Deferring Tax Payments due to Covid-19 Outbreak
“Americans should file their tax returns by April 15 because many will receive a refund. Those filing will be able to take advantage of their refunds sooner,” said Treasury Secretary Steven T. Mnuchin. “This deferment allows those who owe a payment to the IRS to defer the payment until July 15 without interest or penalties. Treasury and IRS are ensuring that hardworking Americans and businesses have additional liquidity for the next several months.”
This does NOT change the April 15th deadline. If you are unable to file by the deadline you should file an extension of time.
We are encouraging our clients to drop off, email or fax their information as soon as possible. At this time we prefer clients to drop off, email or fax your information and if a face 2 face appointment is needed we will call you and set you up with an appointment.
If you are looking to outsource your accounting duties for your small business and you choose the wrong person, it can create huge financial problems. Selecting the right accountant to take care of your finances is a decision that should not be taken lightly.
Are you in a complicated financial situation? Whether you have recently retired, divorced, opened or closed your own business, or had your financial situation affected significantly, the best thing to do is to get professional help to make sure your taxes are properly completed.
Even with today's fancy software, it's incredibly easy to make mistakes when trying to prepare your own taxes. Hiring a professional who specializes in taxes gives you peace of mind, since you know that there's a much greater chance of your return being filed correctly.
One sign that it’s time to hire a tax accountant is if you are a partner in a business or a shareholder in an S corp and receive a K-1. While some K-1s are simple to include in a tax return, in most cases you will benefit from an expert’s oversight.
Think CPAs spend all their time doing taxes? These financial professionals do so much more. They can help develop budgets, analyze your financial situation, help you obtain financing, determine the value of your business, consult on management issues and much more.
So what items and documents do you need to bring when you go to meet with your tax accountant? Basically you will need a form of identification, as well as any W-2 and 1099 income documents, and expense receipts and documents.
Have a child in college, or take continuing education classes yourself? The American Opportunity Credit and Lifetime Learning Credit are two tax deductions that can be easily overlooked. Ask your accountant about any educational credits that might apply to your tax situation.
An amended return is an income tax return form that is filed when a mistake was made on the original return. In most cases, the person filing the amended return either owes money or is owed money by the tax agency.
What happens if I file my return on time but make a silly mistake like forgetting to include my signature? The IRS says that happens often, and if the taxpayer owes money and the return is delayed beyond April 15 that triggers a penalty assessment. An accountant can make sure there are no errors on your return.
We recognize that not everyone has the time necessary to sift through updates to the IRS’s tax code in order to find the answers they needs. Since tax professionals are already up on tax code changes, working with one can help you to cut your tax preparation time considerably.
An experienced accountant can help guide the way for a new small business owner as they have dealt with a lot of situations similar to yours. It’s best to find a qualified, experienced accountant to help today.
Have you ever taken a quick look at the IRS Tax Code? It contains about 4 million words, making it almost seven times as long as “War and Peace,” according to experts. When you hire an accountant, you don’t have to worry about keeping track of the yearly changes to the Tax Code.
Are you familiar with the many different forms required by the IRS and do you know how to properly fill out each of them? An EA accountant has that expertise and can make sure there are no mistakes due to the thousands of documents and sometimes less than helpful instructions.
If you are an employer, payroll taxes can be a nightmare if not properly handled. Enrolled Agents can help you all aspects of this side of your business to make sure you are in compliance.
When you're wondering whether you should pay an accountant to do your taxes, it's important to consider the value of your time. While a complicated tax situation might take an experienced accountant an hour or two to sort out, it will likely take you much more time to figure it out on your own.
Hiring an Enrolled Agent to help with your personal or business taxes means that you will be working with a professional approved by the Internal Revenue Service. This means that he or she has a thorough understanding of IRS regulations.
It’s always a good idea to consult an EA accountant before you set up your small business to help you decide how you will handle your taxes. An EA must pass a taxation test administered by the Internal Revenue Service and thus have a strong understanding of current tax laws.
A business establishment having less than twenty-five employees shall come under the small business health care tax credit. It should also have paid the health premiums of at least half of its employees.
If you own a business, are self-employed, and/or have active rental properties, then hiring a tax accountant is going to be a smart move. Your accountant can identify opportunities to minimize taxes by depreciating assets and logging expenses.
Secure and streamlined payroll is essential to a well-managed business. You need to know all about check writing, automatic bank deposits, meeting federal and local tax and insurance laws, retirement funds and other aspects of payroll from the very beginning.
One important aspect of EA representation is that an Enrolled Agent makes sure that clients are treated properly by the Internal Revenue Service. The EA not only represents clients but acts as a third party watch over the conduct of IRS agents and employees.
Do you double check to make sure you are recording your business deposits correctly? You might be less likely to pay taxes on money that isn’t income. We suggest that you use a program such as Excel or Quickbooks to track expenses.
Tax laws change every single year, sometimes in the last few days or the year. With a tax accountant you can get advice at the beginning of the tax year about how any changes in tax laws should change your personal or business strategies.
Does it ever feel like you know more about what you’re allowed to write-off on your taxes than the person you’re paying to prepare them? When you want the benefit of true tax experience, we’re always ready to take over.
Starting Jan 1, 2021 anyone you can request a IP PIN ( Identity Protection). This will ensure no one can you use your social security number or dependents social security number to file fraud returns.
https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin
IRS.GOV
Get An Identity Protection PIN | Internal Revenue Service
Starting a new business can be an exciting and hectic time in anyone’s life. Remember to schedule an appointment with a tax accountant early on so that you’ll know exactly which business expenses you’ll be able to write off on your taxes each year.
Which movie included the lovable accountant, Andy Dufresne? a) Bull Durham, b) Shawshank Redemption, c) Schindler's List, d) The Producers. Answer: B. Tim Robbins brought the beloved Andy Dufresne to life in "Shawshank Redemption."
There are basically four types of tax planning strategies: accelerating income, deferring income, accelerating deductions, and deferring deductions. Your tax accountant can help you determine what’s best for your individual situation.
Sometimes, it may be necessary for the IRS to meet with you about your tax situation. When this occurs, it’s critical you have a seasoned tax professional on your side with the authority to speak with the IRS. An Enrolled Agent has the credentials to speak on your behalf.
In a financial audit, there is an issue with the company’s financial statement. Typically, the auditor will look at required financial documentation and data and come to a conclusion if the matter should be pursued further.
Living outside the US while a US citizen can make for a very complicated tax return, especially if you received income and paid income tax in that country. A tax accountant can make sure that your return is filed accurately so you don't have to worry.
Do you have large minimum payments on your credit cards? It is always advisable to focus on one card at a time, probably the one where the highest interest is being charged. This can affect your tax liability as well.
The current Tax Code in the United States is over 7 million words long. By comparison, the Gettysburg Address is 269 words, the Declaration of Independence is 1,337 words, and the Holy Bible is a mere 773,000 words.
There are many different types of loans or credit available for small businesses. It’s important to become familiar with each type so that you know what you might want and can approach your accountant and lender with your plan!
IRS reopened their "Get my payment" so you can find out the status of your second stimulus payment.
https://sa.www4.irs.gov/irfof-wmsp/login
SA.WWW4.IRS.GOV
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Most of the people who own a business, are self-employed or have active rental properties hire tax consultants for filing taxes efficiently. There can obviously be some areas where you can minimize your tax liability.
Real estate issues (whether you bought or sold property, or managed rentals) are one of the main things that can trip people up on filling their taxes. A tax professional is familiar with all of the tax laws relating to real estate and will help you file correctly.
Should you be working with an EA accountant? Yes, if you need help resolving an IRS dispute or you expect to owe back taxes. EAs are authorized to represent clients in all types of tax-related situations, including audit hearings, appeals and tax proceedings.
One of the benefits of hiring a business accounting service is that they can put you in touch with other similar small businesses! This can help you to expand your business; by getting in touch with still more clientele you can increase revenue through greater sales.
Were federal taxes always due on April 15th? In 1954, the filing deadline for individuals was moved from March 15th to April 15th, granting residents an additional month.
Certified Public Accountants, or CPA’s, need to meet many requirements to earn certification. In addition to a college degree in accounting or a related field, CPA’s must pass a certification exam and work under an active CPA for a set number of hours.
Some tax mistakes you might already be making are not keeping your receipts for expenses, not tracking those expenses, not keeping personal and business fund and expenses separate, not understanding bookkeeping, and not tracking or understanding deductibles you might be eligible for.
The abilities of the enrolled agent (EA) extend beyond just preparing returns. In areas such as representing clients in cases involving audits, collections, and appeals, an EA is an expert who can be there for you. Our firm has tax expertise on our side from beginning to end.
We will be opening at 10:00am today due to roads.
Looking for ways to make your tax preparation as painless as possible? Before your appointment with your tax professional, gather together and organize all of your pertinent records. This should include W-2 and 1099 forms, charitable donations, mortgage statements, investment income, etc.
Coordinating federal and state tax returns requires an informed approach. While a deduction may save money on your federal form, it may cost you more on your state form. Dedicated tax accountants will show you all the options and their impact.
If you have had or adopted any children in the past year, then you will need to provide your tax accountant with their social security number. Otherwise, you won’t be eligible for a child tax credit.
Is your small business located in Illinois? The state legislature is considering a proposal that would introduce more tax brackets into the state income tax structure. If adopted, the new tax scheme would raise small business taxes to 11.25%.
Do you ever worry that you might not be taking full advantage of all the tax breaks and deductions that you’re legally entitled to? Since the IRS won’t notify you of an overpayment on your return, let’s work together to ensure you’ve maximized your savings.
What are the two routes to becoming an Enrolled Agent? To be able to practice as an Enrolled Agent, a person must have either worked for the IRS for at least 5 years or passed the Special Enrollment Examination which includes questions about tax codes for a variety of applications.
A business accounting service allows you to manage your assets in a proper manner. A professional accounting service is better equipped to calculate the list of your assets and their actual worth from time to time.
What are the two routes to becoming an Enrolled Agent? To be able to practice as an Enrolled Agent, a person must have either worked for the IRS for at least 5 years or passed the Special Enrollment Examination which includes questions about tax codes for a variety of applications.
Pop Quiz: Q. If a chef wants to inflate the books, how does he "cook the books" instead of another meal? A. Classify normal operating expenses as assets on the balance sheet. This is a common way to artificially reduce reported expenses.
Not sure whether or not you need to hire a tax attorney? The general rule of thumb is to hire an accountant if your tax situation is complicated or complex, if you think you might make a mistake on your taxes, or if you are seeking to minimize your tax burden.
A business accounting service allows you to manage your assets in a proper manner. A professional accounting service is better equipped to calculate the list of your assets and their actual worth from time to time.
What are the two routes to becoming an Enrolled Agent? To be able to practice as an Enrolled Agent, a person must have either worked for the IRS for at least 5 years or passed the Special Enrollment Examination which includes questions about tax codes for a variety of applications.
If you’ve recently inherited money, property or stock from a family member, you may have a tax liability due when you file your taxes. If you’re not quite sure how to account for all that, rest assured that we’re always ready to lend a hand.
Pop Quiz: Q. If a chef wants to inflate the books, how does he "cook the books" instead of another meal? A. Classify normal operating expenses as assets on the balance sheet. This is a common way to artificially reduce reported expenses.
Not sure whether or not you need to hire a tax attorney? The general rule of thumb is to hire an accountant if your tax situation is complicated or complex, if you think you might make a mistake on your taxes, or if you are seeking to minimize your tax burden.
A business accounting service allows you to manage your assets in a proper manner. A professional accounting service is better equipped to calculate the list of your assets and their actual worth from time to time.
Fun Fact: The asset-to-liability ratio shows the difference between current assets and current liabilities, which is called working capital.
Contrary to popular perception, the 16th Amendment authorizing federal income taxes was not the first income tax law passed in the US. In 1861, for example, Congress passed the Revenue Act which authorized taxes on personal income to finance the Civil War.
If you’ve recently inherited money, property or stock from a family member, you may have a tax liability due when you file your taxes. If you’re not quite sure how to account for all that, rest assured that we’re always ready to lend a hand.
Pop Quiz: Q. If a chef wants to inflate the books, how does he "cook the books" instead of another meal? A. Classify normal operating expenses as assets on the balance sheet. This is a common way to artificially reduce reported expenses.
Not sure whether or not you need to hire a tax attorney? The general rule of thumb is to hire an accountant if your tax situation is complicated or complex, if you think you might make a mistake on your taxes, or if you are seeking to minimize your tax burden.
Did you know? There is an Accounting Hall of Fame award that recognizes accountants who have made remarkable contributions to the field of accounting.
Do you owe money to the IRS that you cannot pay all at once? Ask about negotiating an installment agreement with the IRS, which allows you to make monthly payments.
Fun Fact: The asset-to-liability ratio shows the difference between current assets and current liabilities, which is called working capital.
Contrary to popular perception, the 16th Amendment authorizing federal income taxes was not the first income tax law passed in the US. In 1861, for example, Congress passed the Revenue Act which authorized taxes on personal income to finance the Civil War.
If you’ve recently inherited money, property or stock from a family member, you may have a tax liability due when you file your taxes. If you’re not quite sure how to account for all that, rest assured that we’re always ready to lend a hand.
