When does a tax benefit not become a tax benefit? When you assume you no longer need to keep track of something. This is the case with the home gain exclusion.
TIPS.RESOURCESFORCLIENTS.COM
The Lost Art of Tracking Home Improvements - How a tax law makes us sloppy and creates a tax risk
Grant money is available from the Columbiana County Cares Act Fund for small businesses in Columbiana County. Eligibility requirements and information can be found here:
https://oed.columbianacodev.org/crfbizgrant/
OED.COLUMBIANACODEV.ORG
CRFBIZGRANT - Columbiana County Office of Economic Development
https://covidtaxportal.com/LAa8P7QATttf
COVIDTAXPORTAL.COM
Tax & Accounting Solutions Inc COVID-19 Tax Portal
All too often taxpayers take action that will cost them dearly when they file their tax return. With a little planning, however, the IRS can still receive its fair share but not a dollar more. Here's what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
Don't Run the Risk of a High Tax Bill! - Know when you should ask for professional help.
Did your paycheck seem a little higher? If so, it could be a tax time bomb.
TIPS.RESOURCESFORCLIENTS.COM
Is a Tax Time Bomb Lurking in Your Paycheck?
If you have not already done so, please plan to make your second quarter estimated tax payment. The due date is Tuesday, September 15th.
TIPS.RESOURCESFORCLIENTS.COM
Reminder: Third Quarter Estimated Taxes Due - Now is the time to make your estimated tax payment
If you recently changed your name due to marriage or divorce, do not get caught in the nightmare of a rejected or changed tax return by the IRS.
TIPS.RESOURCESFORCLIENTS.COM
Avoid Name Mismatch Audits
Find out if a tax trap is lurking in your paycheck and what to do with your 401(k) when switching jobs. Also read about business website mistakes and fascinating facts about your favorite fall gourd.
NEWS.RESOURCESFORCLIENTS.COM
Client Update Newsletter: October 2020
The Social Security Administration recently announced their 2021 Cost-of-Living Adjustment (COLA) changes. Here is what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
2021 Social Security Changes Announced
Oops! You find an error or omission on last year's tax return. What should you do? Is it always a good idea to file an amended tax return? Here are some things to consider.
TIPS.RESOURCESFORCLIENTS.COM
To Amend or Not Amend? - Is it always a good idea to amend your tax return if you find an error?
We are once again with no power. Estimated restoration time is afternoon . We will just be closing for the day. We hope you all have a great weekend!
We are currently without power. Estimated restoration time is supposedly 11:30 AM. We will update once we know more. Thank you for your understanding.
The Ohio Bar and Restaurant fund will be assisting certain liquor permit holders affected by Covid 19
https://www.businesshelp.ohio.gov/pdf/10232020-bar-and-restaurant-assistance-fund.pdf
BUSINESSHELP.OHIO.GOV
www.businesshelp.ohio.gov
Ohio will begin accepting applications for the Small Business Relief Grant on November 2nd. We will be reaching out to our clients. If you have any questions please let us know.
https://www.businesshelp.ohio.gov/small-business-relief-grant.html
BUSINESSHELP.OHIO.GOV
Small Business Relief Office | Development Services Agency
More income is subject to Social Security in 2021 and new benefit amounts have been announced. Plus lots of great ideas to save you, your family and your business money is in this month's letter.
NEWS.RESOURCESFORCLIENTS.COM
Client Update Newsletter: November 2020
If you own a home you probably itemize your deductions on your tax return. But what if you do not itemize? Can someone using the standard deduction still get a tax break?
TIPS.RESOURCESFORCLIENTS.COM
Tax Savings for Non-Itemizers - Can't itemize? There are still tax breaks for you
Looking to plan ahead? Here are initial figures from the IRS regarding the upcoming, 2021 tax year.
TIPS.RESOURCESFORCLIENTS.COM
IRS Releases Key 2021 Tax Information
For your bravery, hard work, and dedication to our country, we thank you.
Looking for some ideas to make filing your taxes less cumbersome? Here are some tips.
TIPS.RESOURCESFORCLIENTS.COM
Tips to Organize Your Tax Records - Creating order out of chaos
As Congress debates tax law changes, and we watch the give and take like its a bad soap opera the clock keeps ticking towards the end of the tax year. So what can you do? Here are some time tested tax reduction ideas.
TIPS.RESOURCESFORCLIENTS.COM
Lower Your Taxes THIS YEAR! - Here are 6 ideas that most people can use
Due to the governor’s order face masks must be worn while in the office. If you have a question please try calling us before coming in. We may be able to help by telephone. We are trying to limit foot traffic as much as possible to help stop the spread and keep everyone healthy. Thanks for your understanding and stay safe!
The tax code is filled with age triggers. Some are beneficial, while others can create a tax increase surprise. Outlined here are some of the important age triggers everyone should know.
TIPS.RESOURCESFORCLIENTS.COM
Age (not death!) and Taxes - Age does matter, when it comes to tax obligations
Unfortunately we are going to have to close the office for a period of time due to COVID. We will still be reachable via phone and e mail and are able to complete work from home. There is a lock box out back to drop info in. We will be picking that up. We apologize for the inconvenience. Everyone stay safe and healthy.
Wishing all of you a safe and wonderful Holiday!
Turn your home office into a tax deduction. Also read about common IRS surprises, how to use depreciation to manage your business's profit margin and ideas to help your kids with virtual learning.
NEWS.RESOURCESFORCLIENTS.COM
Client Update Newsletter: December 2020
Good morning! We are back in the office but remain closed to the public. If you are dropping off we have a box out front for you to leave your info in. If you are picking up give us a call and we will put your information outside for you. If you have any questions just call us at 304-387-0626. Thanks!
Here are 15 ideas that may reduce your tax bite for this year. But act soon as the year-end is fast approaching.
TIPS.RESOURCESFORCLIENTS.COM
15 Year-End Tax Tips
With the setting of contribution limits to qualified retirement plans for 2021, now is a good time to plan for your upcoming retirement contributions.
TIPS.RESOURCESFORCLIENTS.COM
Plan Your 2021 Retirement Contributions
Unlike fishing, phishing has no limits and can hurt anyone it touches. As one of the top 12 IRS tax scams, you do not want to take this bait. Here is what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
Gone Phishing?
If you need to reach us outside of our holiday hours please call and leave a message. We will return your call.
Thank you to our clients and friends for your support during this crazy year. We look forward to helping you navigate 2021. Merry Christmas to all!
Are you capturing all the tax benefits built into homeownership? Here are the most common.
TIPS.RESOURCESFORCLIENTS.COM
Your Home. A Bundle of Tax Benefits.
Yesterday we sent out postcards with information on obtaining newsletters and completing client questionnaires. If you have any questions please give us a call. We will be in Monday, Tuesday, and Wednesday next week from 8:30-12:30.
Here are the standard mileage rates for 2021.
TIPS.RESOURCESFORCLIENTS.COM
2021 Mileage Rates are Here! - New mileage rates announced by the IRS
Our area is scheduled for a power outage Tuesday January 5th from 9-12. We will open at 12:30. Sorry for any inconvenience.
IRS
December 28, 2020 at 6:00 PM ·
The IRS is offering taxpayers tips to help them Get Ready for tax season. The first step in getting taxes ready is to gather all your records. It may help you discover overlooked deductions or credits. To learn more, click here: www.irs.gov/getready
https://www.forbes.com/sites/allbusiness/2021/12/27/trump-finally-signs-the-relief-act-10-important-things-you-need-to-know/?fbclid=IwAR2JpGn3koFj973kH3cGOmYyarqnV5SaTb_pp685sDxlAhvKupMl-EAq708
FORBES.COM
Trump Finally Signs The Relief Act—10 Important Things You Need To Know
Chester has another planned power outage from 9-12 tomorrow. We will be in the office at 12:30. Sorry for the inconvenience.
More stimulus payments are on the way! Also ready about the latest PPP loan update, find out how much you can contribute to your retirement fund in 2021 and see Uncle Sam's New Year's resolutions.
NEWS.RESOURCESFORCLIENTS.COM
Client Update Newsletter: January 2021
Just a reminder we won’t open until 12:30 tomorrow due to a scheduled power outage in Chester!
Good Morning! When heading to our website at www.taxandacct.net to fill out the client forms you do not need a login for the client portal. The forms are located across the top of the page under the forms heading. If you have any questions please call. Thanks!
Plan now to make your 4th quarter estimated tax payment.
TIPS.RESOURCESFORCLIENTS.COM
Reminder: Fourth Quarter Estimated Taxes Now Due - Now is the time to make your estimated tax payment
https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic?fbclid=IwAR1xnnxMnLUQlBlp5nnVdaROfOTO9AcwxAOGRH5dt6l6_Y99S8ewa9cNdeg
IRS.GOV
2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic | Internal Revenue Service
A recent voter initiative in California overrules the state's desire to make all Uber and Lyft drivers employees. This puts a spotlight on all workers to know the difference.
TIPS.RESOURCESFORCLIENTS.COM
Are You a Contractor or Employee? - Knowing the difference is very important
Be on your guard as the IRS identity theft season starts in late January. Here's what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
IRS Identity Theft Season Begins Now
We have filled the job position. Thank you everyone! Have a great weekend.
So many 1099's. How do you keep them all straight? Here is a quick review of the most common 1099's to help you prepare to file your tax return.
TIPS.RESOURCESFORCLIENTS.COM
Alert: Look for New 1099 NEC - Your 1099's are coming soon
Not comfortable dropping your taxes off during the pandemic? Would you rather be paperless or not have to take the time?
Use https://www.encyro.com/taxandacctharcher
to securely upload your tax documents to us. It’s easy, secure, and convenient!
ENCYRO.COM
Encyro, Inc. - Share Files Securely
Tax time is here! We are asking you to please complete our intake forms on our website at www.taxandacct.net if you can. There are three forms that need completed and can be done on your phone or computer. If you can’t complete online please stop in to pick up the forms to complete before dropping off. This procedure regulates the amount of people in the office for everyone’s safety. Thank you!
After a long pilot program, the IRS is making its identity theft PIN program available to all taxpayers. Here is what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
IRS Identity Theft Program NOW OPEN! - New one-time use PIN option available for all
Learn about a new tool to protect your tax return from would-be thieves. Plus find out how you are giving away the most valuable thing you own!
NEWS.RESOURCESFORCLIENTS.COM
Client Update Newsletter: February 2021
If you are not feeling well, are under a quarantine order, or someone in your family is sick PLEASE WAIT to drop off your taxes. We realize taxes are important but filing doesn't begin until 2/12 and nothing is more important that everyone's health. Please be considerate of our staff and our other customers. Thank you.
So many 1099's. How do you keep them all straight? Here is a quick review of the most common 1099's to help you prepare to file your tax return.
TIPS.RESOURCESFORCLIENTS.COM
Alert: Look for New 1099 NEC - Your 1099's are coming soon
Not comfortable dropping your taxes off during the pandemic? Would you rather be paperless or not have to take the time?
Use https://www.encyro.com/taxandacctharcher
to securely upload your tax documents to us. It’s easy, secure, and convenient!
ENCYRO.COM
Encyro, Inc. - Share Files Securely
There are a few areas within the tax code that can cause an unpleasant surprise when encountered. Thankfully they do not happen too often. Here are six you should know about.
TIPS.RESOURCESFORCLIENTS.COM
Oops! I Wish I Knew That.
Tax & Accounting Solutions Inc. updated their business hours.
Tax & Accounting Solutions Inc. updated their business hours.
After a long pilot program, the IRS is making its identity theft PIN program available to all taxpayers. Here is what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
IRS Identity Theft Program NOW OPEN! - New one-time use PIN option available for all
Learn about a new tool to protect your tax return from would-be thieves. Plus find out how you are giving away the most valuable thing you own!
NEWS.RESOURCESFORCLIENTS.COM
Client Update Newsletter: February 2021
If you are not feeling well, are under a quarantine order, or someone in your family is sick PLEASE WAIT to drop off your taxes. We realize taxes are important but filing doesn't begin until 2/12 and nothing is more important that everyone's health. Please be considerate of our staff and our other customers. Thank you.
https://www.usatoday.com/story/money/taxes/2021/02/15/irs-says-it-wont-extend-this-years-tax-filing-deadline/43387603/?fbclid=IwAR0kYvt6KY4g3f8BOHAzE9F_mjLw_JeWXJlgZnD3I1GHyjv0oTx7Fy0DduA
USATODAY.COM
IRS says it won't extend this year's tax-filing deadline
We closed today at 3:00 to allow our employees to get home safely before the ice starts. If you’re planning on stopping in tomorrow please call first to make sure we made it in. Thank you and stay safe.
There are a few areas within the tax code that can cause an unpleasant surprise when encountered. Thankfully they do not happen too often. Here are six you should know about.
TIPS.RESOURCESFORCLIENTS.COM
Oops! I Wish I Knew That.
Tax & Accounting Solutions Inc. updated their business hours.
Tax & Accounting Solutions Inc. updated their business hours.
After a long pilot program, the IRS is making its identity theft PIN program available to all taxpayers. Here is what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
IRS Identity Theft Program NOW OPEN! - New one-time use PIN option available for all
The IRS often sees the transfer of funds as a loan, whether there is a loan agreement or not. This also means there is an implied term and interest payment. When the IRS says a transaction is a loan, what interest rate do they use? Enter AFRs. Here is what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
Understanding Tax Terms: AFRs
https://www.usatoday.com/story/money/taxes/2021/02/15/irs-says-it-wont-extend-this-years-tax-filing-deadline/43387603/?fbclid=IwAR0kYvt6KY4g3f8BOHAzE9F_mjLw_JeWXJlgZnD3I1GHyjv0oTx7Fy0DduA
USATODAY.COM
IRS says it won't extend this year's tax-filing deadline
We closed today at 3:00 to allow our employees to get home safely before the ice starts. If you’re planning on stopping in tomorrow please call first to make sure we made it in. Thank you and stay safe.
There are a few areas within the tax code that can cause an unpleasant surprise when encountered. Thankfully they do not happen too often. Here are six you should know about.
TIPS.RESOURCESFORCLIENTS.COM
Oops! I Wish I Knew That.
Tax & Accounting Solutions Inc. updated their business hours.
Tax & Accounting Solutions Inc. updated their business hours.
https://www.usatoday.com/story/money/taxes/2021/02/15/irs-says-it-wont-extend-this-years-tax-filing-deadline/43387603/?fbclid=IwAR0kYvt6KY4g3f8BOHAzE9F_mjLw_JeWXJlgZnD3I1GHyjv0oTx7Fy0DduA
USATODAY.COM
IRS says it won't extend this year's tax-filing deadline
We closed today at 3:00 to allow our employees to get home safely before the ice starts. If you’re planning on stopping in tomorrow please call first to make sure we made it in. Thank you and stay safe.
There are a few areas within the tax code that can cause an unpleasant surprise when encountered. Thankfully they do not happen too often. Here are six you should know about.
TIPS.RESOURCESFORCLIENTS.COM
Oops! I Wish I Knew That.
Tax & Accounting Solutions Inc. updated their business hours.
Fair market value is often one of the IRS's go-to items when auditing you. Here is what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
Defending Fair Market Value
Get answers to common tax questions and read about the new world of bank reconciliations. And why not have some fun with a resurgence of these classic or newly popular board games.
NEWS.RESOURCESFORCLIENTS.COM
Client Update Newsletter: March 2021
Now is the time for taxes AND reviewing your Social Security earnings report.
TIPS.RESOURCESFORCLIENTS.COM
Review Your Social Security Earnings Report
The IRS often sees the transfer of funds as a loan, whether there is a loan agreement or not. This also means there is an implied term and interest payment. When the IRS says a transaction is a loan, what interest rate do they use? Enter AFRs. Here is what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
Understanding Tax Terms: AFRs
https://www.usatoday.com/story/money/taxes/2021/02/15/irs-says-it-wont-extend-this-years-tax-filing-deadline/43387603/?fbclid=IwAR0kYvt6KY4g3f8BOHAzE9F_mjLw_JeWXJlgZnD3I1GHyjv0oTx7Fy0DduA
USATODAY.COM
IRS says it won't extend this year's tax-filing deadline
We closed today at 3:00 to allow our employees to get home safely before the ice starts. If you’re planning on stopping in tomorrow please call first to make sure we made it in. Thank you and stay safe.
Prior to filing your tax return, take a moment to review it for accuracy. Here are some hints.
TIPS.RESOURCESFORCLIENTS.COM
Tax Return Review Hints
Fair market value is often one of the IRS's go-to items when auditing you. Here is what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
Defending Fair Market Value
Get answers to common tax questions and read about the new world of bank reconciliations. And why not have some fun with a resurgence of these classic or newly popular board games.
NEWS.RESOURCESFORCLIENTS.COM
Client Update Newsletter: March 2021
Now is the time for taxes AND reviewing your Social Security earnings report.
TIPS.RESOURCESFORCLIENTS.COM
Review Your Social Security Earnings Report
The IRS often sees the transfer of funds as a loan, whether there is a loan agreement or not. This also means there is an implied term and interest payment. When the IRS says a transaction is a loan, what interest rate do they use? Enter AFRs. Here is what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
Understanding Tax Terms: AFRs
https://www.usatoday.com/story/money/taxes/2021/02/15/irs-says-it-wont-extend-this-years-tax-filing-deadline/43387603/?fbclid=IwAR0kYvt6KY4g3f8BOHAzE9F_mjLw_JeWXJlgZnD3I1GHyjv0oTx7Fy0DduA
USATODAY.COM
IRS says it won't extend this year's tax-filing deadline
Prior to filing your tax return, take a moment to review it for accuracy. Here are some hints.
TIPS.RESOURCESFORCLIENTS.COM
Tax Return Review Hints
Fair market value is often one of the IRS's go-to items when auditing you. Here is what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
Defending Fair Market Value
Get answers to common tax questions and read about the new world of bank reconciliations. And why not have some fun with a resurgence of these classic or newly popular board games.
NEWS.RESOURCESFORCLIENTS.COM
Client Update Newsletter: March 2021
Now is the time for taxes AND reviewing your Social Security earnings report.
TIPS.RESOURCESFORCLIENTS.COM
Review Your Social Security Earnings Report
The IRS often sees the transfer of funds as a loan, whether there is a loan agreement or not. This also means there is an implied term and interest payment. When the IRS says a transaction is a loan, what interest rate do they use? Enter AFRs. Here is what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
Understanding Tax Terms: AFRs
This isn’t tax related but may be helpful to those who lost loved ones due to COVID 19.
https://www.fema.gov/disasters/coronavirus/economic/funeral-assistance?fbclid=IwAR3RPMT04ZlcJuqLky_CbbcwumiD3mqG1kMxo3RzKFY5FE80VhnrSJ4qqA0
FEMA.GOV
COVID-19 Funeral Assistance | FEMA.gov
A surprise tax break for the unemployed is creating havoc on filing tax returns this year. Here is what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
ALERT! 2020 Tax Date Delay AND Unemployment Income Now Tax Free - What you need to know
Prior to filing your tax return, take a moment to review it for accuracy. Here are some hints.
TIPS.RESOURCESFORCLIENTS.COM
Tax Return Review Hints
Fair market value is often one of the IRS's go-to items when auditing you. Here is what you need to know.
TIPS.RESOURCESFORCLIENTS.COM
Defending Fair Market Value
Get answers to common tax questions and read about the new world of bank reconciliations. And why not have some fun with a resurgence of these classic or newly popular board games.
NEWS.RESOURCESFORCLIENTS.COM
Client Update Newsletter: March 2021
