4 Questions Business Owners Should Consider During the 2020 Tax Season
4 Questions Business Owners Should Consider During the 2020 Tax Season As if 2020 wasn’t challenging enough, this season’s tax-filing is going to be even more complicated than usual. Though the CARES Act and the Paycheck Protection Program were put into place to help small businesses, the old adage about “no such thing as a…
Tax Time is Around the Corner! Are You Ready?
Tax Time is Around the Corner! Are You Ready? Article Highlights: Time to Gather Your Information New for 2020 Choosing Your Alternatives Tips for Pulling Your Information Together Tax time is just around the corner, and if you are like most taxpayers, you are probably facing the ominous chore of compiling records in preparation…
Should You Charge Late Fees? QuickBooks Can Help
Should You Charge Late Fees? QuickBooks Can Help Do you have a lot of aging receivables? Assessing finance charges can speed up customer payments. Have your customers been submitting payments later than usual these last several months? It wouldn’t be surprising. Many businesses are struggling to pay bills these days. Still, you need to…
2021 Standard Mileage Rates Announced
Highlights: Standard Mileage Rates for 2021 Business, Charitable, Medical and Moving Rates Important Considerations for 2021 Switching between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee Deductions Suspended Special Allowances for SUVs The Internal Revenue Service (IRS), each year, computes standard mileage rates for the use of a vehicle for business, medical…
Didn’t Get Your Economic Impact Payment? You Can Claim It on Your 2020 Return.
Article Highlights: • Economic Impact Payments• High-Income Taxpayer Phaseout• Using the 2018 and 2019 Returns• Who Qualified for a Rebate?• Deceased Individuals• Tax Return Non-filers• Reconciliation on the 2020 Return One of the more tax-troubling issues this year has been the distribution of what Congress referred to as the recovery rebates. You may…
Sold or Thinking of Selling Your Home?
Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Form 1099-S IRS Matching Records In spite of (or in some cases, because of) the COVID-19 pandemic, and with near-record-low home mortgage interest rates, the housing market has been…
Tax Issues to Be Aware of as Year-end Approaches
Tax Issues to Be Aware of as Year-end Approaches Article Highlights Take Full Advantage of Your Deductions Traditional IRA Contributions at Any Age Make Charitable Contributions with IRA Funds Larger-than-Normal Charitable Contributions May Be Possible Deducting Charitable Contributions Without Itemizing Marital Status Maximize 2020 Education Tax Credits Convert Your Traditional IRA into a Roth IRA…
December 2020 Individual Due Dates
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…
The IRS Does Not Accept Gift Cards for Payment of Taxes
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…
Americans Are Being Forced to Tap into Their Retirement Savings During COVID-19
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…