As you probably know, the Tax Cuts and Jobs Act of 2017 limited the itemized deduction for state and local taxes (SALT) to $10,000 per year. Numerous states (particularly those with high income and property taxes) have tried various workarounds to help business owners avoid the $10,000 cap. The IRS finally blessed one approach, allowing [...]
Are you a business owner or gig worker who accepts payment through Venmo, PayPal, Cash App or another digital payment app? If so, there’s a new IRS law effective January 1 that changes reporting requirements for money received through these apps when using a business account. Don't be alarmed, this requirement does not apply to [...]
Receiving an IRS Audit Letter is every taxpayer’s worst nightmare. Just the mention of the word “audit” can bring visions of long hours with an IRS examiner, disallowed deductions, and large assessments. But in actuality, the IRS audits a small fraction of all returns. In 2019, the agency only audited 0.4% of 2018 individual tax [...]
In line with the IRS’s move last week, the Georgia Department of Revenue (DOR) has extended the filing and payment deadline for individual 2020 tax returns from April 15, 2021, to May 17, 2021. The extension is automatic and requires no extra paperwork or filing. The extension to May 17 applies only to individual annual [...]
The IRS has extended the date by which individuals have to pay and file their 2020 taxes to May 17, 2021. The extension applies to all individual and family filers, no matter how much is owed, and includes self-employed taxpayers. The extension is automatic and requires no extra paperwork. The IRS said the move [...]
Protecting yourself from financial crimes is a daily fight. Scammers and hackers view getting your information as their job. They’ll spend as much time as they need scouring for victims until they find the right one. Most times, it’s not an elaborate scheme that people fall prey to. It’s negligence. Scammers are counting on you [...]
When it comes to professionals as top box-office movie characters, doctors and lawyers aren’t the only ones lighting up the silver screen. Accountants have been the lead characters in a host of movies ranging from comedy to love stories to action thriller. With Tax Season 2021 fast approaching, we thought now would be a great [...]
2020 is almost over. If you’re like many people, you are ready for the New Year. But don’t race into 2021 without being prepared. Financially preparing for the New Year involves a mix of taking advantage of COVID-related breaks that expire at the end of 2020 as well as revising your budget and savings plans [...]
Starting a business during a pandemic may seem challenging, but with the correct financial steps, it can yield entrepreneurial success. In addition to financial planning for the business, you should evaluate your personal finances to make sure they are in shape before starting your venture. Getting Personal Finances in Shape Many entrepreneurs fund at [...]
The COVID-19 extended deadline for taxes has passed. Now, what should you do with the piles of receipts, 1099s, and other tax documents you used to prepare your return? Do you need to keep hard copies or are electronic records sufficient? Here’s a guide for both individuals and businesses to follow for assuring you have [...]
