Good News!! We still believe an ounce of prevention may be a better tax plan, but this should stimulate the economy.
IRS.GOV
IRS finalizes regulations for 100 percent bonus depreciation | Internal Revenue Service
Cruise on over and join us
SAT, OCT 3 AT 6:30 PM CDT
Harvest Moon Cruise Night
Please join us Saturday October 3rd for a cruise night in Crete.
Custom built, originals, antiques, Hot Rods or anything you want to show off, 4 wheels or 2!
Its Money Smarts 13th Birthday today. Woohoo
Hope everyone is enjoying the Labor day time off.
While many have to work no matter the holiday, we here at Money Smarts are able to enjoy the long weekend and will be closed this Monday in observation of Labor Day.
Thank you to everyone who attended Cruise Night and visited with us during that time. Huge Thank you to Crete NAPA and Crete O'Reilly's for donating prizes to the raffle.
Winners of our raffle drawing are:
Money Smarts goody bag: Roger Barak of Dorchester.
Roadtrip Munchies basket: Bob Siedhoff of Crete.
Road trip Munchies basket: Charlene and Norman Thies of Milford
Car wash supplies bucket (sponsored by Crete O'Reilly's): Patrick Capek of Crete.
Car wash supplies bucket (sponsored by Crete NAPA): Brian Knippelmeyer of Crete.
**Winners will also be notified by phone and prizes can be picked up at Crete Chamber of Commerce.
Come join us for a client appreciation event. Please RSVP by 10/12/20 at www.tailgatersvp.com
We had some amazing cars stop buy! Thank you to everyone who came out and cruised with us.
Come and enjoy some time outside with us this weekend!
Excited for tomorrow!
What's the difference between an Employee and an Independent Contractor? This chart gives a breakdown of just a few of the things to consider.
If you need help determining whether the person you've hired should be an employee or a contractor, please give us a call! We'd love to help you out with this and any other accounting related questions!
✨What is a Tax Year??✨
The term "tax year" refers to the calendar year for most individual taxpayers—the 12 months from Jan. 1 through Dec. 31 when you earned income, had taxes withheld from your pay as an employee, paid in quarterly estimated taxes if you're self-employed, or made tax-deductible expenditures. It's the year preceding the April deadline for filing your tax return. You will file your 2020 tax return in April 2021.
For this and other tax related questions, please contact us at MoneySmarts, Inc.!!
Halloween tax humor
Good morning, if your headed to our tailgate today and us GPS put in Schweitzer Custom Woodworking.
Keep and eye on this bill. This is in committee at the Senate. Currently the IRS is stating in layman's terms that the expenses paid with funds from Covid 19 PPP loans are not deductible. If passed this bill protects those expenses making them fully deductible. The bill appears to have 35 co sponsors from both sides of the aisle, so hopefully it gets through.
S.3612 - Small Business Expense Protection Act of 2020
CONGRESS.GOV
S.3612 - 116th Congress (2019-2020): Small Business Expense Protection Act of 2020
7 Questions to ask your Accountant!!
◾How often should we meet & how can I get ahold of you?
◾How will you help me prepare for tax season?
◾How can you help me grow my business?
◾How can you help me project my business cashflow?
◾What services do you provide?
◾Are there industry specific regulations I should know about?
◾What should I consult with you about on an ongoing basis?
For these and all your other questions, please give us a call! We'd be happy to answer 😊
Bookkeeping vs. Accounting....
While there are many similarities, there are also key differences. This graphic should help to better understand what each does. The good news.....MoneySmarts Inc. can do BOTH for you!! Give us a call today!!
Thanks to Craft Axe for an amazing office outing! We had a great team building experience.
We are nearing the end of the year. As a small business, you have many things to consider & compile to help with your tax filing. Here is a short checklist of things you might consider. If you have questions or need help getting things in order, please give us a call!
Many people prepare their own taxes....but should they?? Here is a graphic that asks some key questions to know whether you should prepare your own taxes or whether you should hire a professional. If you have questions as to whether you should be preparing your own taxes, do not hesitate to give us a call!
The Nebraska Department of Labor is performing additional fraud checks to prevent Unemployment Insurance tax statements from being sent to identity theft victims. The IRS has granted the Department’s request to delay issuing 1099-G forms for up to 30 days while these checks are performed. As a result, some claimants will receive their 1099-G forms in February. The IRS will not begin processing individual tax returns until February 12.
“Unemployment fraud has been prevalent nationwide during the pandemic,” said Commissioner of Labor John H. Albin. “This includes fraudsters claiming benefits using stolen identities. The Department is exhausting every possible avenue to reduce the impact of fraud on innocent Nebraskan’s whose identity was stolen.”
Any individual who receives a 1099-G from NDOL, but did not file an unemployment claim, should report suspected fraud by emailing NDOL.1099fraud@nebraska.gov and filing a police report.
NDOL has hired additional staff for fraud prevention and detection, including income and identity verification. A new federal requirement for Pandemic Unemployment Assistance (PUA) is to verify self-employment and identity of claimants. Even if a claim was previously approved, each claimant will be asked to provide additional information.
Resources for reporting identity theft and fraud:
Internal Revenue Service: https://www.irs.gov/newsroom/taxpayer-guide-to-identity-theft
IRS.GOV
Taxpayer Guide to Identity Theft | Internal Revenue Service
Our office will remain closed today, as we all try to dig out and stay off the roads.
We will continue to work from home, please email your account specialist if you have any questions.
Due to the weather and to insure the safety of our employees, our office has closed for the day.
Please know we are working from home to make sure that all W2s and 1099s will be out by the due date of January 31st.
Preseason tax letters will be in the mail shortly. Now hiring folders ;)
Bookkeeping Tips from Money Smarts, Inc.!!!
◾Keep personal & business finances separate
◾Automate as much as possible
◾Keep thorough records
◾Set reminders for deadlines
◾Leave an audit trail
◾Track business expenses
◾Keep your books at the top of your priorities
If you need help with your business bookkeeping, please give us a call!! We'd love to help!
