December 2020 Individual Due Dates

Jon Weaver Tax Information

December 3 – Time for Year-End Tax Planning  December is the month to take final actions that can affect your tax result for 2020. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2020 should call for a tax planning consultation appointment. December 10 – Report Tips to …

The IRS Does Not Accept Gift Cards for Payment of Taxes

Jon Weaver Uncategorized

Scammers are everywhere these days. They have all the nerve in the world and will go as far as impersonating the Internal Revenue Service to get your money. The IRS is a perfect cover because people are generally fearful of this government agency. Fear persuades victims to comply with the scammers demand, even if the demand seems unreasonable. And what …

Americans Are Being Forced to Tap into Their Retirement Savings During COVID-19

Jon Weaver Uncategorized

The COVID-19 pandemic has had a devastating financial impact on thousands of Americans across the country. During the second quarter of 2020, the economy contracted by 32%, resulting in millions of taxpayers have filed for unemployment for the first time, but even those monies have not been sufficient to cover living expenses for many. In July, the additional $600 unemployment …

Don’t Miss Out on Year-End Tax-Planning Opportunities

Jon Weaver Uncategorized

To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. In response to the economic slowdown and losses of income, Congress passed several extensive laws to benefit individuals and businesses that suffered financial hardship because of COVID-19. However, 2020 has given rise to more than the usual tax-planning opportunities. Thus, you may find …

There is More to Deducting Health Insurance than Meets the Eye

Jon Weaver Tax Information

Article Highlights: Itemized Deduction AGI Limitations What Insurance is Deductible Above-the-Line Deduction for the Self-Employed Income Limitation Subsidized Limitation Health insurance premiums, especially in the wake of the Affordable Care Act, have risen dramatically and are one of the greatest expenses that most individuals pay. Although the cost of health insurance is allowed as part of an individual’s medical deductions …

Real Estate Professionals Must Consider S-election To Save Big on Taxes

Jon Weaver Tax Information

Attention Real Estate Agents. You hand out keys to property owners on a regular basis, well here is a key just for you. It is known as the S-election. Use it to unlock massive savings by eliminating Self-Employment tax on your commissions. Additional paperwork and expenses are involved, but the tax savings far exceed the inconvenience and costs. Real Estate …

Quick Books Online is Perfect for Your Business

Jon Weaver Tax Information

Raise your hand if you want to track your business finances in one place that is easy and secure to access whenever you desire. If your hand is up, you need Quick Books Online. It is an advanced accounting software that is perfect for your business because you get 24/7 online access backed by the reputation and security of Intuit. …

Business Deduction for Meals

Jon Weaver Tax Information

When it comes to food, taxes are a bit crazy especially for business owners. Food purchases are somewhere from zero to 100% deductible. It depends on whose mouth it ends up in. The full cost is deductible as an expense if the end user is: The General Public Employees that are working late Holiday office parties so tell your boss …

2020 is a Great Year to Make Charitable Donations

Jon Weaver Uncategorized

Sorry to get you down, but COVID-19 has been a miserable experience for all Americans. However it is a great feeling to help people when they are down, and now is your chance. You even get a special tax break on your 2020 tax return for your generosity. A win-win in this time of despair. To combat the negative economic …

The Low Down on Filing Your Business Activities as an S-corporation

Jon Weaver Tax Information

The S-corporation election is a tax tool that saves business owners thousands of dollars in taxes each year. If you are just starting out, have a well established business or land somewhere in between, you must investigate the election and how it applies to you.  How does the S-election work? First you must get approval from the IRS. Almost everyone …