Murphy Tax Services

12/09/2022

If inflation's got your business struggling to meet the bottom line, why not reduce inventory?
What you sell is one of your biggest expenses.

Try grouping your inventory by value:
“A” group = biggest moneymakers
“B” group = middle ground
“C” items = make the least

Keep a close eye on the supply chain -- especially the A items.

If your suppliers are getting prone to longer or fluctuating lead times, stock up on their items when you can. And if you’re finding a lot of items in your “C” group, maybe consider ditching some.

12/08/2022

Bonus on your mind? Make sure you're thinking about the tax implications.

Understanding how bonuses are taxed can be confusing due to the withholding laws. Here we clear up the confusion so you can make the most of any bonus coming your way.

12/07/2022

Here are 6 essential business components for any small business owner, new freelancer, or participant in the growing "gig economy" to make sure they have covered:

1 - Disability and Workers' Comp
2 - Property and Liability Coverage
3 - Unemployment Coverage
4 - Healthcare Plans
5 - Retirement Plans (401(k)s, etc)
6 - Retirement Income Plan (Social Security and beyond)

12/06/2022

Those who reach their financial goals usually carry a willingness to live beneath their means for as long as it takes. While their peers are showing a tendency toward embracing the good life at the first sign of prosperity, the would-be wealthy take a pass on all of that.

A drive to save large amounts of money causes frugal spending habits, which then enable the ability to make purchases without using debt.

It's a domino effect.

12/05/2022

Every deduction you can grab means less cash you have to part with.

Sound good? Of course, it does.

And timing the deduction for your best advantage is the cherry on top.

For instance, paying some or all of your property taxes early may mean you can get the federal deduction in 2022.
(Note: This does not work for everybody, especially if the alternative minimum tax is involved.)

Accelerating a house payment can give you an extra bit of mortgage interest to deduct too.

12/02/2022

Certain financial hits can be offset by tax deductions.

You can deduct losses from a natural disaster or theft, but..... you can't include the amount covered by insurance.. and the amount you can claim is reduced by a percentage of your adjusted gross income.

There are, of course, a lot of rules that apply to loss scenarios so feel free to call us to go over the details of your specific situation.

12/01/2022

This is the time of year when we re-examine what success looks like.

In rethinking and re-examining, you'll soon discover that sometimes the "most successful" people can be the most impoverished ... and those without many zeroes in their accounts can be flat-out rich.

"Success" is a state-of-mind -- and it's tied to gratitude. Gratitude is the enemy of fear. It's like an opposite magnet for it. Walk in gratitude, and fear just melts away.

11/30/2022

One thing that should be on your radar: Year-end moves that will affect your 2022 tax positions. Whether it's spending, saving, asset structure, etc ... we only have one more month (or so) before the books close.

After 12/31/22 ... we're mostly confined to "historical" work on your tax files.

Reach out to talk about it.

11/29/2022

Ever thought about giving more than just money for Giving Tuesday?

Which of these giving ideas resonates the most with you?

There are many ways you can give back to your community this year that go beyond giving cash.

11/28/2022

We all love Cyber Monday and holiday shopping online. Beats having to fight the crowds at the mall.

But, watch out for cyber thieves looking to take your Christmas gift money.
The IRS has some tips on how to keep it safe.

Find out how you can protect your phone and computer. For more information, go to https://www.irs.gov/taxessecuritytogether. Follow us:Twitter – https:...

10/28/2022

There are people who HAVE plans, and there are people who MAKE plans.

Which are you?