The IRS backlog and what it means for taxpayers
According to the Government Accountability Office and the Taxpayer Advocate Service, the IRS is not keeping up with paper tax returns. The COVID-19 pandemic has definitely played a factor in this as last year’s tax season was in full swing during the beginning of the pandemic. By December of 2020, the IRS had acquired a […]
IRS Delays Tax Filing Deadline to May 17: What To Know And How We Can Help!
Due to an overwhelming amount of pandemic-related tax changes, the IRS has decided to extend the tax filing deadline to May 17. This delay is necessary as many Americans will need the flexibility and time to gather what they need for the 2020 tax preparation process. This change will happen automatically; no extra paperwork is […]
What You Should Know When Employing Your Spouse
There can be tax benefits to hiring your spouse as an employee with your business, but how you do this is important as the process can get quite convoluted and specific. Read on to see what you should be analyzing and how you can employ your spouse properly while also receiving some tax benefits along […]
Owe Additional Tax? Read These Tips On How To Use Reasonable Cause
Finding out that you have tax penalties from the IRS might be scary at first, but before you get worried, do your research and remember you have options; reasonable cause being one of them. Reasonable cause is based on the facts and circumstances of your specific situation. You have to provide proof that the reason […]
Setting Yourself Up to Fail in Retirement
One or two mistakes in handling your retirement money could mean paying a stiff penalty as you grow older — whether financially, or in the emotional drain that “guessing wrong” can take on you. Watch out for these mistakes we’ve seen people make over the years… Obsessing about market losses (or gains). Focus on your […]
The REAL Numbers When It Comes To Marketing…
Small Business Health Quiz (Part 2)
Regardless of national events, or where things are with PPP and EIDL loans — as a business owner, it’s important that you take a REGULAR, clear-eyed look at the underlying legal and financial foundations of your business. I started with these last week, and I’m wrapping them up today. From last week… #1: Is the […]
Here’s What You Need for Your 2020 Taxes
Filing your taxes on your own is not for the faint of heart. But that’s what we’re here for. Let *us* make it easy for you. Below is a list of what you will need during the tax preparation process. Not all of them will apply to you. Before you get overwhelmed: yes, this is […]
Small Business Health Quiz
These are questions that might raise a few concerns, and that’s fine — it’s what we’re here for. Alongside establishing clear measurable for success (KPI’s), these are the sorts of things that effectively growing small businesses really need to get a handle on, regardless of their tax situation. I like to share these questions regularly […]
Managing Expectations during Tax Season
Yes, it’s hard to believe that those year-end tax statements will be coming in the mail soon. Luckily, 2020 is behind us and we are looking forward to a much brighter 2021 tax season! Stimulus Check If you received a “Stimulus Check” this year during the summer, we will need the details to report this […]