If someone handed you a book about how to save money on your business taxes and avoid IRS audits, you might imagine it would be the size of an encyclopedia. This may surprise you, but we’re offering a short, easy-to-read White Paper about just that. Gone are the days of taxes proving unendingly frustrating; a local professional with the right expertise makes all the difference. Take a look at our FREE paper, and let us know how we can help. We’re ready and waiting.
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Tommy Taylor's Free Tax-Saving Report - Tommy Taylor CPA
Struggling Chattanooga Businesses Be Careful With Price Reductions https://bit.ly/335lzHo
TTAYLORCPA.COM
Struggling Chattanooga Businesses Be Careful With Price Reductions
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.
We've been telling you about some tax professional rumors circulating about "automatic forgiveness" for PPP loans under $150K.
Well, they did it! Except it is for even smaller loans (under $50K).
And it's not "automatic", but it is very, very easy. Here is the simplified application if your loan falls in that category. https://bit.ly/318OOYh
W Thomas Taylor, Jr. CPA added a button to help you learn more about them.
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.
5 Business Mistakes That Can Be Fatal by Tommy Taylor https://bit.ly/33IUfPd
TTAYLORCPA.COM
5 Business Mistakes That Can Be Fatal by Tommy Taylor
Save ALL of your tax returns. After you file, save the paper and/or electronic copies with the rest of that year's financial documents for at least 7 years.
If the IRS suspects you underreported your gross income by 25% or more, they have up to six years to challenge your return. And because we can all file for an extension at the October 15 deadline, you must keep your records for at least seven years.
Regardless of those rules, though, if the IRS suspects you filed a fraudulent return, no statute of limitations applies. Because the IRS is run and organized by fallible people (with all of their attendant biases, emotions, etc.), we suggest keeping your tax returns and documents forever.
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
3 Benefits of Hiring an Accountant for Business Consulting http://vlnkx.com/HRAWMQX
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
A financial tip on this Cyber Monday:
Don't spend money you don't have. Which is especially tempting when shopping online, with a credit card, during "the best prices of the year". Stick to a budget, and resist the drama that retail marketers create.
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!
8 Important Steps for Chattanooga Non-Profits Before Year-End https://bit.ly/39gwUI2
TTAYLORCPA.COM
8 Important Steps for Chattanooga Non-Profits Before Year-End
FAQ About Filing Taxes for Freelancers http://lnk4u.us/h09fqiY
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?
3 Reasons That a Small Business Should Hire an Accountant http://lnk4u.us/ce5V5LE
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.
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.
Six Options For Chattanooga Small Business Aid And Tax Savings https://bit.ly/36HMCKb
TTAYLORCPA.COM
Six Options For Chattanooga Small Business Aid And Tax Savings
