Tax season is here! Now is the time to start (or finish) collecting your tax return paperwork. It’s also time to reach out to your tax professional to schedule your appointment. But how do you know who is the right tax professional to choose? There are some factors you need to know and questions to […]
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The end of the year is almost here and there is still time to do some tax planning for your small business. These tips will help you save in taxes and help keep more of your hard-earned money in your pocket. Bonus Depreciation Do you need computers, equipment, furniture, or other assets to keep your
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Are you a business owner? Do you work from home? If so, you may be able to qualify for some home office deductions! Let’s discuss so you can be prepared when you file your 2021 tax returns. Something to note, before we get into it further: employees are not eligible to claim the home office
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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
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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
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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
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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
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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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