by somichcpa | Jan 7, 2021 | Uncategorized
Consider conducting a final tax planning review now to see if you can still take actions to minimize your taxes this year. Here are some ideas to get you started. Assess your income. Begin by determining how your income this year will compare to last year. Then apply...
by somichcpa | Dec 28, 2020 | Uncategorized
Suppose you’re switching jobs if you were furloughed because of the pandemic or you’re simply searching for greener pastures. If you have a 401(k) from your soon-to-be former employer, you must decide what to do with your retirement account when you leave. Here are...
by somichcpa | Dec 21, 2020 | Uncategorized
Does your paycheck look a little higher than normal? If so, it could be a tax trap. The Problem A payroll tax deferral beginning September 1 was recently signed via a presidential executive order. This deferral of the employee’s portion of Social Security will...
by somichcpa | Dec 14, 2020 | Uncategorized
Which unique method of budgeting will work for you? You have your own unique personality, preferences and lifestyle. Likewise, how you manage and organize your finances can have its own personality, including how you budget. Here are five different methods of...
by somichcpa | Dec 7, 2020 | Uncategorized
You’re ready to take out a loan to buy a house, a car or get a credit card. You fill out the application and wait to hear back from your bank on its decision whether to loan you the money. And then you get the dreaded phone call. Your credit score wasn’t high enough...
by somichcpa | Nov 28, 2020 | Uncategorized
The IRS recently announced its 2020 edition of its annual Dirty Dozen list of tax scams with a special emphasis on aggressive and evolving schemes related to COVID-19 tax relief, including Economic Impact Payments. Here are six of the more common scams. Phishing....
by somichcpa | Nov 21, 2020 | Uncategorized
With 30-year fixed rate mortgages approaching historical lows of 3%, you may be thinking about refinancing an existing mortgage. But you better read the fine print before signing on the dotted line to avoid paying too much money. Here are some common mistakes...
by somichcpa | Nov 14, 2020 | Uncategorized
You may have started your business as a simple sole proprietorship that files its taxes as a Schedule C on your Form 1040. As your business grows, you may want to change the structure. Here are several scenarios where it may make sense to do just that. Reasons to...
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...
