People often struggle with record keeping and are often so busy that they are simply unaware of tools or services that have been developed that could greatly improve the recording and tax deductibility of expenses, miles and other useful things. Tons of topics we could cover here, but two that are universal. If you are [...]
The latest round of stimulus payments, on top of the backlog left from the 2020 IRS slowdown in processing 2019 returns and the constant new tax rules coming out of the legislature, has produced a “HOT MESS” resulting in the extension of the federal income tax filing deadline for the second year in a row, [...]
Last year, 41 states that have a personal income tax postponed their April 15 filing and payment deadlines due to the fallout from the pandemic, but that hasn’t officially happened this time, at least not yet. The IRS has moved the deadline for filing 2020 federal income tax returns from April 15 to May 17, 2021. This [...]
Lately we’ve seen a historic amount of spending, due of course to the pandemic and trying to keep the economic ship righted. So, who’s to know whether what we’ve done is right or wrong? Only time will tell, but for now, especially for those retired or about to retire, this is a blind crossing moment that takes some forethought and reflection to navigate. [...]
Many people think of the IRS filing deadline as April 15th. Simple right? In fact, there are deadlines all year long, something different every month. IRS Publication 509 has the outlines, if you want a quick search to look something up. If you are in certain industries, you likely know you have different deadlines; like [...]
It’s hard to keep up with all the tax code changes that have come about due to COVID-19, and of course the change in the White House will bring even more tax code tweaks. A lot of what’s been in the news and talked about are PPP loans, changes to payroll tax rules, deferrals and [...]
IRS Notice 2021-10, which automatically extends several IRS deadlines, has just been updated again!! How does that benefit you, the taxpayer? Any gain (sale of stock, sale of property etc.) that you created by selling after October 4, 2019 but before October 2, 2020 can still have the taxation delayed by using a “QOZ” or [...]
We talk a lot about people not doing tax planning and not spending more time creating the tax outcomes they want. We urge people to understand that it’s within their own control and that tax outcomes can be legally and ethically manipulated. We go on and on about the benefits. BUT…we understand why it’s so [...]
The PROPOSED new tax code changes from Biden would change a great deal of what was installed by Trump. That’s not necessarily a bad thing, as the Trump tax reductions were meant to stimulate the economy to the point that we started reducing the national debt load (which for many reasons did not happen, and [...]
Many of you in the past have had to issue a 1099-MISC to people you hired and paid, but not as W-2 waged employees. These forms have changed for the first time in a very long time, so this is a courtesy heads up. The 1099-MISC has a much more limited use, but has not [...]