From the April, 2020

Reduce Fees & Penalties – Did You Know?

You should still file your taxes, even if you can’t pay, as the failure-to-file penalty may be 10 times more than the failure-to-pay penalty. If you are unable to pay in full, try to […]

2019 Available Above-the-Line Tax Deductions and Credits – Did You Know?

Even if you don’t itemize deductions, you may be eligible to claim multiple above-the-line deductions and/or tax credits on your 2019 federal tax return. Above-the-line deductions reduce your tax by lowering your taxable income. […]

Will I Qualify for a Stimulus Check?

Individuals who earn $75k or married individuals, filing jointly earning $150K or less as reflected by their adjusted gross income, qualify for the full stimulus payment. If you received a refund and provided your […]

Effective vs. Marginal Tax Rates – Did You Know?

Do taxpayers belonging to the “22% tax bracket” actually pay federal income taxes equal to 22% of their earnings? The answer is no, and the explanation lies in the difference between marginal and effective […]

Tax Update RE: SBA Loans, Stimulus Payment & IRS Process

Tax Update RE: SBA Loans, Stimulus Payment & IRS Process We know it continues to be a challenging and constantly changing world at present. We’re doing our best stay abreast of new developments and […]

Why Is My Refund Different Than The Amount On The Tax Return I Filed?

All or part of your refund may have been used (offset) to pay off past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support, or other federal non-tax debts, such […]

Economic Impact Payments – What You Need To Know

The Following information is from the IRS Newswire Service – March 30, 2020. Economic impact payments: What you need to know No action needed by most people at this time IR-2020-61, March 30, 2020 […]

Reduce Fees & Penalties – Did You Know?

You should still file your taxes, even if you can’t pay, as the failure-to-file penalty may be 10 times more than the failure-to-pay penalty. If you are unable to pay in full, try to […]

Relief for Small Business Clients Under the Cares Act of 2020

The CARES (Coronavirus Aid, Relief, and Economic Security) Act of 2020 provides several important provisions that may assist as our clients navigate through the financial challenges presented by COVID-19. Here are the highlights. Small […]