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...
The Internal Revenue Service recently announced changes to its collection activities to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts. Provided in the IRS's "A Closer Look": Taxpayers who owe always had options to seek help through payment plans and other tools from the IRS, but the new IRS Taxpayer Relief...
Taking money from your retirement funds before age 59 1/2 is not recommended, but due to COVID lockdowns, it may be unavoidable if you need fast cash. So you don't make it worse on yourself, read the following: Withdrawal Exceptions Early withdrawals from traditional and Roth IRAs are subject to an additional 10 percent tax, unless an...
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