News and Announcements
With the year nearly at an end, the 2022 tax season is just around the corner. Amid all of your holiday preparations, it can be hard to focus on something like your tax return, but now is one of the best times to make sure that you have everything in order for your taxes. That’s because, when that ball drops on New Year’s Eve, there will be very few things you can do to reduce your 2021 tax liability. Right now, however, there are still a few moves you can make that could put you in a better financial situation when you file your return.
To outsource or not to outsource? That’s often the question business owners face when it comes to their accounting and bookkeeping needs. When you’re just starting out, you might feel confident in your abilities to handle your own accounting. After all, you can handle a spreadsheet well enough. But as you grow, it’s much more beneficial to get a professional accountant to do the job. Keep reading to learn why you should be looking for a third-party accounting service for your business.
Most taxpayers are aware that the standard deduction increased a few years ago, courtesy of the Tax Cuts and Jobs Act of 2017. Due to the size of that increase, many of those taxpayers switched from itemizing their deductions to taking the standard deduction instead. But is that truly the better option? The truth is, there are many large tax breaks that taxpayers miss, which might make it worth your time to itemize again. Keep reading to learn more.
People say that taxes are one of the few predictable things about life. And while you certainly can predict that you’ll need to file your taxes every year, sometimes, the amount you owe can come as quite a shock. If you’ve found yourself facing a large tax bill, you might be left wondering exactly how you’re going to pay it. Taxes are due by the filing deadline every year, and you’re expected to pay it all in one lump sum. But what if you can’t? Keep reading to learn if you could qualify for an IRS payment plan.
The IRS is currently hiring thousands of new tax auditors. This massive push in increasing audit personnel isn’t just to fill desks at the office; they’re gearing up for a possibly massive push on tax enforcement. That means more auditing for tax returns, and more auditors to do the job. How might this impact you? Here’s what you need to know.
When starting a new business, one of the first things you’ll have to do is register that business. To do so, you need to select a business structure, also known as a business designation, which can be a foreign concept to first-time business owners. If you’ve never selected a business designation before, it’s important to consider all of the ways in which the structure you choose will impact your company. Business taxes is just one of those impacts you’ll want to look at, and we provide a closer look at how business designation impacts your taxes below.
The American Rescue Plan Act of 2021 has drastically altered the child tax credit in many ways. You’ve likely heard that families will be receiving payments from the IRS between July and December of this year. But what are these payments for, exactly? What other changes have been made to the typical child tax credit? And how will receiving those payments impact your 2021 tax return? Keep reading to get answers to these important tax questions.
Among the many changes President Joe Biden has implemented since being sworn into office, student loan forgiveness seems to have been a major focus. He has pushed for student loan relief and loan forgiveness in many of the bills he’s introduced. And if you have student loan debts that you’re hoping to have forgiven, it’s important to understand how existing and new tax laws may impact that loan forgiveness. Keep reading to learn more.
The CARES Act enacted in 2020 to provide COVID relief to Americans included many provisions to offer financial relief to business owners struggling to make ends meet amid widespread shutdowns. With businesses still reeling from the losses of last year, some are still looking for some form of relief. If you extended your business tax return (as many businesses did this year due to complicated returns involving PPP loans), and your business experienced a net operating loss this year, the CARES Act has some extra tax provisions that may help you.
If you’re pursuing compensation in a lawsuit, or you received a settlement sometime last year, you may be surprised to learn that any settlement amount you receive in a lawsuit is taxable income. Unfortunately, very few people pursuing legal compensation for injury or other suffering look into tax planning during their legal proceedings, and they end up blindsided by a large tax bill when they file their return for the previous year. If you’re filing a return that includes income from a legal settlement, or you’re wondering how a current legal case might impact your taxes next tax season, here are a few things you need to know
Congress finally approved a second round of COVID-19 relief for both businesses and individuals earlier this year. According to a poll conducted by Alignable, 85% of American business owners reported that they need financial assistance to remain afloat through the remainder of the COVID-19 crisis. This additional relief is coming in the form of a second round of Paycheck Protection Program (PPP) Loans, as well as some other grants and loans. For this article, we’ll discuss what you need to know about the PPP expansion and how to get another round of support for your business.
The New Year is here, and that means tax season is here as well. Of course, you may not be thinking too much about your taxes just yet—after all, it’s only the beginning of January. But as your tax forms begin to come in, it’s important that you not put off filing your tax return. While you may be tempted to put off filing your taxes, there are many important reasons to do it as soon as you have all of your documents ready. Keep reading to learn what they are.
For many businesses financially impacted by the COVID-19 pandemic and subsequent shutdowns, the government-funded PPP loans distributed earlier this year were an enormous relief. By meeting certain payroll and employee-retention requirements, businesses could stay afloat despite the severe downturn in the US economy and ultimately receive full forgiveness for the funds received (so long as requirements were met). But these loans have presented a difficult dilemma for many business owners: the inability to deduct business expenses on their upcoming tax returns. Here’s what you need to know about deducting expenses if you took a PPP loan this year.
The majority of Americans have a single residence, so determining their legal domicile isn’t really something they have to think about; your state of residence is where you live, and that’s all there is to it. But for those who have two or more homes located in different states, determining your legal residence can be a bit more complicated—and your state of residence can significantly impact your taxes too. Here’s what you need to know about determining your legal domicile and how that determination will affect your taxes.
The number of Americans filing for unemployment has skyrocketed since the onset of COVID-19. Many of these individuals have never received unemployment benefits before, and may be unaware of how taxes on this income are handled. If you’re receiving unemployment income for the first time, this blog will give you an overview of how your benefits are taxed, and how you’ll need to pay those taxes.
Contributing to retirement accounts is essential to your financial stability later in life. But if that’s not enough of a motivator for you, they also offer significant tax benefits when you contribute to them. If you have multiple retirement accounts, you might be wondering which one offers the biggest tax benefit for your contributions. Of course, the answer isn’t really that simple, and it depends on your individual financial situation. If you want to know how to best plan for your retirement and maximize your tax benefits for your contributions, it’s best to meet with one of our financial planners. However, here’s a quick, general overview of the different retirement accounts and their benefits.
This year has been an odd one for taxes. With the official tax season just barely ending a few weeks ago, we already have extension deadlines looming on the horizon. And, with the year already half over, it’s time to start thinking about what your 2020 tax return will look like. Rather than simply reacting to what you owe, now’s a great time to actually start planning your taxes, making early moves to improve your outcome and reduce your tax liability. We offer professional tax planning services and tax projections for individuals and businesses alike. Here are a few reasons you should start utilizing these services.
The SECURE Act was signed in December of last year, but an astonishing number of Americans are still unaware of this act and how it can impact their retirement planning and accounts. The SECURE Act (which stands for Setting Every Community Up for Retirement Enhancement) enacted some major changes to legislation surrounding how people fund their retirement accounts, and it’s important for everyone—regardless of how soon you plan to retire—to be aware of these changes. If you don’t know what the SECURE Act is, keep reading to learn about some of the major highlights of this piece of legislation and how it can impact you.
The COVID-19 pandemic has impacted every individual in the country in one way or another. Hundreds of thousands of jobs have been lost, businesses have shut their doors (perhaps permanently), and many are struggling to deal with the economic fallout that this virus has left in its wake. Congress has passed three bills in an attempt to mitigate the negative economic impact of COVID-19, with the most recent one being the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This $2 trillion act is the largest economic stimulus legislation since the New Deal in the 1930s. Here’s what you need to know about the highlights of this massive stimulus bill.
The IRS released an information sheet at the end of February detailing several new measures that they’re taking to address the issue of non-filing taxpayers. While the fact sheet outlined several methods, including increased efforts to use data and statistics to pinpoint these non-filers, there is one particular measure that you should be aware of: The IRS will be sending out revenue officers directly to the homes of non-filing citizens regarding their unfiled tax returns. Here’s what you need to know about this new measure, and whether or not you should be concerned about receiving a visit.
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