Prepare for this year’s tax return filing season 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….

Eight ideas to make filing your tax return easier Consider these suggestions for helping to make tax season smooth sailing this year for your small business: Make your estimated tax payments. Tuesday, January 18th is the due date to make your 4th quarter payment for the 2021 tax year. Now is also the time to create…

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 knowing how much cash you have in…

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 are five thoughts that may help. Pay yourself first. Treat…

How well do you know the holiday shortages of yesterday? With all the talk around ports being clogged and transportation backups causing product shortages, why not take a look back at famous holiday shortages caused by the demand for the toy EVERYONE just had to have! So grab your family and friends, put away the…

Despite the COVID-19 pandemic, political unrest and severe weather events, the Tax Court has continued to churn out decisions affecting individual and business taxpayers. Here’s a brief sampling of several cases that may be of particular interest. Coming Up Aces. (Coleman, TC Memo 146, 10/22/20) You can generally deduct gambling losses up to the amount of your…

Here are some ideas to lower your business taxes, get organized, and to prepare for filing your 2021 tax return. As 2021 winds down, here are some ideas to consider in order to help manage your small business and prepare for filing your upcoming tax return. Identify all vendors who require a 1099-MISC and a…

And you might be a victim! For generations we’ve been taught by our parents to save. Save for a bicycle. Save for college. Save for retirement. And then, in retirement, you could count on this savings to earn interest. Millions of Americans used Certificates of Deposits (CDs) and low risk bonds to ensure they could…

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 retirement plan, you can sell your underperforming stocks by December…