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?
Business owners: Did you know about these two new tax credits that are available?
- Employee Retention Credit
- Paid Sick Leave Credit and Family Leave Credit
DONTMESSWITHTAXES.COM
COVID tax credits highlighted by IRS during National Small Business Week
We've seen our fair share of audits, and, of course, nobody likes dealing with them. That said, there are some basic steps business owners can take to ensure this doesn't happen to them.
1) Make sure that any third-party income and reports agree with your records.
2) Make sure you have selected the correct forms and schedules to fill out. Ask yourself: Do the forms apply? Am I stretching the situation?
3) Keep track of bank deposits so that all items will be easy to trace. Write the source of the check directly on the deposit slip, especially transfers between accounts, so that these are not inadvertently counted as income.
Good news for PPP loan recipients:
The IRS says you don't have to report the forgiven loan amount.
DONTMESSWITHTAXES.COM
No 1099-C for forgiven PPP loans, but this tax form still issued in other taxable canceled debt cases
"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
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
There's lots of tax talk in this election season, as in every other, as both candidates are making promises about their tax policies. The BEST advice we can give about what to do for your individual and business tax plan right now is: wait and see.
If new tax legislation is passed in 2021, it probably won't be effective until 2022. Congress very rarely makes tax changes that are retroactive.
So ... wait and see. Then, we will listen together to see what whichever President we have says about their tax plans ... and react accordingly.
Organizing your financial world can feel like a daunting task, but some SIMPLE steps will go a long way. Watch our video -- doesn't this seem really doable?
Well, with yesterday's extended tax deadline behind us, one crazy and wild and completely unprecedented tax season comes to a close. Thank you for entrusting us with something as close to you as your finances -- we know how important each dollar is to each of you, and we're committed to helping you keep as many of them as you legally can. (And now, it's time for a very long nap this weekend, before we gear up for next year.)
The day has come. All 2019 returns that were given an extension to file are due to be submitted today, which means our most recent marathon is coming to an end.
Next tax season is now not so very far away (along with the tax ramifications of what THIS tax season delivered). Are you ready for that?
You will be ... with our help.
Starting this Veteran’s Day on November 11, the Department of the Interior has made it possible for anyone who’s worked in the US Armed Forces, including the National Guard and Reserves, to visit national parks for free. The department currently waives fees for active-duty military service members, so now former military will also have lifetime free access.
GOODNEWSNETWORK.ORG
Gold Star Families and Military Veterans Now Get Free Entrance to Any National Park This Veteran's Day—and Beyond
The work of a business owner is about planning, focus and execution (and later ... harvesting) vs. chasing the fad of the week, getting distracted and wasting time -- time you can't ever get back.
How many times did you look at social media today to gawk at political train wrecks? How much of your headspace is currently taken up with "pressing" client/staff questions? How many rabbits can you chase at one time?
Now, more than ever: Plan, focus, execute and harvest.
Regardless of what happens this week, we must all somehow move forward together and now is when the real work begins.
While the nation's eyes are fixated on political things, we're spending our days working hard on behalf of our clients, talking through tax-advantaged financial moves, entity formations, retirement options, and more. Because both Republicans and Democrats deserve amazing tax and accounting service.
Simply put, we're here for you, no matter what's happening.
"The future of this republic is in the hands of the American voter."
- Dwight D. Eisenhower
This is true everyday, but especially important on this day in 2020. No matter what divides us and no matter who wins today, we are all American.
The standard deduction is increasing in 2021, and new tax brackets and tax rates have been released.
"Note: These rates remain in place no matter what happens in November 2020. For these rates to change, Congress would have to vote to change the tax rates."
FORBES.COM
IRS Releases 2021 Tax Rates, Standard Deduction Amounts And More
Taxpayers collectively spend six billion hours annually --
or 8,758 lifetimes
-- trying to comply with the tax code. Fortunately, YOU don't have to be the one doing all the heavy lifting. We are on your side.
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.
Unemployment benefits are taxable in most states. (Check the article for the states that are exempt.)
If you don't get taxes withheld from your unemployment checks automatically or make estimated quarterly payments based on the benefits you received, the taxes will be due when you file your annual return. With all of the extra benefits available in 2020, that means you might be slapped with a tax bill that you didn't expect.
We have ways of helping you figure out those payments, if needed.
CNN.COM
If you received unemployment last year, you could be in for a surprise at tax time
The Families First virus-related Tax Credit has been extended through March 31, 2021. Many employers had been required to keep paying employees forced to miss work due to health restrictions (e.g. staying home with children while schools were closed), but offered a tax credit to help cover the cost.
Employers no longer must pay such workers. But the new bill extends the refundable tax credit through the first quarter for those bosses who are still doing so.
IRS.GOV
COVID-19-Related Tax Credits for Paid Leave Provided by Small and Midsize Businesses FAQs | Internal Revenue Service
The plethora of new tax breaks and credits from the two big COVID relief bills are not automatically applied to your taxes. You have to know about them and apply the appropriate information and forms to your return manually.
Yet another reason to confer with a professional who can help you do that.
A new benefit from the newest stimulus package...
The $300 ($600 for joint returns) above-the-line charitable giving deduction for all taxpayers, whether they itemize or not, has been extended through the end of 2021.
Corporations will also be allowed to deduct up to 25% of their taxable income for charitable contributions, which is an increase from the normal 10% allowed.
