Monthly Archives: June 2022

//June

June 2022 Newsletter

$5,000 First-year Start-up and Organizational Expense Write-offTimely Filing RequirementsQualifying Start-up ExpensesTrade or Business PurchaseQualifying Organizational ExpensesExpense Write-off LimitationsHow to Make the ElectionOther Considerations Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. However, with the help of vaccines and the waning lethality of the latest versions of the [...]

By |2022-06-08T23:22:15+00:00June 8th, 2022|Categories: Uncategorized|Comments Off on June 2022 Newsletter

When Can You Dump Old Tax Records?

General statute is 3 yearsSome states are longerFraud, failure to file and other issues can extend the statuteKeeping the actual return Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the circumstances! In many cases, the [...]

By |2022-06-08T21:38:27+00:00June 8th, 2022|Categories: Uncategorized|Comments Off on When Can You Dump Old Tax Records?

Do You Understand Tax Lingo?

Filing status. Adjusted gross income (AGI).  Taxable income.Marginal tax rate. Alternative minimum tax (AMT). Tax Credits.Underpayment of estimated tax penalty. When discussing taxes, reading tax-related articles or trying to decipher tax form instructions, one needs to understand the lingo and acronyms used by tax professionals and authors to be able to grasp what they are saying. It can be [...]

By |2022-06-08T20:57:36+00:00June 8th, 2022|Categories: Uncategorized|Comments Off on Do You Understand Tax Lingo?

June 2022 Individual Due Dates

June 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 10. Your employer is required to withhold FICA taxes and income tax withholding [...]

By |2022-06-08T20:36:04+00:00June 8th, 2022|Categories: Uncategorized|Comments Off on June 2022 Individual Due Dates

With a Possible Recession Looming, You May Want to Review Your Cash Flow Process

If you’re a business owner who has been through a recession before, you know that smart cash flow management is absolutely crucial. If you’re a new entrepreneur who hasn’t been through an economic downturn, you may be less familiar with how quickly your finances can be affected. To protect yourself and keep your business operating, [...]

By |2022-06-03T22:43:48+00:00June 3rd, 2022|Categories: Uncategorized|Comments Off on With a Possible Recession Looming, You May Want to Review Your Cash Flow Process