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It doesn’t seem like it was all that long ago that the last tax deadline was pushed back. Usually, Tax Day falls on April 15, which is the last day you can file your taxes for the previous year without… Read More
Archive for the ‘Tax Information’ Category
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Crucial Tax Forms: Decoding the W-2 Paperwork
Tax season is almost upon us. For many workers, the W-2 form is one of the most important pieces of paperwork that full-time employees will receive from their employers. That said, younger members of the workforce might not understand how… Read More
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Tax Law Update: How 2020 Changed the Landscape of It All
Greetings, loyal readers! Chances are good that you are already thinking about the next tax season. This past year’s deadline was adjusted from April into July due to the COVID-19 pandemic complicating everything about our ordinary lives. There is no… Read More
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3 Reasons to Leave Next Year’s Taxes Up to Your CPA
Taxes are confusing and confounding. That’s why it is essential you leave the heavy-duty job to the professionals — the CPA’s. In fact, there is no better course of action than leaving next year’s taxes up to your CPA. Consulting… Read More
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4 Pressing Tax Questions: Are Unemployment Benefits Taxable?
The tax deadline is typically April 15th. However, due to circumstances beyond our collective control, that deadline was extended this year. Even so, you may be curious about the outlook for 2021. With many workers being furloughed or even laid… Read More
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What is the Employee Retention Credit, and How Does it Work?
There are several coronavirus payroll tax credits available to help employers manage their business during this time. One of these credits is the Employee Retention Credit (ERC). This credit is a CARES Act relief measure and is a fully refundable… Read More
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What is Earned Income and Why Does It Matter?
When you own or work for a business, you receive earned income, but that term doesn’t include all income. Understanding the difference between income that is earned and unearned is essential for determining tax liability and tax credit eligibility. So… Read More
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6 Reasons You Should File Your Taxes Early
Due to the Coronavirus pandemic, the federal tax deadline has been pushed back from April 15th, to July 15th. While it was already easy to procrastinate when filing your taxes, there are many benefits to filing your taxes ahead of… Read More
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Check Off Your Small Business Tax Prep Checklist
Many people dread tax season and find the work required complicated, overwhelming, and stressful. If you are this kind of person, it may help to make a tax prep checklist for your small business tax return. Putting everything you need… Read More
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Getting Familiar With Form 1099-MISC
If you hired an independent contractor for your business in 2019, you will have to understand and complete an IRS Form 1099-MISC for each independent contractor while preparing your taxes. However, if this is your first time working with independent… Read More