SEYMOUR & PERRY, LLC | BLOG

As the capabilities of AI have expanded, users have begun to utilize it for increasingly complex tasks. Today, we are posed with a few questions–how AI can assist with tax preparation, how well it does so, and how it can be most wisely used, if at all.

One of the most vital elements of running a business is keeping track of expenses and revenue; if you currently own a business or are interested in doing so in the future, it’s important to use a method of accounting that best suits your business needs. There are two main methods of accounting: the accrual method and the cash basis method. Let’s explore the differences between the two. The main difference between these two accounting methods is the timing of when expenses

Are you planning to sell your home? If you make a profit on the sale, it may be subject to capital gains tax on your federal tax return...

Homeownership comes with a great deal of financial responsibility. If you own your home, you're already familiar with the costs of mortgage payments, property taxes, and other expenses associated with general home maintenance and upkeep. Owning property can certainly be a costly investment! There are certain tax benefits designed to help mitigate the financial strain of homeownership, such as the Home Mortgage Deduction and the Residential Energy Credit. In addition to thes

If you are contemplating becoming a homeowner, you may be surprised by the myriad of expenses associated with owning your own home [...]

Depending on your type of employment, level of income, and the previous tax year, you may be required to make estimated payments. Estimated payments are essentially a series of pre-payments made toward an individual or corporation’s tax liability for the current tax year. Usually paid on a quarterly basis, estimated payments help taxpayers avoid unnecessary penalties and prevent an unexpectedly high tax bill come tax season.

Although pension plans were very popular among employers of the past, most employers today offer defined contribution plans, which require the employer to shoulder less risk and responsibility. The most common type of defined contribution plan is the 401(k). A 401(k) plan allows you to start saving right away by contributing a percentage of your pretax income to the plan each month. Some employers also offer profit-sharing through their 401(k) plans. Barring certain excepti

Whether you’re years into an established career or have only recently joined the workplace, it’s never too soon to start thinking about retirement. Even if you don’t have funds to invest in stocks, property, or other investment products, you can start chipping away at your savings goals through an employer-sponsored retirement plan provided by your workplace. Employer-sponsored retirement plans generally fall into two categories: defined benefit plans and defined contributio

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27th, 2020. In addition to stimulus payments to American families and individuals, expansion of unemployment benefits, and several other components, the legislative package provides financial relief for federal student loan borrowers in the form of an automatic suspension of payments and interest on federally-held student loans through September 30th, 2020.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27th, 2020. This relief package provides over $2 trillion in economic assistance for American workers, families, students, and small businesses. A major component of the CARES relief package is the disbursement of Economic Impact Payments to American individuals and families. Payments of up to $1,200 are provided for eligible adults ($2,400 for joint filers), with an additional $500 fo

Today's post focuses on credit restoration, including strategies and links to various additional resources. If you want to improve your poor credit but are unsure of where to start, this post is for you. The task of repairing damaged credit may seem daunting, but it is important to get started right away. Following the guidelines below will help get you on your feet and heading in the right financial direction.

Whenever you apply for a line of credit, potential lenders decide whether to approve or deny your application based on your creditworthiness. This measurement is based on your credit report, credit score, and payment history. These three factors give lenders an idea of how likely you are to repay your debts. Your credit history may also be taken into account by other entities, such as cell phone providers, insurance companies, cable providers, and even potential employers.

Credit provides consumers with a number of advantages, such as the ability to buy necessary items immediately. Credit serves as a convenient alternative to carrying cash or writing checks, and it can be used to consolidate multiple bills into a single payment. Establishing a good credit history provides consumers with special benefits such as lower interest rates on credit cards and loans, a better chance for future credit approval, higher credit limits, easier approval for r