Take Steps Now to Make Tax Filing Easier in 2021 Now is the time to take necessary actions in preparation for filing your 2020 federal tax returns timely and accurately in 2021. Special steps related to Economic Impact Payments will be new for this filing season. This is the first in a series of reminders… Read More
What To Do Before Tax Year 2020 Ends There are things you can do before the end of 2020 to help you get ready for the 2021 tax filing season. Below are a few of them. Donate to Charity There is still time to make a 2020 donation. If you don’t itemize deductions, you may take… Read More
Tax is probably not foremost in people’s minds this week. Unless taxation happens to be your profession, you are probably thinking more about turkeys, stuffing, parades, football…anything but taxes. So, we thought we would take a break from tax education and information and focus a little bit on thankfulness. For many of us, Thanksgiving will… Read More
Taxpayers may find themselves in unfamiliar tax filing and withholding situations. Many taxpayers are finding themselves in unique situations due to the Covid-19 pandemic. Many schools across the country closed and shifted to virtual learning. Businesses also sent employees home to work remotely. Parents often found themselves having to split their time between homeschooling their… Read More
Income Ranges for Determining IRA Eligibility Change for 2021 The Internal Revenue Service has announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for the tax year 2021. The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to… Read More
Economic Impact Payments Registration Deadline for Non-Filers Extended to November 21, 2020 Yes. We are writing about Economic Impact Payments…again. But we think it is important for everyone who qualifies to take advantage of this benefit designed to relieve some of the economic impact caused by the COVID-19 pandemic. It is important for you, your… Read More
Start planning now and have everything in place when the time is right to start your new business. National Small Business Week was September 22-24, 2020. Before COVID-19, you may have been dreaming about starting your own business. Economic uncertainty probably forced you to put those dreams on hold. On the other side of this… Read More
The deadline is approaching for individual taxpayers who filed an extension. As you recall, due to the Coronavirus pandemic, The April 15 tax filing deadline for filing a 2019 return was extended until July 15, 2020. Many taxpayers chose to extend their filing deadline until October 15, 2020. If you filed an extension to file… Read More
Non-filers still have time to register to receive their Economic Impact Payment this year. Are you wishing you had that stimulus check about now but you typically do not file a tax return? There is still time. Non-Filers Can Still Get a Payment Later this month, the IRS will begin mailing a special letter to… Read More
Choosing a trustworthy payroll service provider can protect employers from fraud. Employer’s Outsourcing Payroll Responsibilities Many employers outsource some of their payroll and related tax duties to third-party payroll service providers. These services can help assure filing deadlines and deposit requirements are met and greatly streamline business operations. But remember, employers are ultimately responsible for… Read More