Think Before Tapping Your 401(k) as Emergency Fund

Posted on 23. Jun, 2020 by in COVID-19, IRS, Retirement Accounts

Do you need a quick infusion of cash? Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you may be able to take money out of a qualified plan, like a 401(k), or an IRA, with favorable tax consequences. But should you do it? You might view withdrawing money from a retirement account as […]

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Be Prepared for Pandemic Tax Surprises

Posted on 14. Jun, 2020 by in COVID-19, IRS, Retirement Accounts, Small Business Tips, Tax Tips

Numerous new laws provide economic relief to individuals and businesses hardest hit by this year’s pandemic. This much-needed financial assistance, however, comes with a few strings attached. Here are three potential surprises if you use the available economic relief packages: Getting a tax bill for unemployment benefits. While the $1,200 economic impact payments most Americans received […]

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Get Your Money: Ensure You Receive a Stimulus Payment

Posted on 12. May, 2020 by in COVID-19, IRS, Small Business Tips, Tax Tips

Your COVID-19 stimulus checks are in the mail! Find out how much you qualify for and when to expect the money. The IRS has two websites to help with stimulus payments: One for non-tax filers to register to receive their economic impact payment and a new “Get My Payment” tool. BackgroundAs a response to the […]

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Key 2020 Coronavirus Tax Changes

Posted on 06. May, 2020 by in Independent Contractor, IRS, Retirement Accounts, Tax Updates

As you navigate the COVID-19 pandemic, we’re here as your trusted tax and business advisors to provide guidance as we all traverse these uncertain times. Coronavirus uncertainty abounds. Thankfully, by monitoring tax changes on your behalf, we can work together to navigate the right path for you and your family. Here is a round-up of […]

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Tax Deadlines Move to July 15

Posted on 09. Apr, 2020 by in Small Business Tips, Tax Updates

The April 15 federal income tax filing due date has been moved to July 15, the U.S. Treasury Department and IRS recently announced. Here is what you need to know: The due dates for all tax payments normally due April 15 have been pushed back 90 days to July 15, regardless of the amount owed. […]

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New W-4 Creates Questions for Human Resources

Posted on 18. Feb, 2020 by in Employees, Human Resources, Tax Tips, Tax Updates

With the major Form W-4 overhaul for 2020, you may field questions from your employees concerning their federal paycheck tax withholdings. While it’s not your responsibility to provide tax advice to your employees, it’s good to be prepared to help answer common questions about the new IRS form. Here is a summary of the W-4 […]

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Tax Savings and Ideas to Unplug

Posted on 10. Jun, 2019 by in Small Business Tips, Social Networking, Tax Updates, Technology

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Oh No! Your Tax Refund is Now a Bill

Posted on 14. Mar, 2019 by in Bookkeeping Articles, Misc. Articles, QuickBooks, Services, Small Business Tips, Tax Updates

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IRS Releases New 2018 W-4 Form

Posted on 06. Mar, 2018 by in Bookkeeping Articles, Small Business Tips, Tax Updates

CPA Practice Advisor recently reported The Internal Revenue Service has released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December. The IRS urges taxpayers to use these tools to make sure they have […]

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Keep Your Audit Fears in Check

Posted on 05. Jun, 2017 by in Bookkeeping Articles, Services, Small Business Tips, Tax Updates

Getting audited by the IRS is no fun. Fortunately, your chances of being audited are probably lower than you think. A look at the latest IRS statistics for 2016 reveals some interesting, and reassuring, facts about the risk of an IRS audit. Audits are becoming less common. The number of individual tax returns the IRS […]

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