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Prevent Tax Bill Overlap
Don't Procrastinate, File Now to Prevent Tax Bill Overlap With the new tax return deadline of July 15, 2020, many Americans felt relief and possibly pushed tax prep to the bottom of their to-do list. All week we've been sharing why waiting until July 15 may not be the decision for you, the taxpayer. Our final thought, April 15, 2021, is only nine [...]
Don’t Wait To Know What You Owe for Taxes
Don't Wait To Know What You Owe for Taxes In 2018, 56% of US taxpayers had additional money owed for taxes. At this rate, roughly one out of every two tax filers paid more money to the government at tax time. With over a 50% chance of owing on your taxes, don't set yourself up for a surprise on what you owe for [...]
Don’t Just Sit There! Start Getting More Tax Refund Now!
Don't Just Sit There! Start Getting More Tax Refund Now! You are home for an undetermined amount of time. Use it to gather your tax receipts and deductibles for more return on your tax refund. On average, Americans will spend 7 hours a year assembling, organizing, and planning for their tax return. Many Americans crunch that 7 hours into the day of [...]
File Taxes Now. Get Your Tax Refund When You Need It.
File Taxes Now. Get Your Tax Refund When You Need It. At a time where cash flow is critical to many households and small businesses, an April or May tax refund may be vital. Due to financial uncertainty, waiting until July 15th to file tax returns isn't an option for many Americans. Good news, tax returns are considered essential services during the COVID-19 [...]
Tax Filing. July 15th? Let’s Talk.
Tax Filing. July 15th? Let's Talk. On March 21, the Treasury Department and Internal Revenue Service announced a tax filing and tax payment deadline extension until July 15, 2020. Now what? Hint: It doesn't mean tax filing should go to the bottom of your to-do list. On the one hand, the extension that resulted from the Stafford Act means more time to prepare [...]
Filing Tax Returns 101: Errors to Avoid
Filing Tax Returns 101: Common Errors to Avoid Filing a tax return electronically reduces errors because the tax software does the math, flags common errors and prompts taxpayers for missing information. Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can also help avoid errors. Mistakes can result in a processing delay, which can mean it takes [...]
Get Ready For taxes: Part III
Get Ready For Taxes: Part III Important Things to Know About Refund Refunds As tax filing season approaches, it is important to be ready for taxes. The Internal Revenue Service cautions taxpayers not to rely on receiving their refund by a certain date, especially when making major purchases or paying bills. Some tax returns may require additional review and those refunds may [...]
Get Ready For Taxes : Part II
Get Ready For Taxes: Important Things to Know About Tax Credits Part II Child Tax Credit There are a number of things you can do to help get ready for taxes. Taxpayers can claim the Child Tax Credit if they have a qualifying child under the age of 17 and meet other qualifications. The maximum amount per qualifying child is $2,000. [...]
Get Ready for Taxes: Important things to know about tax credits
Part 1 With the tax filing season quickly approaching, the Internal Revenue Service recommends taxpayers take time now to determine if they are eligible for important tax credits. It helps to get ready now. This is the second in a series of reminders to help the taxpayers Get Ready for the upcoming tax filing season. Additionally, the IRS recently updated its Get Ready [...]
401(k) contribution limit increases
401(k) contribution limit increases The contribution limit for any employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan increases from $19,000 to $19,500. The catch-up contribution limit for employees aged 50 and over who participate in these plans increases from $6,000 to $6,500. The limitation regarding SIMPLE retirement accounts for 2020 increases to $13,500, up from [...]
How to Legally Dissolve a Corporation
How to Legallty Dissolve a Corporation "Dissolution" is the act of formally dissolving (closing) a business entity with the state. It involves far more than just stopping to sell products and services. Dissolution is a process for wrapping up all legal and financial aspects of the business and legally terminating its existence in the state(s) where it is registered. Business owners, and professional [...]
Travel Tax Tip
Do you travel a lot with your business, or even as little as once a year? Some airlines require a weekend stay over for the lowest fair. Hers's a travel tax tip to help. #1 Tip: On a business trip, you can deduct 100% of the cost of travel to your destination, whether that's a plane, train, or bus ticket. If you rent [...]
Flexible Spending Accounts (FSA) and Small Business
Open An Flexible Spending Account (FSA) For Your Small Business Did you know, a small business can set up a Flexible Spending Account for individual employees’ medical expenses. FSA plans are established and offered through an employer for the benefit of the employees. These funds are not subject to federal income or Social Securty taxes. This means: The employees can elect to contribute [...]
