Answers to Common Tax Questions

Posted on 10. May, 2021 by in IRS, Tax Tips

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 […]

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Protect Your Tax Return With This Secret Weapon!

Posted on 20. Apr, 2021 by in IRS, Small Business Tips, Tax Tips, Tax Updates

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 […]

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Be Prepared For These Pandemic-Related Tax Surprises

Posted on 24. Mar, 2021 by in IRS, Small Business Tips, Tax Tips

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 […]

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4 Ways to Make Sure Your Tax Return Doesn’t Get Stuck

Posted on 02. Mar, 2021 by in IRS, Small Business Tips, Tax Tips

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 […]

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Turn Your Home Office Into a Tax Deduction

Posted on 18. Feb, 2021 by in IRS, Small Business Tips, Tax Tips

If you worked from home for the first time in 2020, you may be wondering if your home office is tax deductible. The bad news? If you’re working from home for an employer, you normally can’t deduct your home office expenses. Here’s a quick look at the basic requirements to be able to deduct your […]

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2021 Retirement Plan Limits

Posted on 01. Feb, 2021 by in IRS, Retirement Accounts, Small Business Tips

As part of your 2021 tax planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits for 2021: Take action If you have not already done […]

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Make Preparations for Form 1099s This Year

Posted on 29. Jan, 2021 by in IRS, Tax Tips, Tax Updates

Be looking for new Form 1099-NEC! Here are three tasks to consider that will make meeting your business’s information reporting requirements less stressful this tax season. Review your general ledger. Even if you’ve already identified 1099 vendors in your payables system, review current year expenses to make sure no new or infrequent payments have been overlooked. […]

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PPP Loan Expenses Are Now Tax Deductible

Posted on 26. Jan, 2021 by in COVID-19, IRS, PPP, Small Business Tips, Tax Updates

If you or your business received funds from the Paycheck Protection Program (PPP), the recently passed Emergency Coronavirus Relief Act of 2020 will help to dramatically cut your tax bill. Here’s what you need to know. Background The CARES Act created the PPP program in March 2020. The program helps businesses adversely affected by the […]

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IRS Announces Common Tax Scams

Posted on 16. Sep, 2020 by in Identity Theft, IRS, Small Business Tips, Tax Tips

The IRS recently announced its 2020 edition of its annual Dirty Dozen list of tax scams. This year includes a special emphasis on aggressive and evolving schemes related to COVID-19 tax relief, including Economic Impact Payments. Here are six of the more common scams. Phishing. Phishing refers to potential fake emails or websites looking to steal your personal […]

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NEW Tax Rules for 2020!

Posted on 11. Sep, 2020 by in Charitable Contributions, Charitable Giving, IRS, Small Business Tips, Tax Tips, Tax Updates

Here are several new tax laws to consider as you start planning your 2020 tax obligation. Make up to $300 of charitable contributions. For the 2020 tax year only, an above-the-line deduction of $300 is available to all Americans who want to make a charitable contribution. You can donate to more than one charity, but the […]

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