Affordable Taxes & Notary Services

12/15/2020

FYI: The IRS began a new private collection program of certain overdue federal tax debt. There are four contractors who will implement the collection. The agency list include CBE Group of Cedar Falls, IA, Conserve of Fairport, NY, Performant of Livermore, CA and Pioneer of Horseheads, NY. The taxpayer's account will only be assigned to one of these agencies but not all. Stay safe!

12/09/2020

Scam Alert: People are receiving text messages saying they've received a direct deposit of $1200 from COVID-19 Treasury Fund. A phishing link is attached to gain access to your bank account or other important financial information. Remember, the IRS does NOT send unsolicited texts or emails, nor will they demand immediate payment using gift cards, prepaid debit cards or threaten to have you arrested! Stay safe

12/07/2020

2020 Year End Strategies for Businesses: (1) Buy office equipment: Place in service before 12/31/2020 which will give you a deduction of 100% of the cost in 2020. (2) Take all your deductions: If business deductions exceed your business income you have a net operating loss(NOL). (3)Use Credit Cards Wisely (4) Income: Stop billing Customers/Clients until December 31, 2020 bill them first week of January which postpones paying taxes on December income by moving income to 2021.

09/10/2020

FYI: President's Payroll Tax Deferral as of 9/1/2020. What does that mean: It means that you will see an increase in take home pay for the next few months however the earlier part of 2021 your paycheck will be smaller. See if your employer will opt out, if not you are stuck!

03/26/2020

Great News! Entrepreneurs/Solopreneurs if your income has been affected You can apply for Unemployment! Go Get Your $$

01/16/2020

FYI: If you run part of your small business out of your home or may be you are entirely home based, you may be entitle to a deduction. It is a standard practice to have a space at home that's DEVOTED to your business. However,a kitchen table DOES NOT count. You must have a specific room dedicated to being your office for it to be Tax Deductible.

The Equation is: Sq.ft of the home/Sq.ft of office=% of direct/indirect expenses

01/14/2020

FYI: Anyone who operates a business whether small or large should keep up with your mileage. I recommend you download MileIQ.

The IRS today issued the 2020 optional standard mileage rates (PDF) used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019,
17 cents per mile driven for medical or moving purposes, down three cents from the rate for 2019, and
14 cents per mile driven in service of charitable organizations.

01/08/2020

Estimated dates for tax refunds. Please remember if you are receiving EITC or ACTC you could experience a delay in your refund.

The below chart shows an estimated timeline for when a taxpayer is likely to receive their refund, based on the information we have now, and using projections based on previous years. If your IRS income tax refund is delayed, ask your tax professional...

11/05/2019

It's important that everyone use the Tax Withholding Estimator this year to perform a paycheck or pension income checkup. Go to irs.gov and search for Tax Withholding Estimator. If the Estimator recommends a change submit a new W-4 to your employer or a W-4P to your Pension or Annuity Payer.

10/24/2019

Taxpayers be on the lookout for tax-related scams relating to your Social Security Number. The scammers are claiming they can suspend or cancel your SSN. They are trying to frighten you into returning the Robocall.

10/21/2019

The IRS has issued a second early draft of the new Schedule 1 for next season which will have a question about cryptocurrencies like Bitcoin and Etherum. If you engage or are planning to engage please reference Revenue Ruling 2019-24 and FAQ for further details.