by somichcpa | Mar 24, 2022 | Individual Taxes
Here’s how to get your overpayment as soon as possible. Delayed tax refunds, penalties for not filing 2020 tax returns on time that were actually filed on time, and timely tax payments being flagged as late are just some of the headaches taxpayers are grappling...
by somichcpa | Feb 24, 2022 | Individual Taxes
Wages and self-employment earnings are taxable, but what about the random cash or financial benefits you receive through other means? If something of value changes hands, you can bet the IRS considers a way to tax it. Here are five taxable items that might surprise...
by somichcpa | Feb 8, 2022 | Uncategorized
With tax season now officially underway, here are several tax documents that may be easy to miss in your mailbox or inbox: Child tax credit letter. From July through December 2021, the IRS paid out 50% of projected child tax credit payments to qualified households....
by somichcpa | Jan 14, 2022 | Uncategorized
Tax return filing season usually gets a little crazy, but this year will be more turbulent than most. Due to new tax legislation and guidance from the IRS, you will have to cope with a wide variety of tax changes, some of which relate to the pandemic. Here are several...
by somichcpa | Dec 13, 2021 | Uncategorized
Getting a bill for an unexpected expense can put a significant dent in your business’s cash flow. Here are some tips your business can use to deal with a surprise bill. Stick to a reconciliation schedule. The best advice is to be prepared for the unexpected. Do this...
by somichcpa | Dec 13, 2021 | Uncategorized
Creating a sound financial foundation for you and your family is anything but easy. With low interest rates as an incentive to borrow more and even lower interest rates on savings accounts is it any wonder that it’s tough to retain the discipline to save? Here...
by somichcpa | Nov 19, 2021 | Uncategorized
According to SSA.gov here is a quick infographic to help you better understand the 2022 social security adjustments.
by somichcpa | Nov 3, 2021 | Uncategorized
There are always moves you can make to reduce your taxable income. Some of these tax-saving moves, however, must be completed by December 31. Here are several to consider: Tax loss harvesting. If you own stock in a taxable account that is not in a tax-deferred...
by somichcpa | Oct 28, 2021 | Uncategorized
The accounts payable process is typically very labor-intensive for many small business owners. While moving to a paperless environment may help alleviate some of your accounts payable headaches, there will be new problems you’ll have to successfully navigate. Here are...
by somichcpa | Jul 17, 2021 | Uncategorized
In late 2020, the IRS announced that it will increase tax audits of small businesses by 50 percent in 2021. Here are several mistakes to avoid if you do get audited by Uncle Sam. Mistake: Missing income. A long history of investigating has led IRS auditors to focus on...
