Skip to main content

Pre Christmas blues


Don't know if any of you feel like the holidays are too much hype but I sure do: too much to do before tax season gets me tired before I even get to work.

Comments

Post a Comment

Popular posts from this blog

Stimulus Check Information

Customers who use tax preparation services such as H&R Block, TurboTax and Jackson Hewitt complained on Twitter and to The Post that they didn’t get their stimulus payments Wednesday. Up to 21 million tax filers could be affected, said consumer law expert Vijay Raghavan, because the IRS does not have these people’s direct deposit information on file if they received an advance on their tax refund from these companies or had the fee for tax preparation taken out of their tax refund. The reason is that tax preparation companies received these people’s tax refunds first, deducted their fees and then distributed the remaining refunds to the customers. Because of that, the IRS had a “temporary bank account” on file that the tax preparer created for the 2019 tax season, Raghavan said.
Post a Comment
Read more

THURSDAY TAX TIDBITS

Tax Tip: Start Planning Ahead! It is never too early to start thinking about the upcoming tax season. Don't procrastinate and be prepared for the tax reform changes that have been implemented this year. Under the Trump Administration, there have been several tax changes that may impact you or your business. Here are some changes that may impact you: Tax Reform: Business Impact There are many business considerations, including the corporate tax rate, limitations on net interest expense, full expensing of business assets, changes to net operating loss deductions, limitation of like-kind exchanges, limitation on deductibility of FDIC premiums, corporate alternative minimum tax, rules for recognition of income, changes to business tax credit, the modified limit on excessive compensation, and the modified deduction for meals and elimination of entertainment expenses. Not being able to claim the same expenses as before may lead to higher taxes! Tax Reform: Individual Impact Indiv
Post a Comment
Read more

Corona Virus Update on the Self- Employed for Unemployment benefites

Due to the CARES ACT that was just signed by the president, Self-Employed People now qualify for unemployment benefits. ⠀ ⠀ Due to the Coronavirus Pandemic the US government is working together with the states to provide unemployment benefits even to those who wouldn’t normally qualify, like self employed individuals. ⠀ Your respective states' unemployment guidelines and website will start updating their offerings in the near future to display this change (most haven’t yet) . ⠀ This can be referred to as “Relief for Workers Affected by Coronavirus Act”. ⠀ ⠀ Here are list of the requirements to qualify for unemployment benefits under this new bill which refers to: ⠀ ⠀ • The individual has been diagnosed or is experiencing symptoms of CV19 and seeking medical attention;⠀ ⠀ • A member of the individual’s household has been diagnosed with CV19;⠀ ⠀ • The individual is providing care for a family member or member of the individual’s household who has been diagnosed with CV19;⠀ ⠀ • A
Post a Comment
Read more