Proper bookkeeping gives companies a reliable measure of their performance. By keeping accurate records, your business can get a snapshot of its health in the form of financial statements such as income statements, balance sheets, cash flow statements and more. Enter bookkeeper! Contracting a professional to assist you with your bookkeeping and accounting will ensure that you are getting the most…
If you run your own business, you know how taxing bookkeeping and accounting tasks can be. If it’s a responsibility you’re ready to get off your plate, we have some considerations to share while selecting a bookkeeping service. Your bookkeeper must be aware of the business operations, goals and issues to do their job correctly;…
Are you sure you got your maximum refund last year? Did you owe more than you expected? What about the last 3 years? Maybe you didn’t claim all the credits or deductions you deserve on a past-year tax return – and that can mean missing out on money you could put toward bills, start saving,…
“What if I filed my 2020 return before the American Rescue Plan Act & paid taxes on my unemployment?” This question has been on the minds of tax preparers and our clients all spring! We’re here with the answers you need. Normally, any unemployment compensation someone receives is taxable. However, a recent law change allows…
What if I filed months ago and the IRS tracker keeps saying “in process?” It can be frustrating if your return from the IRS is taking longer than usual to arrive, so we looked into what the hold-up might be. Unfortunately, the IRS is short-staffed and very backed up with issuing refunds. Currently, the IRS…
Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the other half when you file your 2021 income tax return. These changes apply to tax…
Find out the important changes to the Child Tax Credit that will start in summer of 2021.
Everyone makes mistakes. Learn the most common mistakes when filing for income taxes.
According to the IRS, taxpayers should file their tax return by the deadline even if they cannot pay the full amount due. If an individual taxpayer owes taxes, but cannot pay in full by the May 17, 2021 deadline, they should file their tax return or request an extension of time to file by the…
Are my unemployment benefits taxable? Normally, yes however for 2020 the first $10,200 of unemployment benefits are tax-free. What to do if I already filed my taxes and I had unemployment? The IRS also recently announced that filers who submitted their 2020 tax returns without accounting for a tax exemption on $10,200 of unemployment…