Can you get a passport if you owe taxes? It may seem like a strange question, as the relationship between taxes and passports might not seem obvious at first glance, but for those who have severe tax debt, it can become a pressing concern. Understanding how taxes and passport eligibility are connected is crucial for …
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What is Corporate Governance & Compliance?
Corporate governance practices are the rules, policies and procedures established by the corporate officers at the helm of a company to direct its activities and manage risk. Good corporate governance policies ensure that the strategies and directives developed under the corporate veil meet the ethical standards and fiduciary duties of the company’s compliance environment. Compliance, …
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How to Reduce Taxable Income for High Earners
High income earners are usually experts in their field, and have spent many years building their career to achieve success. They should be able to enjoy it without worrying about complex and ever-changing federal tax laws or limiting their future prosperity. If you are a high income earner, and you want to continue to grow …
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How to File a Business Tax Extension for 2020
2020 has been a chaotic year, and many business owners may need some extra time to get their affairs in order before submitting their upcoming tax returns. While the IRS has extended the date from April 15 to July 15, businesses can still apply for a tax extension if they wish to. TPI Group’s tax …
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What is the Difference Between Cash and Accrual Accounting?
Are you starting to set up your business or looking for ways to streamline your accounting? TPI Group’s accounting services help you to run whatever size business you have, and ensure that you are providing the IRS with the correct information. Whether you’re doing your accounting yourself in an Excel sheet or working with your …
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How Do You File for Bankruptcy in Virginia?
In many cases, filing for bankruptcy is one of the most stressful financial issues with which a person can be confronted. Even before COVID-19, many people would ask us: “How do you file for bankruptcy in Virginia?” because it’s a complicated process. With the help of a TPI Group tax attorney in Virginia, filing for …
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When are Virginia State Taxes Due?
In Virginia, as with any other state, the last day for tax filing usually brings about a huge, last-minute rush for tax preparation services. But the events of 2020 have been far from usual, and the state of Virginia has taken steps to reduce the stress associated with income tax filing in these uncertain times …
Why Is Estate Planning Important?
It’s hard to predict the future. Take the COVID-19 crisis, for example. Few people would have imagined having to spend months in a self-quarantine, or having to practice social distancing while wearing a mask in order to speak with someone safely. Deciding what happens to your assets ahead of time is therefore an important process. …
What Is the Difference Between Bookkeeping and Accounting?
People often confuse bookkeeping and accounting. It’s understandable because the two are related to each other. Accounting relies upon bookkeeping and both services enable the survival and growth of your business. The experts at TPI Group are here to help you manage and maintain your business’s health. What Is Bookkeeping? Bookkeeping is the daily …
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How to Save Money during Retirement
Do you want to enjoy the most out of retirement? Saving for a rainy day is a good strategy, but now that you’re free to enjoy life, there are many other handy tricks you can use to fully benefit from your mature years. TPI Group can not only help you save big on your …
What Services Should You Expect from a Reputable Accounting Firm?
There are many kinds of accounting firms available for every tax situation under the sun. It may seem like they all offer the same services with the same quality, but not all firms are equal. If you’re looking for a reputable tax and accounting firm in the Vienna, VA area, here are the services you …
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How to Find a Tax Advisor Who Will Save You BIG
If you’re a high wage-earner, you may be taxed as much as 37% on your yearly income. This number can be staggering, which is why so many individuals try to find ways to minimize their return every year. Without engaging in or encouraging illegal activity—as we often see in the movies—tax advisors can save you …
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3 Tax Breaks That American Retirees Should Know About
Filing your taxes is a real pain, and if you’re not sure what to do, you may end up paying more than you need to. Did you know that if you’re retired (or 65 years and older), you’re eligible for many tax breaks that can save you thousands of dollars every year? Read on to …
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Top 5 Pros and Cons of a Health Savings Account
Health Savings Accounts (HSAs) are often said to be the solution to our healthcare problems. However, many people who have used HSA accounts understand that the patient is responsible for all of their medical costs until the annual deductible gets met. These deductibles can be quite high, and if someone has to pay all the …
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