Picking a good tax preparer can make filing your taxes a lot easier and make sure everything is done right, keeping you safe from legal or money troubles. But, if you choose a bad or unqualified person to do your taxes, it could cause a bunch of problems, some of which might be pretty serious.
Here are some of the potential consequences of choosing the wrong tax professional and essential tips to select the right tax professional.
Are you tired of the tax season stress and the uncertainty of whether you're maximizing your tax savings or risking an audit? It might be time to consider the invaluable services of a tax professional.
Here are eight benefits of working with a tax professional that can help you save money, time, and ensure a stress-free tax season.
When conducting an audit, the IRS will ask you to present certain documents that support income, credits or deduction you claimed on your return. In this article we will share a list of the kinds of records that might be requested from you during an audit.
There are a couple of reasons your tax return may be chosen for an audit. Your return may have been compared against the "norms" for similar returns in your industry and the information you reported didn't align with the standards or your return involved issues or transactions with other taxpayers whose returns were selected for audit.
When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2022 income taxes.
Are you thinking of getting married or divorced? Do you give money to family or friends? Here are five strategies to consider as we come to the end of 2022.
There’s good and bad news if you’re in the market for an electric or plug-in hybrid electric vehicle.
The good news is that the newly enacted Inflation Reduction Act includes a wholly revamped tax credit for electric vehicles that starts in 2023 and continues through 2032.
Cryptocurrency such as bitcoin is all the rage these days. Crypto is not legal money. It is property, similar to gold. Like gold, its use can result in taxable income.
If you are thinking of investing conservatively but in a way that also offers some inflation protection, here’s an option to consider.
If you had W-2 employees in 2020 and/or 2021, you need to look at the Employee Retention Credit (ERC).
You can qualify for 2020 credits of up to $5,000 per employee and 2021 credits of up to $7,000 per employee for each of the first three quarters. That’s a possibility of $26,000 per employee.
In what clearly must have been a mistake, the IRS issued Notice 2021-49 to deny the employee retention credit (ERC) on the wages paid to most C and S corporation owners.
And remember, this is a tax credit—one of the very best things that tax law has to offer. True, it’s not as valuable as some other tax credits, because you have to reduce your payroll income tax deductions for the credits, but the ERC certainly puts you ahead.
During much of 2020 and 2021, you may have qualified for the Employee Retention Credit (ERC). Lawmakers created this tax credit in response to the COVID-19 pandemic.
If you have not claimed the ERC, you can amend your 2020 and 2021 payroll tax returns for the credit. (Amending the payroll is not difficult—so no sweat on that score.)
Usually, in times of economic dislocation such as the COVID-19 pandemic, the self-employed get no special government help. But this time it’s different. Because of the COVID-19 pandemic, you can qualify for the following seven benefits.
The CARES Act, enacted on March 27, 2020, created the PPP money, but it prohibited you from getting both PPP money and tax credits from the ERC; you had to choose one benefit or the other. Now, thanks to the new law, you can have both tax-free PPP money and tax credits from the ERC.
This is likely it—your last chance to obtain first- and second-draw Paycheck Protection Program (PPP) monies. A new law, the PPP Extension Act of 2021, extends the expiration date to the later of May 31 or when the money runs out.
Learn about the new Consolidated Appropriations Act (CAA) and how it affects you and your business this tax season!
Five Form 1040 tax breaks that were scheduled to expire on December 31, 2020, but have now been extended.
Embedded in the COVID-19 relief law is $900 billion for financial assistance. Here are four deductions or credits where Uncle Sam puts cash directly into your wallet.
