October 2022 Important Due Dates

October 2022 Individual Due Dates October 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later…

Best Practices for Avoiding Cash Flow Problems With Your Business: A Guide

If you had to make a list of some of the biggest issues that plague small business owners on a regular basis, cashflow problems would undoubtedly be right at the top. Cash flow is about more than just the money coming into and going out of…

October Extended Due Date Just Around the Corner

Article Highlights: October 17, 2022 is the extended due date for 2021 federal 1040 returns.  Late-filing Penalty  Interest on Tax Due Other October 17 deadlines If you could not complete your 2021 tax return by April 18,…

Will You Benefit from Biden’s Student Loan Relief?

Article Highlights:  Relief Amounts Income Limitations  Dependents of Another Pell Grant Recipients Repayment Pause Monthly Payment Reduction  Cancellation of Debt Income On August 24, President Biden announced…

IRS Providing Penalty Relief to 1.6 Million Taxpayers

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Article Highlights: Penalty Relief 2019 & 2020 Tax Returns Includes 1040, 1120, Certain 1099 Series Filings Refunds Are Automatic September 30, 2022, Deadline The First-Time Abatement Penalty Relief To help struggling…

Mid-Year Tax Planning Checklist

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Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences  All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that…

Important September 2022 Due Dates

September 2022 Individual Due Dates September 1 - 2022 Fall and 2023 Tax Planning Contact this office to schedule a consultation appointment. September 12 - Report Tips to Employer If you are an employee who works for tips and received…

What Does The Inflation Reduction Act Mean To You?

Article Highlights:   Increased Internal Revenue Service (IRS) Funding Drug Pricing Affordable Care Act Insurance Premiums Corporate Minimum Tax Excise Tax on Corporate Stock Buybacks Home Solar Energy Credit Extended and…

Tax Benefits for Members of the Military

Article Highlights:   Service Member Residence or Domicile Service Member Spouse’s Residence or Domicile Non-Taxable Allowances Combat Zone Exclusion Home Mortgage Interest Deduction Home Property Tax Deduction Home…

Not All Interest Is Deductible for Taxes

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Article Highlights:  Interest Categories Category Deductibility Interest Tracing Rules A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question,…