Here’s How to Pay If You Owe Money to the IRS

Here’s How to Pay If You Owe Money to the IRS The federal tax deadline is quickly approaching. If you owe money to the IRS – including estimated and other business taxes – here are six options for quick and easy electronic payments: Taxpayers who owe a 2019 income tax liability, as well as estimated…

July 15 Deadline for Reporting Foreign Income

July 15 Deadline for Reporting Foreign Income If you live or work outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. Due to the coronavirus pandemic, people who live and work abroad have until Wednesday, July…

Small Business Financing: Securing a Loan

Small Business Financing: Securing a Loan At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources. Unfortunately, many…

Paying off Debt the Smart Way

Paying off Debt the Smart Way With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, this is unrealistic for most people – especially those of pre-retirement age. Instead, it’s better to start by focusing on managing debt.…

Paycheck Protection Program Flexibility Act

Paycheck Protection Program Flexibility Act On Wednesday, June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020. The PPP Flexibility Act passed the House last week and will now be sent to President Trump for signature into law. The PPP Flexibility Act provides some relief and flexibility in the use of…

Estates and Trusts: Guidance for Itemizing Deductions

Estates and Trusts: Guidance for Itemizing Deductions The Tax Cuts and Jobs Act (TCJA) prohibits individual taxpayers from claiming miscellaneous itemized deductions for any taxable year beginning after December 31, 2017, and before January 1, 2026. However, proposed guidance has recently been issued clarifying that certain deductions of estates and non-grantor trusts are not miscellaneous…

Avoid These Common Errors When Filing a Tax Return

Avoid These Common Errors When Filing a Tax Return When filing a tax return, mistakes such as the common errors listed below can result in a processing delay – and increase the amount of time it takes to receive a tax refund. Using a reputable tax preparer such as a certified public accountant, enrolled agent…

Preparing an Effective Business Plan

Preparing an Effective Business Plan A business plan is a valuable tool whether you’re seeking additional financing for an existing business, starting a new company, or analyzing a new market. Think of it as your blueprint for success. Not only will it clarify your business vision and goals, but it will also force you to…

Pass on Wealth to Heirs Using These Strategies

Pass on Wealth to Heirs Using These Strategies Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low interest rates and a volatile stock market are creating additional opportunities.…

Additional Tax Deadlines Extended

Additional Tax Deadlines Extended As a reminder, taxpayers now have until July 15, 2020, to file and pay federal income taxes originally due on April 15 and no late-filing penalty, late-payment penalty or interest will be due. Due to the coronavirus pandemic, this relief has been expanded to include additional returns, tax payments and other…