Business Owners: Year-End Tasks you MUST be Aware Of

Attention Business Owners! Now is the time to get ready for year-end and make the tax preparation process easier and less stressful. There are some things you HAVE to get done before 12/31. Click here for our complete list. Here are some of the more important things to be sure you get done in the […]

The 2020 Individual Year-end Tax Planning Guide is Here

Looking for year-end tax planning moves to save on taxes this year? Check out our annual year-end guide. Most strategies need to be executed before December 31, so act quickly. Remember, this guide does not replace customized, year-round tax planning. Contact us today to find out more. The guide includes many different strategies: New Cares […]

Our 2020 Business Year-End Planning Guide is Available

If you own a business of any kind, please be sure to check out our 2020 year-end tax planning business guide. This guide has various strategies to minimize taxes including: Strategies depending on whether 2020 is a higher income year than 2021 How to defer income into next year How to accelerate expenses into 2020 […]

Strategies for Your Stock Portfolio in 2020

Do you own stocks, bonds or other securities in a taxable account (not a retirement account)? Here are some strategies for minimizing taxes or taking advantage of your tax bracket this year: Avoid the high taxes (up to 40.8 percent) on short-term capital gains and ordinary income by holding your positions for at least 12 […]

How Can Tax Planning Strategies Save You Money and Avoid Surprises

As we start looking toward the end of 2020, tax planning strategies for 2020 and 2021 become our primary focus. But what is tax planning and how do tax planning strategies save money and avoid surprises? Every taxpayer has the right and responsibility to lower his/her tax bill using a number of different legal tax […]

Steve Trojan, CPA Earns Certified Tax Coach™ Designation

In June 2020, Steve Trojan announced that he is one of just over 700 tax professionals who has completed the American Institute for Certified Tax Planners™’ training academy leading to the Certified Tax Coach™ designation. “Taxpayers who really want to beat the IRS can’t wait for their accountant to work magic with a stack of […]

Why Do We Owe Tax When Taxes Are Withheld From Our Paychecks?

Have you filed a joint return with your spouse where you both work and receive W-2s and, when the return is filed, you owe taxes? You ask, “Why would we owe when our employers are both withholding taxes?” It is not uncommon and happens often in this situation. The biggest reason is the way payroll […]

SBA Re-opens New Grants and EIDL Loans for Small Business

The SBA announced yesterday that it was again opening up the Economic Injury Disaster Loan (EIDL) grant and loan program. Independent contractors, freelancers, gig workers and small business are eligible to receive grants that do not need to be repaid as well as loans with favorable repayment terms. This is NOT the same as the […]

IRS Decides PPP Loan Expenses are Not Deductible – Is the PPP Loan Still A Good Idea?

In a ruling that came as a surprise to many, the IRS published a notice yesterday that declared expenses paid that are used to calculate the forgiveness portion of the Payroll Protection Program loan are not-deductible. This throws a wrench in the earlier thinking that these loans would not be taxable. The Cares Act specifically […]

Stimulus Checks Are Arriving – What to Do if You Did Not Get Yours

stimulus check

Economic stimulus checks, aka Economic Impact Payments, began arriving in taxpayers checking accounts this week. If you filed a return for 2018 or 2019 that contained bank account information for refunds, you should have received or will shortly receive your payment. For details on these payments, check out our blog post. The IRS has released […]