Your Friday tax fact from Detroit based Ribbie's Tax Preparation Service.
No matter what the reason for your move may be, it's important to be aware of the implications for your taxes when you relocate to a new state. In this article, learn more about establishing residency, part-year tax returns, and more.
RIBBIESTAXPREP.COM
How to File Taxes After Moving to a New State
If you have lost your job, there are a number of tax issues that you may encounter. They include severance pay, unemployment compensation, health insurance, pension plans and possibly a home sale. How you deal with these issues can profoundly impact your taxes and finances.
RIBBIESTAXPREP.COM
Tax Consequences of Losing Your Job
Wednesday Wisdom from your friends at Ribbie's Tax Preparation Service
U.S. citizens and resident aliens with financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts or securities) may need to report these relationships to the U.S. Treasury's Financial Crimes Enforcement Network or face severe penalties.
RIBBIESTAXPREP.COM
Foreign Account Reporting Due October 15
If you're like most entrepreneurs, you probably cringe at the thought of starting a new business in the midst of a recession. In reality, these periods of downturn may actually be the ideal time to launch your new startup.
RIBBIESTAXPREP.COM
Actually, a Recession is a Great Time to Launch That New Startup
If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. Watch this video to learn more about some typical issues.
Ribbie's Tax Preparation Service - Some Monday Motivation for our friends and colleagues.
End of week tax fact from Ribbie's Tax Preparation Service
Gambling income can affect your taxes in more ways than you might believe, including causing your Social Security income to be taxed, reducing your health care subsidies through government marketplaces, paying higher Medicare B & D premiums, having additional filing requirements, and limiting or reducing a number of tax deductions and credits.
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Gambling and Tax Gotchas
Transform your life. Wednesday Wisdom from Ribbie's Tax Preparation Service
President Trump said Tuesday "he has told his administration's negotiators to end coronavirus stimulus talks with Democrats until after the Nov. 3 election."
CNBC.COM
Trump says he's calling off stimulus negotiations with Democrats 'until after the election'
It matters how you get there. Wednesday Wisdom from Ribbie's Tax Preparation Service
An individual must have compensation in order to contribute to an IRA, unless the individual is a non-working or low-earning spouse who is allowed to contribute to his or her own IRA based upon the compensation of the working spouse.
RIBBIESTAXPREP.COM
Don't Miss the Opportunity for a Spousal IRA
A little inspiration from Ribbie's Tax Preparation Service to start your week.
First, there was the usual April 15th deadline. Then, there was July 15th. If you filed for an extension, your deadline was October 15th - and now that date has come and gone. What happens now if you missed it?
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What Happens if I Missed the October 15th Tax Extension Deadline?
For those who love learning: here's a tax fact from Ribbie's Tax Preparation Service.
Operating a SMB is hard work - and it's vital to know the financial health of your business at any time. Whether you're assembling your financial reports yourself or have hired professional help (like us), here are 12 metrics that can help you monitor your success.
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12 Financial Metrics Small Business Owners Should Track
Some folks have been tapping or suspending their retirement savings to make ends meet during this COVID-19 pandemic, and although understandable, it is important to resume savings as quickly as financially possible. Still others have simply been ignoring the need to save for their retirement, which can have an unpleasant result when it comes time to retire. Many tax-benefitting retirement options are available.
Small business owners: as we inch closer to the end of the year, it's a great time to be thinking about tax planning strategies for your business. Here are some ideas that can be beneficial at any time of year.
It's go time! Detroit based Ribbie's Tax Preparation Service has some motivation for you today.
We all have our favorite game shows such as Wheel of Fortune, The Price is Right, and Let's Make A Deal, and we love to have the contestants win big. Unfortunately, those winnings are taxable on the contestant's state and federal tax returns. See what can happen by watching this video.
Did you receive an IRS CP2000 notice (also known as an underreporter inquiry) in the mail? First step: Contact our office. Second step: Don't panic. We'll help you through the whole process.
RIBBIESTAXPREP.COM
What Happens if I Receive an IRS CP2000 Notice?
Ribbie's Tax Preparation Service - Some Friday tax knowledge for our friends and colleagues.
Today we supported a #localbusiness. Good Helpers Heating & Cooling went the extra mile to make sure we stayed warm during this super cold day. Their customer service made me proud to support a #smallbusiness and be a #smallbusinessowner. I hope that our clients feel the same way about the service we provide to them. Thank you all that #ShopSmall. Your support helps #entrepreneurs and their #family in many ways. When was the last time you received #expectional service? Let us know so we can support them too.
The Consolidated Appropriations Act, 2021, which was passed late last December, included a very tax-beneficial provision that liberalized the interaction between PPP loans and the Employee Retention Credit.
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Interaction between PPP Loans and the Employee Retention Credit
A little inspiration from Ribbie's Tax Preparation Service to start your week.
The Internal Revenue Service recently issued the 2021 optional standard cents-per-mile rates for business, medical and moving purposes. Watch this short video to see if the new rates will affect your business.
Ribbie's Tax Preparation Service has a fun tax fact to share with you.
Although day trading is neither illegal nor unethical, it can be highly risky. Most individual investors do not have the wealth, time, or temperament to make money or sustain the losses that day trading can bring. Satisfying the rules that permit special tax treatment for day traders is difficult.
RIBBIESTAXPREP.COM
Day Trader Rules and Tax Treatment
