by somichcpa | Feb 7, 2021 | Uncategorized
As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. The rules You may give up to...
by somichcpa | Jan 29, 2021 | Uncategorized
If you or your business received funds from the Paycheck Protection Program (PPP), the recently passed Emergency Coronavirus Relief Act of 2020 will help to dramatically cut your tax bill. Here’s what you need to know. Background The PPP program was created by the...
by somichcpa | Jan 29, 2021 | Uncategorized
As part of your 2021 tax planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution...
by somichcpa | Jan 28, 2021 | Uncategorized
Is it always a good idea to amend your tax return if you find an error? There’s usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you always file an amended return? Here...
by somichcpa | Jan 21, 2021 | Uncategorized
Can’t itemize? There are still tax breaks for you A common misconception in tax filing has been that if you use the Standard Deduction versus itemizing your deductions you now have few additional benefits available to reduce your tax bill. This is often not the...
by somichcpa | Jan 14, 2021 | Uncategorized
Creating order out of chaos. As important tax records start filling mailboxes, how can you make sure your tax preparation goes smoothly and efficiently this year? Here are some tips. Keep it all in one place. It seems obvious, but how often have you found yourself...
