What NOT to do when you receive an IRS letter. Watch, then call me at 877.829.1040 to get help to solving your tax problems.
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
Acts of kindness and courage are happening all around us, if we look for them, and create them. https://bit.ly/2RQnSr6
MSN.COM
Hero teen saves mother, 3 children from burning car
The most important time of the year for tax planning is right now, Q4.
That's because there are shifts available that, if you make them NOW, can dramatically lower your tax burden -- both on the business side, and the personal return. And almost all of these shifts can only occur before 12/31/20. Some of them take some time and doing.
So ... if you're interested in what this can look like for you, get in touch.
It's crazy season. No qualifiers are needed for that statement.
One strong antidote to the feelings of helplessness and anxiety that are running rampant around you (and maybe within you) is to take some time ... to dream.
We propose that this is the ideal time to take a hard look at what you are really working and living FOR. Because when you have clarity about these things, you have the ability to put all of these issues in their proper place.
Take time to write down what your ACTUAL big dreams are. Then you can lay out a plan that lets you use your precious time for what you really want in life.
And we'd love to help you formulate a financial plan to get there.
What Queens Landlords And Tenants Should Know About The CDC Eviction Stay https://bit.ly/3mIKgRt
QUEENS-ACCOUNTING.COM
What Queens Landlords And Tenants Should Know About The CDC Eviction Stay
Here are some questions to consider for your 2020 taxes that will set you up for long-term success. We're here to help you walk through these answers and how to affect your tax status in a positive way.
1) Have you had a significant change in your wage income this year?
2) Have you taken capital gains or losses this year? Are you planning to?
3) Did you start or sell a business this year?
4) Did you purchase real estate?
5) Did you make your full contributions to retirement accounts?
6) Have you considered a Roth IRA?
7) Did you withdraw from retirement accounts, and for what purpose?
Extension deadline is on THURSDAY, folks. Filing a tax return late (without reasonable cause) results in a 5% late FILING penalty (on whatever it is that you owe -- and the IRS will figure it for you if you don't), and an additional 5% for every month you wait to file.
PLUS there is an additional 0.5% to 1% late PAYMENT penalty (per month) on whatever it is you owe. NOTE: this is ON TOP of late filing penalties.
Then (yikes), interest accrues on both the late tax filing penalties AND the late payment penalties.
That's a lot of penalty. And at least the first one is completely avoidable.
If you can't pay the tax due on October 15, still file ... and talk to us about helping you set up an installment agreement or working out an offer in compromise to cover what you owe.
FORBES.COM
October 15 Is Almost Here. Don’t Have The Money To Pay Your Taxes? File Them Anyway.
Tax and Financial Planning for Multi-Generational Caretaking for Queens Families https://bit.ly/3diVCHE
QUEENS-ACCOUNTING.COM
Tax and Financial Planning for Multi-Generational Caretaking for Queens Families
Another PPP loan update for businesses:
If your PPP loan was less than $50K, a couple of time-consuming requirements have been removed from the forgiveness application, making the process *a little bit* less complicated.
Automatic forgiveness for certain loans, while still being discussed, is not yet available.
FORBES.COM
Was Your PPP Loan Less Than $50,000? Life Just Got (A Little Bit) Easier
If you filed an extension on your 2019 taxes (like many Americans), your extended deadline is a week away (on Oct. 15).
Good news?
"The US economy added 1.37 million jobs in August ... the fourth consecutive month of job growth. Additionally, the US unemployment rate in August fell to 8.4%.
This mark was down from 10.2% in July and better than April's historically high 14.7% unemployment rate that happened to be the highest on record since the Great Depression. Still, the number of permanent job losses increased by 534,000 to 3.4 million, inspiring more Americans to pursue their own start-up ventures."
BUSINESSINSIDER.COM
The increase in the number of people starting their own businesses in the US has surged to a 13-year high
Now that Tax Year 2019 is fully in the rearview mirror, we only have a couple months left to make changes that will affect TY2020.
If you are interested in exploring different options for getting ahead of any tax issues before they bite you ... get in touch with us right away.
Times a'wasting.
The IRS has apparently caught up on processing their backlogged mail that stacked up during COVID closures. Or, good enough, they say.
They are now resuming the mailings of tax-due notices to taxpayers with outstanding tax bills. If you receive one of these notices, give us a call immediately.
DONTMESSWITHTAXES.COM
IRS is resuming issuance of tax balance-due notices
Save On Your Taxes With Salvatore Candela's Nine Tax Planning Questions https://bit.ly/2HAl1kJ
QUEENS-ACCOUNTING.COM
Save On Your Taxes With Salvatore Candela’s Nine Tax Planning Questions
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.
This is a year in which your local, small businesses need your support more than ever.
So let's get out there and shop small tomorrow. We certainly will!
This is a year in which we might not feel so ... ready ... to take a day to focus on being thankful.
But let's try.
We'll start: We are thankful for a profession that enabled our office to provide REAL help and REAL guidance during a time of REAL need in our nation. We feel like we made a difference in the lives of our clients and friends this year, helping to be a light of direction and guidance in uncharted territory.
While we grieve over the economic realities facing us all, we are thankful for an opportunity to make a real difference in the midst of it.
Now ... how about you?
"Tomorrow is often the busiest day of the week."
-Spanish Proverb
We've heard clients say "next year" countless times when we bring up the subject of tax planning. Make this year the year that you look proactively at your taxes -- both personal and business -- and let us help improve the bottom line for you. There's still time.
What are the most important tasks in your business? Taking care of customers and growing revenue.
Add any trendy business philosophy you want on top of that, and it still gets down to the same thing.
EVERYONE on your business team should either be adding revenue or helping to control expenses. We suggest you (constantly) ask your staff -- and yourself -- what they can do to help.
Entrepreneurism and small businesses are powerful forces in this country.
MSN.COM
Boy, 8, Who Started Business During Pandemic Helps Raise Money to Move Family from Shed to Apartment
The rise of self-employment and the side hustle is an exciting trend for the US economy. If this is you, there are important deductions you'll want to make use of to make your venture as profitable as possible.
If you file your taxes with us, we're always looking out for these money-savers. Let us know if you have questions.
MONEY.USNEWS.COM
15 Self-Employment Tax Deductions
In the realm of preparing your tax return, I urge you ... do NOT fall prey to the thinking that a software program or talking heads on a floating desk can suffice to enable you to preserve your resources or properly leverage the multiplicity of credits, loopholes and deductions available.
Give yourself the gift of financial peace of mind during tax season, and do it with someone who knows how to do it right.
Queens Taxpayers It's Time To Deal With Your 2020 Tax Return https://bit.ly/2MMkFdo
QUEENS-ACCOUNTING.COM
Queens Taxpayers It’s Time To Deal With Your 2020 Tax Return
Lowered gas and insurance costs in 2020 led the IRS to reduce the mileage deduction rates for 2021. This is now what you can deduct for driving for business purposes this year:
- 56 cents/mile for business (down from 57.5)
- 16 cents/mile for medical or moving (down from 17)
- 14 cents/mile for charitable purposes
But with gas prices seemingly on the way up again in 2021, we'll probably see mileage rates affected accordingly next year.
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.
