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 9, 2021 | Uncategorized
Here are several new tax laws passed this year to consider as you start planning your 2020 tax obligation. Make up to $300 of charitable contributions. For the 2020 tax year only, an above-the-line deduction of $300 is available to all Americans who want to make a...
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 | 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...
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...
