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Second Quarter Estimated Payments

Second Quarter Estimated Payments – June 15 deadline moved to July 15 The IRS recently announced a delay in the deadline to file second quarter estimated tax payments. The IRS issued a tax filing and tax payment delay due to the coronavirus pandemic, from April 15, 2020 to July 15, 2020. Many of the payments are in this delay for both individuals and small businesses. It includes filing of all tax returns, the related payments

IRS sending prepaid debit card

  Millions of people will get their Economic Impact Payment by prepaid debit card. Nearly four million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of who will receive a debit card was by the Bureau of the Fiscal Service, another part of the Treasury Department that works with the IRS to handle distribution of the payments. These Economic Impact Payment Cards will arrive in a

Fundera is the go-to financial resource 2020

Fundera is the go-to financial resource for every small business—helping you face your challenges, achieve your financial goals, and grow businesses as big as your aspirations. A common challenge my clients have been facing is how increasingly difficult it has become to get a loan through traditional banks. A new industry of non­-bank lenders have stepped in to fill the credit gap. Therefore business owners can get the capital they need. However, this new landscape

Trying to Save a 2016 Tax Refund? Read This!

Trying to Save a 2016 Tax Refund? Read This! For 2016 tax returns, the normal April 15 deadline to claim a refund has also been extended to July 15, 2020. The law provides a three-year window of opportunity to claim a refund. If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked

Understanding the Home Gain Exclusion

Understanding the Home Gain Exclusion. When is a tax planning session essential? One of the biggest tax benefits available today is the exclusion of gains when you sell your qualified home. Here is what you need to know. The tax benefit explained For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) in capital gains from the sale of your principal residence. This exclusion can be taken once every two

2020 Tax Facts – 2 Year Comparison

  2020 Tax Facts – 2 Year Comparison. Here’s is a quick review of some of the tax changes you’ll see from 2019 to 2020 as a result of inflation adjustments and new tax laws. Provision 2019 2020 Business equipment Sec. 179 expensing deduction $1,020,000 $1,040,000 Total purchase limit for full Sec. 179 expensing deduction $2,550,000 $2,590,000 Standard mileage rate: business 58¢ per mile 57.5¢ per mile Standard mileage rate: medical/moving 20¢ per mile 17¢

Contemporaneous Records

Contemporaneous Records. A timely knowledge of this definition is pretty important. If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to words you use every day. One of the more common words used by the IRS is the term “contemporaneous”. So what does it mean and why should you care? Contemporaneous Defined According to the IRS

IRS unveils new People First Initiative

IRS People First Initiative provides relief to taxpayers. IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program.  Due to COVID-19, the IRS is providing relief on a variety of issues as part of the People First Initiative. The IRS is modifying certain activities through the filing and payment deadline, Wednesday, July 15, 2020. Here’s what people need to know about relief related to IRS exams or audits Field, office and correspondence

5 Things Your Business Needs to Do Now!

  5 Things Your Business Needs to Do Now! Navigating COVID-19 pandemic requires an accurate financial picture. With the COVID-19 pandemic dominating the news and creating havoc in many sectors of the economy, companies are going to need to be on their “A” game to survive and thrive. Here are five essential tasks to help you do this. 1. Bring financial statements up to date A clear understanding of your company’s current cash flows, revenues,

Tax surprises that you could avoid

Tax surprises that you could avoid. Every year taxpayers are hit with tax surprises that they could avoid if they knew the rules. Here are five big ones that are easy to avoid with some simple planning. You pay taxes with your hard earned money. We will help you proactively manage both your personal and your business tax issues, including understanding how upcoming business opportunities impact your tax status and vice versa. You earned it