In a few months the U. S. will begin filing tax returns again, and at tax firms all over the country people will be making the “E-Trade” Shocked Baby Face (remember him?) when they see they are being charged penalties and interest for under paying their taxes due. Even if they made a 941 payment [...]
With fall in the air, it’s time to start thinking about things that need to be done to prepare for winter. The garden harvests are rolling in, fresh vegetables are everywhere and it’s really, really great. Time to fill up your oil tanks before the price change, and at least know where those snow tires are in [...]
We are nearing the October 15th filing deadline, so all the crying is almost over 2019 tax return submissions. We blogged throughout the summer on various topics, but now you’re down to a few weeks to effectively do 90% of what can be done to affect your 2020 tax liability. Only a few things can be done [...]
All around the country, there are people in an absolute panic because the real tax deadline for personal tax return extension filers is approaching and they are running out of time. A few blogs ago, we talked about how to possibly deal with not being ready for the corporate deadline on September 15th . We don’t have an amusing anecdote [...]
First, let us make it clear that we aren’t saying that your CPA or accountant is doing anything wrong. The accounting industry is one of the most honorable and respected fields around. That being said, there is a misconception that they are going to be proactive when advising clients about their taxes, and that’s just [...]
With Labor Day here, what tax planning should I think about before the fourth quarter is in full swing? The biggest mistake a business can make is not knowing their true numbers. The biggest mistake individuals can make is thinking they aren’t affected financially just because they “made it” and are back to work. Business [...]
With the COVID-19 pandemic, many people who worked in an office have suddenly found themselves being asked to work from home for safety reasons. Many remote workers, especially those no longer commuting to cities, wonder if they will have to pay taxes where they were working, or at home, or both. States use several factors [...]
Many times business owners have come into our office and with our help have found that they were doing things incorrectly regarding their bookkeeping and taxes. Occasionally, the errors add to the tax burdens that they have been underreporting. That never feels good, but it is always better to fix those issues pre-audit. Often, errors [...]
When people save for retirement they almost automatically use accounts that avoid tax now. IRAs, 401(k)s, 403(b)s, 457s, all pretax retirement savings plans. Certainly, long term savings uninterrupted by withdrawals and the effect of compounding interest on interest earned is unarguably valuable, but doing that in pretax accounts is NOT the only way to have [...]
Many business owners cheered as the news came out about the Paycheck Protection Program (PPP) loans. The money was not distributed perfectly, but for a “rush job” it was still done pretty well. Then, the money went out and we have witnessed the result, in that many businesses that had no customers for weeks and [...]