Learn about a new tool to protect your tax return from would-be thieves. Plus find out how you are giving away the most valuable thing you own! As the tax filing season gets underway, now is a great time to review some tips to help ensure your tax return is processed without a delay. Also …
IRS Identity Theft Program NOW OPEN! – New one-time use PIN option available for all
After a long pilot program, the IRS is making its identity theft PIN program available to all taxpayers. Here is what you need to know. The IRS is expanding a pilot program that uses Identity Protection Personal Information Numbers (IP PINs) to provide an extra layer of security for all taxpayers. Here is what you …
Alert: Look for New 1099 NEC Your 1099’s are coming soon
So many 1099's. How do you keep them all straight? Here is a quick review of the most common 1099's to help you prepare to file your tax return. Virtually every small business, including sole-proprietors, must issue at least one 1099 each year. And this year there is a new one called the 1099 NEC. …
Continue reading Alert: Look for New 1099 NEC Your 1099’s are coming soon
IRS Identity Theft Season Begins Now
Be on your guard as the IRS identity theft season starts in late January. Here's what you need to know. Each year thieves try to steal billions in federal withholdings by stealing your identity. As the IRS focuses more attention on this quickly growing problem, now is the time of year to be extra vigilant. …
Tax & Business Newsletter: January 2021
You can now deduct expenses paid with PPP loans on your tax return. There's also a new round of funding for additional PPP loans if your business is struggling. Read about what it means for you. PPP Loan Expenses Are Now Tax Deductible If you or your business received funds from the Paycheck Protection Program …
Are You a Contractor or Employee? – Knowing the difference is very important
A recent voter initiative in California overrules the state's desire to make all Uber and Lyft drivers employees. This puts a spotlight on all workers to know the difference. Are you an independent contractor or an employee? As the pandemic continues, many long-time employees are now picking up jobs as contractors. In the meantime, states …
Continue reading Are You a Contractor or Employee? – Knowing the difference is very important
Tax Planning Insights
JANUARY 2021 Happy New Year! Another round of stimulus payments will greet many of you in January thanks to a new COVID relief package enacted by Congress in December. Read about who qualifies for these latest relief payments, along with other benefits appearing in the bill including an extension of unemployment benefits and more financial …
January Client Update Newsletter
Happy New Year! The new year begins with more stimulus payments and other financial assistance courtesy of the latest COVID relief legislation. Read about how the new bill affects your tax and financial outlook. Also in this month's edition is good news for business owners regarding the tax deductibility of expenses paid for using PPP …
Reminder: Fourth Quarter Estimated Taxes Now Due – Now is the time to make your estimated tax payment
Plan now to make your 4th quarter estimated tax payment. If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 2020 fourth quarter due date is now here. Due date: Friday, January 15, 2021 You are required to …
2021 standard mileage rates decrease
2021 Mileage Rates are Here!New mileage rates announced by the IRS The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2021, the standard mileage rates for the use of a car …
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