As we approach the end of the year, it’s time to start examining your income and expenses, and planning for your taxes. Going through your finances before the calendar year comes to an end can allow you to make strategic tax moves that will benefit you when you file your return. However, you have to make most of these moves before the ball drops on New Year’s Eve, or you’re going to be out of luck. Here are some tax strategies to take advantage of before the end of the year.

The weather is cooling down, and that means another important tax date is approaching. If you filed for a tax extension in April, your new deadline for filing your return is now October 17th—just two weeks away. For those who haven’t filed yet, that deadline is looming close, and it’s extremely important that you not miss it; there are no additional extensions available for your 2021 tax return. If you haven’t filed your return, keep reading to learn 4 important tips that can help you ensure you don’t miss the tax extension deadline.

The business tax extension deadline is just two weeks away, on September 15th. While six months might have seemed like plenty of additional time to file your business tax return when you first filed for that extension, it’s not uncommon for time to get away from you. If you still haven’t filed your business tax return for 2021, it’s extremely important that you do so within the next two weeks so that your tax return is not late. If you miss the extended deadline, another extension is not possible, and you will have fees and penalties. Keep reading to learn more about the possible consequences of missing the tax extension deadline for your business.

The Employee Retention Credit (ERC) was introduced in March of 2020 as part of the CARES Act, and economic stimulus bill meant to support individuals and businesses through the COVID-19 pandemic. But with much of business returning to normal, many business owners are uncertain of whether or not the ERC is still applicable for 2022. Keep reading to learn more about the ERC and whether or not your business may still qualify to file a claim this year.

Building your own business can be exciting and rewarding. However, there are also a lot more responsibilities involved than just selling your goods or services, especially when you’re first establishing your business. As a business owner, you have to attend to many small details that can have major implications for your company. Not least among these are the decisions related to your business’s taxes. If you’re setting up a business for the first time, keep reading to get some key tax advice for new business owners in Ormond Beach.

Reporting your income and paying taxes properly can quickly become complicated when a portion of that income is earned in a separate state. Whether you work across state lines on a daily basis, travel frequently for work, or sell products online from multiple fulfillment centers, your income may be subject to tax in each state where you earn that income. The complexities of handling income across state borders stack up very quickly, and we strongly encourage you to work with one of our CPAs if you earn income outside of Florida to ensure you’re reporting it properly. In the meantime, here are a few basics that may be helpful to you in beginning to navigate your income taxes.

Business owners in Ormond Beach have a unique tax situation that is much more difficult to handle than individual tax returns. Even very small businesses and solopreneurs have to worry about things like self-employment taxes, whether or not they actually qualify for that home office deduction, and other important factors that will impact your tax liability when you file your next return. But proper business tax planning in Ormond Beach can actually make a big impact on your taxes, and provide your business with many benefits. Keep reading to learn how tax planning and tax projections benefit your company.

The tax deadline for your 2021 return is nearly here, but it’s never too soon to start thinking about next year’s taxes—and that includes bushing up on tax law changes for this year. While tax law changes occur every year, and there are likely too many to bother learning them all, you should make sure to review the ones that are most likely to impact your return. We’ve outlined the major changes that are most likely to impact our clients below. Be sure to review them so you can plan for your 2022 taxes accordingly.

When you file your tax return, you want it processed as quickly as possible—especially if you’re expecting a tax refund. Unfortunately, the IRS began this year with over 6 million unprocessed tax returns, and with a shortage of staff on hand, it may be slow going to get this year’s returns processed. While there’s little we can do about the IRS backlog, taxpayers can try to avoid common tax-filing errors that frequently result in processing delays. Keep reading to learn more about the common errors you can try to avoid, so your return can be processed more quickly.

PayPal and Venmo have been popular payment methods for years. Initially designed for personal transactions, they’ve become a common way for businesses to accept payments as well. In the past, these payment platforms were only required to report accounts with more than $20,000 of income to the IRS. However, a new law introduced in the American Rescue Plan last year will be changing that. Here’s what small-business owners need to know about how taxes on PayPal, Venmo, Zelle, and other such platforms are changing.

The New Year is here, and in the next few weeks, many people will begin to receive their first tax-related documents from the IRS and their employers. But before you file your tax return this year, it's important that you brush up on a few important changes and considerations for 2021. Keep reading to learn what you need to know before filing your 2021 tax return.

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.