News and Announcements
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.
The COVID-19 pandemic that has been sweeping across the United States since January has had a larger impact on the country as a whole than many anticipated. Businesses and schools have been closed, events cancelled, and people encouraged to stay away from any gatherings of more than 10 people. This has left many people with little to no income as their companies close their doors, but with bills to pay. As the normal tax deadline approaches, many have wondered how they’ll afford to pay their taxes. Well, there’s good news: You have more time to pay than you think.
Identity theft and instances of tax fraud tend to skyrocket during tax season every year. Given how much sensitive identifying information you use to file your tax return, it’s little wonder that this is the case. And, every year, the IRS tries to find new ways to prevent the most common types of scams. This year, they’ve expanded one of their most effective programs for preventing tax fraud: the Identity Protection Personal Identification Number, or IP PIN. Here’s what you need to know about IP PINs, how they work, how to get one, and how they can protect you from becoming a victim of tax fraud.
Tax season is now in full swing, and that means it’s time to start getting your documents organized and ready to file. If you’ve been collecting your income tax forms, receipts for deductions, and other relevant documents, but you’re not sure how to sort through and organize that pile of papers, keep reading for a few organizational tips that will make filing your taxes quicker and easier for both you and your tax preparer.
Though the majority of Americans haven’t filed their 2019 tax returns just yet, many are beginning to get a decent picture of what they will owe or what they can expect to get back on their tax refund this year. If you’re not happy with the way your tax return is panning out for 2019, then you may want to start taking steps to improve your situation for 2020 right now. Here are a few things you can do this year that might make next year’s tax return more agreeable for you.
As the year draws to a close, it’s important to start going over your tax documents and information now, so that you’re prepared for the coming tax season. But while you’re going over your own tax documents, don’t forget to familiarize yourself with any changes to tax law that may be pertinent to you. For example, did you know that the Tax Cuts and Jobs Act (which largely went into effect for the 2018 tax year) had another change that was implemented at the start of 2019? That change seriously impacts the way alimony and support payments are taxed, so if you make these payments to an ex, here’s what you need to know.
Taxpayers know that you’re expected to pay taxes on all sources of income. And, if you’re a wage earner, that aren’t too many things you have to consider beyond that fact. However, if you’re self-employed, or you’re an earning partner in a business, there’s another question you have to ask yourself: What happens if the business operates at a loss? How does this impact your taxes? This blog will give you a quick overview of how business losses are handled on tax returns. However, we strongly recommend you work with a qualified CPA to get more detailed advice on handling business losses when filing your return.
For large corporations, the loss of a partner in the business can be jarring, but isn’t typically life-threatening for the company. However, for small businesses—particularly family-owned businesses—the death of an owner can crumble the company entirely. If you own a small business, it’s vital that you plan for the succession of that business in the event of your death. Here are four reasons to do so right now.
If you filed an extension for your business tax return back in March, then your new deadline is quickly approaching. For most business owners and partners, the business extension deadline is September 16th, and if you haven’t filed your full return yet, time is running short. Here’s what you need to know as we close in on the business extension deadline.
When filing your taxes, you have a few different options. The first is to file your taxes yourself; while this may be the sensible option for those with extremely simple tax returns, if your return is more complex than a single W-2, you may want to consider working with a professional. There are generally two types of professionals to choose from for your tax preparation needs: a CPA, or a non-CPA tax preparer. Here are a few key differences between these types of tax preparation professionals.
The majority of Americans have taxes withheld from each paycheck they receive. Then, at the beginning of the next year, they file a tax return and either receive a refund for overpaid taxes, or submit an additional payment for underpaid taxes. However, this isn’t the process for every taxpayer in the country. Certain individuals are required to make quarterly estimated tax payments, and you may be surprised by exactly who is required to this. Here’s what you need to know about quarterly estimated taxes.
If you’re searching for a CPA firm in Ormond Beach, you’ll have no shortage of options available to you. And, you might think that one firm is just as good as the next, so long as they provide the services you need. But this couldn’t be farther from the truth. Every CPA firm is going to offer you a completely different experience, based on a number of different factors. Here are just a few of the factors we offer here at Camputaro & Associates, which we think help to make us the best Ormond Beach CPA firm.
You submitted your tax return, and thought that you were done with that hassle for the year. Then, you received the notice that every taxpayer dreads receiving—you’re being audited by the IRS. What does this mean for you? What can you expect from your audit? And can you get help to guide you through this process? Here’s what you need to know.
The tax deadline is fast approaching, and many taxpayers are scrambling to not only file their returns, but to figure out how to handle their tax bill. Due to the changes to tax law, with the implementation of the Tax Cuts and Jobs Act, many people are finding themselves with much higher tax bills than normal; even some individuals who typically get refunds may find themselves owing and not know what to do about it. Here are some tips for handling an unexpected or larger-than-normal tax bill, as well as some explanation as to why you might have received such a high tax bill this year.
If you own a business, and you pay your taxes based on the calendar year, then your deadline for filing your business tax return is March 15. That date is just around the corner, and if you’re feeling the time constraint pressing in on you, then you need to take proper steps to avoid major fees and penalties from the IRS. But if your tax return simply isn’t ready, and won’t be ready before the deadline, there is another option available to you. Here’s how you can request an extension for your business tax return.
DIY tax programs have grown rapidly in popularity over the last several years. And while they might work perfectly if you have nothing to input but a W2, for many taxpayers, those DIY programs don’t do the job right. Taxes can get very complicated very quickly, and if you don’t have the experience or knowledge to handle all aspects of your tax return properly, you can quickly miss out on some important deductions, or file your taxes incorrectly. Here are 5 signs that you shouldn’t be attempting to file your taxes on your own. If any of the following are true about you, be sure to work with a professional tax preparer instead.
The New Year is here, and if you haven’t already set some resolutions for yourself, it’s not too late. The most common resolutions are usually health related, but there’s another category that many people resolve to improve at the beginning of the year—their finances. If you’ve been thinking of improving upon your financial situation this year, consider making some of these New Year’s resolutions.
Camputaro and Associates
Certified Public Accounting Firm
136 N. Orchard Street, Suite 8
Ormond Beach, FL 32174