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Organized Business Records Save Time and Money
Here are some suggestions to help you master the art of documenting and organizing your business now and in the future. Document policies and procedures. Write down daily responsibilities, skills needed to complete tasks related to these responsibilities, and the location of all paper and electronic files. Appoint and cross-train backup staff to ensure these daily […]
Be Prepared For These Pandemic-Related Tax Surprises
Don’t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return. Please note: This information may change with ongoing legislation. Taxes on unemployment income. If you received unemployment benefits in 2020, you need to report these benefits on your tax return as taxable income. […]
4 Ways to Make Sure Your Tax Return Doesn’t Get Stuck
Here are four ways to make sure the preparation of your tax return keeps humming along until it gets filed. Keep tax documents in one place. Missing items are one of the biggest reasons filing a tax return gets delayed! Find a place in your home and put all tax documents in this one place as […]
2021 Retirement Limits
As part of your 2021 tax planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits for 2021: Take action If you have not already done […]
PPP Loan Expenses Are Now Tax Deductible
If you or your business received funds from the Paycheck Protection Program (PPP), the recently passed Emergency Coronavirus Relief Act of 2020 will help to dramatically cut your tax bill. Here’s what you need to know. Background The PPP program was created by the CARES Act in March 2020 to help businesses which were adversely […]
5 Tax Tips for 2019 — and Beyond
Get ready for tax season — and for another year of smart planning. It was an unusually active year on the tax front in 2018 because dozens of new tax rules took effect that dramatically changed the way people get taxed on their income. Although investors have seen all year the impact of lower corporate tax rates […]
The Corporate Tax Rate Dropped. But You Could Owe More Anyway
While the corporate tax rate fell to a flat 21 percent, not everyone is happy. The keystone of the Tax Cuts and Jobs Act is the drop in the corporate tax rate to a flat 21 percent, down from top rate of 35 percent. The U.S. used to have the highest corporate tax rate among developed countries; […]
IRS: Be Prepared To Prove You Are Who You Say You Are
When you call the IRS, the representative can only speak with you or someone you have authorized to speak on their behalf. To make sure that you get the best service, and that you don’t have to call back, be prepared. Here’s what you’ll need to have handy: Social Security numbers (SSN) and birth dates […]
Identity protection PIN program expands
The IRS is expanding to seven additional states its voluntary program for taxpayers who wish to obtain identity protection personal identification numbers (IP PINs) and are not currently victims of tax return identity theft. The pilot program originally involved Washington, D.C., Florida, and Georgia. IP PINs will now be available in seven more states: California, Delaware, Illinois, […]
5 Things Every High School Senior Should Know
As the school year rolls into February, suddenly the realization sets in that high school seniors only have a few months left before graduation. Here are five things each graduate should understand before their big graduation day: Debt needs to be managed carefully. It is way too easy to burden oneself under a pile of debt. […]