All taxpayers have the opportunity to create an online account with the IRS, but not everyone realizes it. Creating an account allows you to view the specific details of your federal tax return and take action when needed. Let’s go over some of the benefits of an IRS online account: If You Owe Money If […]
Do you have an IRS online account? Read More »
What you need to know to avoid IRS scams When it comes to communication from the IRS, there are certain things they do and don’t do. Understanding how they communicate can help you protect yourself from scammers. How does the IRS communicate? They will almost always contact you first via mail. An IRS revenue agent
How does the IRS communicate? Read More »
Do you have a hobby that has become a source of income? If so, you’ll need to report that income on your tax return. According to the IRS, a hobby that generates income should be considered a business unless it does not make a profit for more than three to five years, or you had no intention
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Due to the American Rescue Plan Act of 2021, the Child Tax Credit is expanded for just the 2021 tax year. What does this mean? The credit will increase for many eligible taxpayers. You may receive part of your tax credit before even filing your 2021 tax return. Children who turn 17 in 2021 will
Changes in Child Tax Credit – What You Need To Know Read More »
We are all doing our best to settle into the temporary normal, whether we are working from home or unfortunately out of work. For businesses and individuals alike, staying afloat is top of mind. In this month’s blog, we want to give you a few tips on what you can do to keep your life
Getting Through COVID-19 Read More »
You may not yet be thinking about the upcoming tax season, but now is the best time to start planning for it. Preparing early will help make things go smoothly once it comes time to have your taxes done. While most of your paperwork will not be available at this time, there are still a
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Do you own a business, and if so, have you ever considered donating to a nonprofit? Donating is not only a “feel good,” but it can also provide you with a tax deduction and help your company in the long run. Tax Deduction Donating to a qualified nonprofit provides you with a tax deduction on
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Recently Ron did a tax planning seminar in conjunction with a local financial planner, watch it today. If you’re ready to start tax planning, give us a call today.
Tax Planning Seminar Read More »
Since many businesses have been impacted by the pandemic and may be affected by the upcoming election, this is an especially important year to implement year-end tax planning for your business. The Tax Cuts & Jobs Act (TCJA) and the CARES Act have provided many tax credits and deductions to consider. Depending on the outcome
Year-End Tax Planning for Businesses Read More »
COVID-19 has caused millions of Americans to seek unemployment compensation, and some are receiving it for the first time. Just like any other type of income, unemployment benefits are subject to taxes—including unemployment compensation received as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Below is a brief guide to help you
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