Tax Pro Plus
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Dear Valued Client,
In this edition of our newsletter, we cover the upcoming April 18, 2022, individual tax deadline, payment options if you can’t pay tax due, business budgeting pitfalls, and much more.
It would be best to talk to us before making significant tax or business decisions. Careful planning can make a big difference in your financial outcome.
If you or your colleagues, family, or friends need help, we are here for you. We will continue to monitor the latest opportunities to keep all of our clients prosperous. Your kind reviews and referrals are appreciated.
Tax Pro Plus
In this edition of our newsletter, we cover the upcoming April 18, 2022, individual tax deadline, payment options if you can’t pay tax due, business budgeting pitfalls, and much more.
It would be best to talk to us before making significant tax or business decisions. Careful planning can make a big difference in your financial outcome.
If you or your colleagues, family, or friends need help, we are here for you. We will continue to monitor the latest opportunities to keep all of our clients prosperous. Your kind reviews and referrals are appreciated.
Tax Pro Plus
The Tax-Filing Deadline Is Drawing Near
As a reminder to those who have not yet filed their 2021 tax returns, April 18, is the due date to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate of the taxes owed). The due date is April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia – even if you don’t live in DC. If you live in Maine or Massachusetts, the filing due date is April 19, 2022, because of the Patriots' Day holiday in those states.
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The 2022 IRS Interest Rate Hike Will Go Live April 1st
These IRS interest rate changes will not affect you if you calculate your liability correctly and pay on time each quarter.
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There's a Lot You Can Get Wrong With Business Budgeting... But It's Still an Invaluable Practice
You need to make sure that you are financially in a position to succeed, and business budgeting is how you do it.
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Can’t Pay Your Taxes? Here Are Some Payment Options
Although most (74% in 2020) American taxpayers receive a refund each year when they file their income tax returns, there are those who for one reason or another end up owing. Of those who owe Uncle Sam many don’t have the means to pay what they owe by the return due date (usually in April).
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Inheritances Enjoy a Special Tax Benefit
You may hear people use the term “Stepped-Up Basis” that many believe is a tax provision that allows beneficiaries of an inheritance to reduce or even avoid taxes when and if they sell inherited property.
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You May Need to File Estimated Tax Payments
Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties.
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Charitable Tax Deduction Peculiarities
Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers filing jointly for 2021) of cash donations as a deduction for non-itemizers.
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Cash Flow Solution for Seniors
The annual inflation rate in the U.S. accelerated to 7.5% in January of 2022, the highest since February of 1982, hitting those on fixed retirement income, namely seniors, the hardest.
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Getting Started with Reports in QuickBooks Online
You should be running reports in QuickBooks Online on a weekly—if not daily—basis. Here’s what you need to know.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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