As a small or mid-size business owner, you are likely joining many others who are setting achievable goals for the coming year. While it's common to set ambitious goals, it is also important to make them realistic so that they don't fizzle out from lack of steam. So be sure to make your resolutions achievable with enough time, energy and... read more »
November is here, and it means the year is slowly drawing to a close. If you are like most people looking ahead on your taxes, you will want to know that there are changes to the tax laws for 2021. It is mostly due to inflation increasing the income limits for deductions. Let's take a look! Rising Tax Brackets As... read more »
If you filed an IRS Form 4868 for a tax extension deadline due on October 15th of this year, be aware it is coming up fast, and you will need to pay on time if you want to keep from getting hit with extra fees and penalties. While the taxes were still due on the extended due date of May... read more »
Do you run a business being the sole proprietor? If so, did you know that you currently have no legal or financial separation between you and your company? It essentially means that when you try to get credit or funding, it will be tied to you, personally, and potentially impact your personal credit reporting, for better or worse. This matters... read more »
Do you run a business being the sole proprietor? If so, did you know that you currently have no legal or financial separation between you and your company? It essentially means that when you try to get credit or funding, it will be tied to you, personally, and potentially impact your personal credit reporting, for better or worse. This matters... read more »
July is already here, and so is the highly anticipated IRS advance on child tax credits that you normally get after filing your tax return. Keep an eye out for a letter from the Internal Revenue Service (IRS). It will be good news for you if you qualify for the new child tax credit payments, allowing you to receive these... read more »
We are now halfway through 2021 and have seen the effects that the COVID-19 pandemic has had when it comes to taxes, but the good news is it's actually better than what many people, as well as governments, had previously predicted. While many expected our states to see a sharp decline in revenue thanks to the pandemic, it surprisingly turned... read more »
Did you know that the Treasury Department and Internal Revenue Service extended the federal income tax filing due date for people filing for the 2020 tax year from April 15, 2021, to May 17, 2021? That's because the IRS wants to help you file your taxes while you are figuring out the pandemic uncertainties. Just remember that filing electronically using... read more »
The American Rescue Plan Act was officially passed in the House and Senate on March 10th. The coronavirus relief bill brings with it some important tax changes you need to know when it comes to filing your 2020 taxes. In particular, how your unemployment benefits, economic impact payments, and student loan debt forgiveness affect your taxes. Let's take a look!... read more »
Tax filing season is upon us, and many people find that filing their taxes is highly stressful, wondering if they will get a refund this year or be paying taxes. If you are among those, rest assured, you are not alone. Like many taxpayers this year, you may have stimulus payments, unemployment income, and PPP loans to consider when filing... read more »
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