the regular catch-up limit. For 2025, this means a catch-up contribution of $11,250 ($5,250 for SIMPLEs). Want to make the most of tax-advantaged retirement savings opportunities? Let’s talk! (704) 875-6399