2020 is in the rearview mirror, but your income taxes for the unprecedented year are due soon. Here are some tips. The COVID-19 pandemic affected everything last year, including our health, employment, travel and entertainment, and social activities. It had impact on income taxes, too. Your 2020 Form 1040 had to be modified to reflect […]
THE CONSOLIDATED APPROPRIATIONS ACT:6 Ways It MayHelpYour Small Business
While another stimulus plan waits in the wings, we’re still learning about the impact of the previous one on small businesses. It was a long time coming, but it’s finally here. On December 27, 2020, then-President Trump signed a $900 billion stimulus bill into law, the Consolidated Appropriations Act. Along with many new provisions, the […]
Get Paid Faster Using QuickBooks
Are your customers slow about paying their invoices? QuickBooks can help accelerate your receivables. Your company’s cash flow depends largely on how quickly your customers pay the invoices you’ve sent. And if you’re like most small businesses, those checks tend to dribble in close to—and after—the due date. If you operate on a slim margin, […]
Who Can You Claim as a Dependent on Your Tax Return?
In the eyes of the IRS, “dependent” can mean much more than a biological child who lives with you. Numerous individuals may depend on you for financial support. You might be sending money to a niece to help her through college or occasionally paying bills for an aging parent. And there are always those college […]
Missed the 2016 Tax Deadline? Filing a Past-Due Tax Return
You missed the April filing deadline. What now? For whatever reason, you didn’t file an income tax return by April 18, 2017. Don’t wait until next year, and don’t think that the IRS won’t notice. You need to do something about it now. If you didn’t file because you didn’t think you’d have enough money […]
How Do You File an Amended Tax Return?
Its’ easy to make mistakes when you’re doing your own tax preparation. The IRS has a special procedure for fixing them. That sense of accomplishment you feel after you’ve filed your income taxes can turn quickly to dread if you realize later that you made a mistake. What do you do now? The IRS knows […]
Preparing for 2017 Taxes: 5 Things You Can Do Now
Your income tax obligation needs to be on your mind year-round. Here are some ways you can get a jump on your 2017 taxes. Summer’s over. The kids are back in school. And soon, there’ll be only three months left in 2017. If you haven’t started thinking about how to minimize your income tax obligation […]
Tax-Deductible Expenses: Are You Recording All of Them?
2017 income tax preparation seems a long way off. Make it easier by tracking all the deductions you can take. You’ve heard it said before: Tax planning should be a year-round process. It’s so true. Your life will be a lot easier early next year when all your tax forms start rolling in. Forms like […]
Hired Your First Employee? Your Tax Obligations
It’s a major milestone for you, but it comes with a lot of paperwork that must be done correctly. Bringing a new employee into your business is reason to celebrate. You’ve done well enough as a sole proprietor that you can’t handle the workload by yourself anymore. Onboarding your first worker, though, comes with a […]
Are You Protecting Yourself from Tax Identity Theft?
The IRS has thwarted some identity theft attempts, but thieves are still stealing billions of dollars every year from taxpayers. Another annual income tax deadline has come and gone. Maybe you had to pay in, but perhaps you were owed a refund. If the latter is true, did you receive it? A lot of […]