Is it always a good idea to amend your tax return if you find an error? Here's a tip that is worth reviewing each year as adjustments to your income tax return may become apparent. This is often common with the advent of changing tax rules and as the IRS finalizes rules on recently passed …
Author: velisabookkeeping
SMALL BUSINESS ALERT: New Federal Reporting Required
Especially important for new business startups Tip Category: What's New New Beginning in 2024, many small businesses will have to report information about their owners to the Financial Crimes Enforcement Network (commonly referred to as FinCEN), a bureau of the U.S. Department of the Treasury that collects and analyzes information to help fight financial crimes. Here …
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Deduct Business Meals the Right Way
Did you know that business meals are deductible but business entertainment isn't? Make sure you keep a detailed expense log distinguishing the two. Tip Category: Miscellaneous Suppose you take your best client out to dinner to celebrate your business relationship. If you own a business, are self-employed or run a side business, can you deduct …
Toss This. Not That. –
Your guide to post tax-filing record retention The ensure you're ready for an audit, tax returns should be kept indefinitely and supporting documents should be kept a minimum of three years. Before you close this year's tax file there is still some work to do. If the IRS or state revenue department selects your return …
Is a Tax Trap Lurking in Your Paycheck?
Does your paycheck look a little higher than normal? If so, it could be a tax trap. The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. This deferral of the employee's portion of Social Security will raise your paycheck temporarily until January, 2021. Beginning in 2021, the …
Avoid Name Mismatch Audits
If you were married, divorced, or changed your name for any reason during the past year, do not forget to file to change your name prior to preparing next year's tax return. The IRS automatically conducts a name match on the first few letters of your last name. The problem If the name on your …
Lenders will not file Form 1099-C for forgiven PPP loans
o prevent confusion, the IRS notified lenders on Tuesday that they should not file cancellation-of-debt information returns or furnish payee statements under Sec. 6050P to report the amount of qualifying forgiveness with respect to covered loans made under the Paycheck Protection Program (PPP) (Announcement 2020-12). The PPP was created under the Coronavirus Aid, Relief, and …
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Don’t Run the Risk of a High Tax Bill!
Before taking action talk to your tax adviser. How many times have you seen this legal disclaimer? Unfortunately, all too often taxpayers do not follow this advice and then must pay the price with an unnecessarily high tax bill. Here are some of the most common situations that can save you money by seeking advice …
Clients Beware: 7 Tax Scams to Watch Out for in 2020
Each year, thousands of people lose millions of dollars, not to mention their personal information, in these schemes. Typically, the new scams are variations on old themes but are even slicker than before and harder to detect. ‘Tis the season for tax scams. As the time for filing 2019 tax returns fast approaches, the IRS is again …
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10 Reasons Why Your Small Business Needs a Bookkeeper
With many small businesses thriving during the holiday season, this is the time of year that makes running a business exciting and enjoyable! This is also the time of year to reconcile books and prepare for tax season. How can owners balance both? We see so many of our small business owners struggle at tax …
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