Third Hand Bookkeeping Service

With the IRS moving tax day back for all U.S. filers for the second time in as many years, it’s time once again for a fun diversion by looking back at tax history! Test your tax knowledge using these questions to stump your friends and family. In 1861, President Abraham Lincoln enacted a flat tax […]

With the May 17 tax filing deadline right around the corner, here are answers to some common tax questions. When will I get my refund? The pandemic and additional stimulus payments will, in all probability, delay refund payments. But as of now here are the old wait times to receive your refund. * E-file return with […]

Many business owners hire their children, their spouse, or other family members to work in their business. Sometimes this works out well. Other times it causes problems. Let’s look at the pros and cons of putting family members on your payroll. Hiring your children Hiring your kids for a summer or part-time job usually has […]

How companies use your identity and what you can do to protect it. One of the most valuable things you own is YOU. Your identity includes the basics – where you live, your age, and your gender. But it also includes your interests, who you know, and what you buy. So, do you know who […]

The Problem You hang up the phone with a huge smile on your face. You just learned that you’re getting a pretty sizeable tax refund this year. Now all you need to do is kick back and wait a week or two for the IRS to wire the money into your bank account. This good […]

Legislation provides other business relief provisions Here’s what you need to know about the Paycheck Protection Program (PPP) loans and other business relief provisions of the recently-passed American Rescue Plan Act. PPP loan application deadline extended. The deadline to apply for PPP loans is now May 31, 2021. Sick leave extended. Businesses providing sick leave for COVID-related […]

Here are some suggestions to help you master the art of documenting and organizing your business. now and in the future. Document policies and procedures. Write down daily responsibilities, and skills needed to complete tasks related to these responsibilities. Write down the location of all paper and electronic files. Appoint and cross-train backup staff to ensure […]

Don’t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return. Taxes on unemployment income. If you received unemployment benefits in 2020, you need to report these benefits on your tax return as taxable income. Check to see if either federal or state taxes were […]

A terrible tax surprise everyone should know What follows is a true story. A story with a sad ending. But one that has a lesson for everyone. Stick with the story, with a high degree of certainty you probably know someone in this exact situation. The ingredients Back in the 1970s, U.S. Savings Bonds were […]

Here are four ways to make sure the preparation of your tax return keeps humming along until it gets filed. Keep tax documents in one place. Missing items are one of the biggest reasons filing a tax return gets delayed! Find a place in your home and put all tax documents in this one place as […]