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 …
Is a Tax Time Bomb Lurking in Your Paycheck?
Does your paycheck look a little higher than normal? If so, it could be a tax time bomb. The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. The potential deferral of your portion of Social Security as an employee could raise your take home pay temporarily until …
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Protect Your Cash with Segregation of Duties
Fraud and embezzlement don't just happen at large companies. In fact, theft may be more common in small businesses because many lack any form of internal controls that may exist in one form or another in larger businesses. But the good news for small businesses is that effective internal controls don't have to be complicated …
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Reminder: Third Quarter Estimated Taxes Due
Now is the time to make your 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 third quarter due date is now here. Due date: Tuesday, September 15th, 2020 Remember, you are required to …
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Donating Stock to Charities Can Yield Bigger Tax Savings
Scrolling through your inbox, you come across an e-mail from your favorite charity asking for a donation. You've been meaning to make a contribution for a while now, but just never got around to sending them a payment. But you're ready to do it now, and you're cyber smart, so you avoid the e-mail and …
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Tax Shifting Ideas to Reduce Your Bill to Uncle Sam
Many tax experts talk about shifting your tax burden from one year to the next. While in theory it may make sense, how can you make it work for you in practice? The concept Since the tax code is complex in its construction, there are often opportunities to reduce your tax burden by controlling the …
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September Client Update Newsletter
Fall is right around the corner! As summer is winding down, the IRS wants you to be aware of common scams being encountered during the pandemic. Also included are tips to improve your credit score, and a review of alternative ways to budget so you can explore a method that works best for you. All …
Married Couples in Business
One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. Below, we point out some issues to consider when operating a business as a married couple. How spouses earn Social Security benefits A spouse is …
A Gift of Stock
You own some stock that has increased in value. To avoid a possible taxable gain by selling the stock, you wish to give it directly to a child or grandchild. This simple idea has some interesting tax consequences to consider. Value of the gift When you gift stock there are not one, but two values …
Don’t Rush Your PPP Loan Forgiveness Application
The Small Business Administration (SBA) has begun accepting forgiveness applications for Paycheck Protection Program (PPP) loans. While you may want to put the forgiveness application process behind you, here are four reasons to consider delaying your application submission: More changes are on the way. Congress is currently debating another COVID-19 relief package which could include more …
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