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...
The 2018 landmark case of South Dakota v. Wayfair established that state and local governments had the right to collect sales taxes from purchases made online, no matter where the seller was located. "Tax Defense Ohio, why is this important?" you may ask...
With the October 15th extension deadline upon us, the IRS will soon turn its attention to collection efforts. If you've missed the filing deadline from April 15th (or July 15th in 2020 due to COVID-19), and the October 15th deadline, you could be subject to late penalties and interest. Don't forget you owe the taxes...
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