by somichcpa | Mar 5, 2021 | Uncategorized
With the April 15 tax filing deadline right around the corner, here are answers to some common tax questions. When will I get my refund? The pandemic and additional stimulus payments will, in all probability, delay refund payments. But as of now here are the old wait...
by somichcpa | Feb 24, 2021 | Uncategorized
Here are some suggestions to help you master the art of documenting and organizing your business now and in the future. Document policies and procedures. Write down daily responsibilities, skills needed to complete tasks related to these responsibilities, and the...
by somichcpa | Feb 15, 2021 | Uncategorized
Don’t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return. Taxes on unemployment income. If you received unemployment benefits in 2020, you need to report these benefits on your tax return as taxable...
by somichcpa | Feb 8, 2021 | Uncategorized
Here are four ways to make sure the preparation of your tax return keeps moving along until it gets filed. Keep tax documents in one place. Missing items are one of the biggest reasons filing a tax return gets delayed! Find a place in your home and put all tax...
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 14, 2021 | Uncategorized
On Monday, January 11, 2021 the SBA re-opened the Paycheck Protection Program (PPP). Over the past few weeks, we have been busy understanding and preparing for the most important questions you might have about receiving a Second Draw PPP Loan for your small...
by somichcpa | Nov 10, 2020 | Uncategorized
Action to take now! Now is a good time to assess your current situation and address those lingering tax moves that may improve your tax picture for 2020. Here are five things to consider: 1. Check on your withholdings. Review your taxable income and the amount of tax...
by somichcpa | Jun 30, 2020 | Individual Taxes
Numerous new laws provide economic relief to individuals and businesses hardest hit by this year’s pandemic. This much-needed financial assistance, however, comes with a few strings attached. Here are three potential surprises if you use the available economic relief...
by somichcpa | Jun 8, 2020 | Individual Taxes
The weather is warm, kids are out of school, and it’s time to think about tax saving opportunities! Here are five ways you can enjoy your normal summertime activities and save on taxes: Rent out your property tax-free. If you have a cabin, condo, or similar property,...
