I am excited to announce that my new book is now on sale!
This book is a must have for entrepreneurs, no matter your industry. It can assist you in building a business plan and an exit strategy, plus everything in between. Do not get stuck on a plateau but move your business toward the summit of your personal and professional success!
Get your copy by clicking on this link...
https://www.amazon.com/Plateau-Summit-Ultimate-Guide-Business/dp/107206779X
There are two tax codes in this country:
1) One code is for those who don't get someone to help them use it, and
2) The other code is for those who take every available legal deduction.
Our job is to help make the tax code work for YOU.
BIZ.SOCIABLESOCIETY.SOCIAL
Impact the world with your idea, not your wallet.
Donating (and receiving) cryptocurrency can be a challenge for donors and charities. These tips should help steer both parties in the right direction.
FORBES.COM
Accept Virtual Currency Donations? Yes, Charities. You Can!
Just two weeks left until extended 2019 tax returns are due. Time to get moving!
“Enjoy the little things, for one day you may look back and realize they were the big things.”
- Robert Brault
What little things are you thankful for today?
Keeping personal and business separate is extremely important for your taxes. While there is some room for dual purpose expenses, far-reaching claims are easy pickings for IRS auditors.
"Hope someone can use some of these baseballs in the batting cages. I found them cleaning my garage. I pitched them to my son and grandson for countless rounds. My son is now 46 y/o and my grandson is 23 y/o. I am 72 and what I won't give to pitch a couple of buckets to them. They have both moved away. If you are a father cherish these times. You won't believe how quickly they will be gone.
God bless
P.S. Give them a hug and tell them you love them every chance you get."
MSN.COM
This grandpa’s note on a bucket of baseballs will touch your heart
CREATE.SOCIABLESOCIETY.SOCIAL
www.create.sociablesociety.social
Ursula Garrett's Perspective On Proposed New Tax Policies https://bit.ly/3m3G2mg
CPAGARRETT.COM
Ursula Garrett’s Perspective On Proposed New Tax Policies
A new QR code feature aims to help you access your taxpayer account info easier when receiving an overdue tax notice from the IRS. If you just need help setting up logistics to pay your bill, this will help you. But if you do not agree with their numbers or you can't pay, you will still want professional assistance.
DONTMESSWITHTAXES.COM
IRS adding QR codes to tax-due notices
BIZ.SOCIABLESOCIETY.SOCIAL
Inspire them to be who they want to be.
Now is a very good time to get your ducks in a row before year-end on any looming cashflow issues you or your business might be facing ... because the IRS is energized to audit and examine every possible source of federal revenue that they can manage to find.
YOU, by the way, are the primary source of their revenue ... and they will definitely be watching for ways to get in your wallet.
WE are here to help you keep as much in your wallet as legally possible.
BIZ.SOCIABLESOCIETY.SOCIAL
Sometimes, the easy path is just not the way to success.
If you're looking at college costs for next year, here are a few handy tips to help you collect the tax info you'll need to apply for financial aid.
DONTMESSWITHTAXES.COM
Getting the tax info needed to complete FAFSA
There is a new category of tax returns that the IRS will be heavily scrutinizing: cryptocurrency.
The IRS has made an important change to 2020 tax forms to identify this type of financial exchange.
In 2019, the virtual currency question was only found on Schedule 1: Additional Income and Adjustments to Income, which meant that regular W-2 filers with no other business or rental income or income adjustments would not have to answer this question.
But ... in 2020, the IRS has moved the question to the front of the Form 1040. That means everyone will need to answer this question:
"At any time during 2020, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?"
The IRS is getting smart about the ways that people are avoiding them. So: answer that question properly, or you could be found guilty of perjury.
Depending on how you handle your 2020 taxes, you'll end up in one of two groups:
1) Sitting on top of a mountain of tax benefits that are available to those who use them effectively, or
2) Crying at the bottom of a pit of missed tax opportunities that could have eased the financial strain of 2020.
We're here to help YOU process tax season. No matter what happened during the donkey that was "2020" ... we're going to ensure that your taxes are as locked tight, cost-efficient and SAVINGS-OPTIMIZED for you as legally and ethically possible.
Partnerships, LLCs and S-Corps:
Circle March 15th on your calendar again. This is your business return deadline.
A Checklist For Inland Empire Business Owners' For 2020 Personal Income Taxes https://bit.ly/3oMKh6R
CPAGARRETT.COM
A Checklist For Inland Empire Business Owners’ For 2020 Personal Income Taxes
The IRS only has 10 years to collect your unpaid tax debt.
After 10 years expires, the IRS must, by law, put a credit on your account for the amount that cannot be collected, and move your account balance to zero. The time to collect begins when the IRS first puts a balance due on its books, and ends 10 years later. The end is known as the "IRS collection statute expiration date".
By law, owing the IRS is not forever.
And, of course, with our help, it's much, much less.
This is going to be a busy year for us (and most tax professionals, honestly). Because of the stimulus payments, extra unemployment benefits, PPP and EIDL loans, payroll tax deferrals, and the many other short-term tax credits and options available, we're already seeing more traffic in our office than usual this time of year.
So it would be wise to get an early jump on things, get questions answered, and help us get your process started smoothly ... because appointments are not going to be as readily available the further we get into tax season.
Contact us to get started.
