October 2021 Due Dates

October 2021 Individual Due Dates October 12 - 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…

Post-Pandemic Savings Burning a Hole in Your Pocket?

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Not to overstate the obvious, but the last 18 months have seen major modifications in the ways that most Americans spent their money. Without the ability to visit department stores, malls, and big-box stores, retail therapy was significantly…

Complications to the IRA-to-Charity Distribution Provision

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Article Highlights IRA Contribution Age Restrictions Removed Required Minimum Distributions Qualified Charitable Distribution Tax Trap Individuals are required to begin taking distributions from their IRA when they reach a certain…

Tax Breaks for Grandparents

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Article Highlights: Head of household filing status Earned income tax credit Child tax credit Child care credit for certain working grandparents Grandchild education credits Medical and dental expenses More and more individuals…

When Is Your Business No Longer a “Startup”?

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Where’s a specific sensibility and respect that gets attached to businesses that are referred to as “startups.” There’s a general feeling of risk taking and future-facing enterprise that owners enjoy. But the actual definition of what…

September 2021 Individual Due Dates

September 1 - 2021 Fall and 2022 Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August,…

4 of the Most Common IRS Tax Problems

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For years, politicians have been talking about simplifying the process of filing federal taxes, but despite the promises, the process continues to be complicated and stressful. But as bad as preparing taxes can be, it pales in comparison to…

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…

Small Businesses: Here’s How the U.S. Supreme Court Wayfair Decision Affects You

If you are a small business owner, chances are good you’re paying more attention to your accounts receivables and deliverables than to a three-year-old Supreme Court decision. But knowing what happened in the Wayfair decision on June 21st…

Businesses Have 60 Days to Notify the IRS of Changes in Contact Information and Responsible Party

Article Highlights  Employer Identification Numbers (EINs) Contact Information Update Responsibilities ID Theft and Fraud Issues  Responsible Party Filing Tips Updating Individual Contact Information Blog: The Internal…