How being proactive can save you money!

Individuals and businesses are faced every year with tax preparation. This is compliance work required by a government entity to record and report the history of what occurred financially for the individual or the business over the course of the year. Tax preparation looks backward at what happened. Tax planning, on the other hand, looks […]

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IRS Adjustments

The IRS is starting to send out Adjustment Notices. These notices report a difference between IRS information records (i.e. W-2, 1099, etc.) and amounts recorded on tax returns. For 2020 and 2021 the reporting of stimulus amounts is a huge source of differences between IRS records and tax returns. If you receive a notice regarding an […]

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2021 Tax Changes Keep Us “Smiling”

As the year progresses, changes have been made and are taking place.  Here are some of the 2021 tax changes that we will be facing as we enter the ring for the 2021 tax season… Advance Child Tax Credits:  Monthly advance payments began 7/15/21. Any amount paid will need to be reported on your 2021 […]

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Paycheck Checkup

With the tax reform implemented by the Tax Cuts and Jobs Act and all of the upcoming changes for 2021, it would be a good time to conduct a “paycheck checkup”. The IRS suggests that all taxpayers use the tax withholding estimator to make sure they are withholding the correct amount from their paychecks for […]

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Paid Leave Tax Credits

On 7/29/21 it was announced by the Treasury Dept. and IRS that eligible employers who extend paid leave to employees who need to take certain individuals to receive their COVID-19 vaccine or care for certain individuals or household members while they recover will receive a tax credit equal to the wages paid for providing the […]

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