News and Announcements
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.
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.
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