Tax Law changes Well, 2022 was certainly an interesting year and the recent tax law changes are going to keep it interesting. Here are some of the changes and issues you need to know about.Research and Development: Under the Tax Cuts and Jobs Act (TCJA), for taxable years beginning after December 31, 2021, specified research or experimental expenditures must be capitalized … Read More
Taxes, what you don’t know can cost you.
Regarding taxes, what you don’t know can cost you. Looking for a way to minimize your tax liability? Look no further than our tax accounting services! We specialize in helping our clients manage their income tax obligations in the most efficient way possible.Taxes are an unavoidable obligation whether you’re a business or an individual. And while they may not be … Read More
Should you hire a professional accountant?
Knowing when it is time to hire a professional accountant. If you run your own business or are part of the gig economy you may be wondering if it is finally time to hire an accountant. What are the signs that it is time to hire a professional and why would you want to? Professional accountants can do more than just … Read More
Taxpayers who have not yet filed their 2021 tax return
October 17, 2022, extension deadline Check the IRS Directory of Federal Tax Return Preparers. This searchable and sortable public directory helps taxpayers find a tax return preparer with specific qualifications. Check the preparer’s history with the Better Business Bureau. Taxpayers should check for any disciplinary actions for credentialed tax return preparers. For CPAs, check with the State Board of Accountancy. … Read More
Don’t file your tax return before you’re ready
Don’t file your return before you’re readyTaxpayers should never file late, but they shouldn’t file unless they are ready either. Taxpayers who file before they receive all the proper tax reporting documents run the risk of making mistakes that may lead to processing delays. Amended returns are currently taking an unprecedented amount of time to process by the IRS so … Read More
Beware of Tax Scammers
Beware of tax scammers Tax season is in full swing and the IRS wants to remind taxpayers to be on the lookout for tax scams. Criminals continue to make aggressive calls posing as IRS agents in hopes of stealing taxpayer money or personal information. Here are some red flags that should alert you that you may be the target of … Read More
Tips for preparing your tax return
Now that the holidays are in the rearview mirror and it is the start of a new year, it’s time to think about getting ready for filing your tax returns. Gathering and organizing your records in order to file your taxes could be one of the nicest things you do for yourself (and your accountant). Taxpayers should gather all year-end … Read More
Choosing the Right Tax Professional
Choosing the Right Tax Professional:As taxpayers begin to prepare to file their 2022 tax return, they may be considering hiring a tax return preparer. Based on your needs and situation, it is important to find a good fit. Remember, you are responsible for all the information on the return, regardless of who prepares it. A tax preparer with experience, knowledge … Read More
Taxpayer Bill of Rights Part 2
Taxpayer’s Bill of Rights Part 2 As taxpayers, most of us probably think that whatever the IRS says goes and that we as taxpayers don’t have much recourse. However, as a taxpayer in the United States you do have rights and they are documented in the Taxpayer Bill of Rights. One of the rights listed on the IRS website at … Read More
The Taxpayer Bill of Rights Part 1
Your rights as a taxpayer, what you need to know.If you have ever received a letter from the IRS, it’s natural for you to feel a little apprehension as you open it. You might even feel a little nausea if that letter states that you owe money. When you believe that you don’t owe the government money and the government … Read More
Child Tax Credit Portal Update
Families receiving monthly Child Tax Credit payments can now update their direct deposit information and more!Now families can conveniently receive their monthly child tax credit payment online and with a direct deposit to your designated bank account. The account feature was added only to the Child Tax Credit portal available only on IRS.gov. This is good to know, so that … Read More
Deductions and More: Getting Ready For the Next Tax Season
Americans love paying taxes.They love it so much that over 120 million of them chose to pay extra and had to get refunded.All jokes aside, there’s a lot of serious information to know when you’re prepping for tax time, and it’s never too early to get started! It could save you time and money next year.Luckily, it doesn’t have to … Read More
Tax Preparation vs Tax Planning
Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: WHAT IS TAX PREPARATION? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your return and finding out whether you owe the IRS money … Read More
Social Security Benefits & Taxes: The Facts
Social Security Benefits & Taxes: The FactsSocial Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits.Examples include wages, self-employment, interest, dividends, and other taxable … Read More
Relief for Taxpayers Struggling with Tax Debt
RELIEF FOR TAXPAYERS STRUGGLING WITH TAX DEBTSWhile there have always been payment options available from the IRS to help taxpayers struggling to pay tax debts, the new IRS Taxpayer Relief Initiative was put into place to expand these options and offer relief during the pandemic. These revised COVID-related collection procedures will help taxpayers, especially those who have a record of … Read More
Identity Protection PIN Available to All Taxpayers
Fraudulent Federal Tax Returns are on the rise!Starting in January 2021, In order to help combat this, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims.WHAT IS AN IDENTITY PROTECTION PIN?An identity protection personal identification number (IP PIN) is a … Read More
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