Have you heard the term "Enrolled Agent" and wondered what that is? An Enrolled Agent is a tax preparer who has earned the privilege of representing taxpayers before the IRS. Enrolled Agents, like attorneys and CPAs, are generally unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which...
Can you believe the 2021 tax filing season begins in 2 months?! It feels like we just got done with 2020! But, everything in 2020 feels like its never ending, doesn't it?! By the way, the IRS created a special page, which outlines steps to take now to make tax filing easier in 2021. Recovery Rebate...
This week the IRS "celebrates" Tax Security Awareness and provides tips for Americans to stay safe from tax and other scammers. We see tax fraud occasionally impact our clients, and it changes frequently, so we talk about it a lot on our blog. Here are some tips to remember this holiday season: Don't forget to use...
It is not too early to start preparing for the 2020 tax filing season (due April 15th 2021). We're hopeful there are no additional delays next year! Keep this list handy when tax forms start coming in January. Documents You Need Forms W-2 from employers Forms 1099 from banks and other payers Other income documents and...
That's a picture of solar panels!? What does that have to do with Tax Planning Strategies, you ask? Well, we're going to talk about ways small business owners do to lessen the tax implications for this year and/or next! Deferring Income Cash method of accounting: delaying end-of-year invoices so that income/payment is not received until 2021. Accrual method...
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