Virtual, Local and Nationwide Bookkeeping, Accounting, Tax, Consulting and QuickBooks services.
Operating as usual
TAX CREDITS FOR ACCOMMODATING DISABLED WORKERS
Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions.
Let's take a look at a few of the tax incentives that are available to encourage employers to hire qualified people with disabilities - and offset some of the costs of providing accommodations.
Disabled Access Credit
The disabled access credit is a non-refundable credit for small businesses that have expenses for providing access to persons with disabilities. An eligible small business earned $1 million or less or had no more than 30 full-time employees in the previous year.
The business can claim the credit each year they incur access expenditures. Eligible access expenditures must be reasonable and necessary to accomplish the following purposes and include amounts paid or incurred:
1. To remove barriers that prevent a business from being accessible to or usable by individuals with disabilities - but do not include expenditures paid or incurred in connection with any facility first placed in service after November 5, 1990;
2. To provide qualified interpreters or other methods of making audio materials available to deaf and hard of hearing individuals;
3. To provide qualified readers, taped texts, and other methods of making visual materials available to individuals with visual impairments; or
4. To acquire or modify equipment or devices for individuals with disabilities.
IRS to accept 2021 tax returns starting Jan 24th
IRS to accept 2021 tax returns starting Jan. 24 The IRS announced the start date for tax season and that the due date for most individuals is April 18.
WHY USING THE CORRECT FILING STATUS MATTERS
As taxpayers get ready for the upcoming filing season, one needs to know their correct filing status. A taxpayer's filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine if they have to file a tax return at all.
There are five IRS filing statuses. They generally depend on the taxpayer's marital status as of Dec.31. However, more than one filing status may apply in certain situations. If this is the case, taxpayers can usually choose the filing status that allows them to pay the least amount of tax.
When preparing and filing a tax return, the filing status affects:
If the taxpayer is required to file a federal tax return.
If they should file a return to receive a refund.
Their standard deduction amount.
If they can claim certain credits.
The amount of tax they should pay.
Here are the five filing statuses:
Single. Normally this status is for taxpayers who are unmarried, divorced or legally separated under a divorce or separate maintenance decree governed by state law.
Married filing jointly. If a taxpayer is married, they can file a joint tax return with their spouse. When a spouse passes away, the widowed spouse can usually file a joint return for that year.
Married filing separately. Married couples can choose to file separate tax returns. When doing so it may result in less tax owed than filing a joint tax return.
Head of household. Unmarried taxpayers may be able to file using this status, but special rules apply. For example, the taxpayer must have paid more than half the cost of keeping up a home for themselves and a qualifying person living in the home for half the year.
Qualifying widow(er) with dependent child. This status may apply to a taxpayer if their spouse died during one of the previous two years and they have a dependent child. Other conditions also apply.
Not sure which filing status you should use this year? Help is just a phone call away.
WHAT TO KNOW ABOUT KEEPING GOOD TAX RECORDS
It's January and tax season is right around the corner. For many people that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes you, chances are, you're wishing you'd kept on top of it during the year so you could avoid this scenario yet again. With this in mind, here are seven suggestions to help taxpayers like you keep good records throughout the year:
1. Taxpayers should develop a system that keeps all their important info together. They can use a software program for electronic recordkeeping. They could also store paper documents in labeled folders.
2. Throughout the year, they should add tax records to their files as they receive them. Having records readily at hand makes preparing a tax return easier.
3. It may also help them discover potentially overlooked deductions or credits. Taxpayers should notify the IRS if their address changes. They should also notify the Social Security Administration of a legal name change to avoid a delay in processing their tax return.
4. Records that taxpayers should keep include receipts, canceled checks, and other documents that support income, a deduction, or a credit on a tax return.
5. Taxpayers should also keep records relating to property they dispose of or sell. They must keep these records to figure their basis for computing gain or loss.
6. In general, taxpayers should keep tax records for three years from the date they filed the return.
7. For business taxpayers, there's no particular method of bookkeeping they must use. However, taxpayers should find a method that clearly and accurately reflects their gross income and expenses. The records should confirm income and expenses. Taxpayers who have employees must keep all employment tax records for at least four years after the tax is due or paid, whichever is later.
Well-organized records make it easier for taxpayers to prepare their tax returns. Good recordkeeping also helps provides answers in the event that a taxpayer's return is selected for examination or if the taxpayer receives an IRS notice. If you need help setting up a recordkeeping system that works for you, don't hesitate to call.
2022 new changes with federal taxes….
What’s new for 2022 in federal taxes A law change and some regulations take effect while an array of provisions expire.
It’s important to know your tax bracket for 2022.
What Is My Tax Bracket? 2021-2022 Federal Tax Brackets On Nov. 10, the IRS announced the new tax brackets for the 2022 tax year. The upper thresholds of tax brackets will increase to reflect the highest year-over-year inflation since 1990. Tax rates differ depending on your filing status and the amount of taxable income you report for the year. You c
What should you do with your Christmas Bonus funds?
Standard mileage rates to go up in 2022 The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.
How to Save Money on Gas Whether gas prices are low or flying through the roof, here are 11 easy tips on how to save money on gas.
Have You Completed These 5 Year-End Financial Planning Tasks? The end of the year is approaching fast, cloaked in the bright colors of fall leaves or cooler breezes coming off the water. While you enjoy the beauty of the season, reserve some time for financial housekeeping. Attending to these 5 important year-end financial planning tasks will help
How Does Afterpay Really Work? Wondering what Afterpay is? Or how Afterpay works? You’ve come to the right place. Rachel Cruze is breaking down this popular shopping trend and why you need to steer clear.
What Is Inflation? It’s in the news a lot—but what is inflation? Let’s get you up to speed on why it happens, what it means for you, and how to avoid falling into the fear trap.
How to Save Money as Consumer Prices Keep Rising Consumer Reports shares tips for how consumers can save money even as prices rise, with the cost of everything from food to gasoline going up.
Tax Season 2022: What You Need to Know Thanks to the coronavirus, this tax season is going to look a lot different. Here’s everything you need to know to help you file your taxes with confidence.
4 tips for telling your boss you don’t want to return to the office To ensure that discussion goes as smoothly as possible, aim to tailor your approach to your manager, focus on the positive, and remain open to creative compromise.
What to Know About How and When to Pay the IRS Having a balance due on your tax return is never welcome news, but you have quite a few options for paying the IRS, including paying over time.
How to Save Money: 22 Simple Tips Saving money is hard. And finding new ways to save money can feel downright near impossible—but have you given these 22 ways a try?
50 Ways to Upgrade Your Finances in 2022 Take these steps to protect your financial health in the new year.
IRS issues inflation adjustments for 2022 returns The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.
7 Of The Best Budget Templates And Tools A budget template can help you to manage your spending habits and track any spending patterns. Learn more about the best budget templates here.
SSA provides 2022 tax wage base, benefit COLA The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2022 and a cost-of-living adjustment for Social Security benefits.
PayPal and Venmo Taxes: What You Need to Know About P2P Platforms - TurboTax Tax Tips & Videos With the increased use of mobile payment apps, you may wonder — how do these apps affect your taxes? Here's what you need to know to use these tools effectively for yourself or your business.
How to Flip a House Want to know how to flip a house for a huge profit? Join the crew! Use these tips to choose the right property, make smart renovations, and sell for top dollar.
6 Personal Finance Trends that Should Worry All Americans AICPA Experts provide tips and insight to help Americans address 6 worrisome personal finance trends
9 Financial Topics You Need An Understanding Of Navigating the world of personal finances can be confusing when you’re just getting started. Here are 9 financial topics to be aware of.
IRS updates business travel per-diem rates The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.
SBA quadruples COVID-19 EIDL limit to $2 million The SBA unveiled a menu of COVID-19 EIDL program modifications designed to make it easier for restaurants and other businesses particularly hard hit by the pandemic to take out EIDL loans.
Here's guidance for handling taxes on Covid-related withdrawals from retirement accounts If you withdrew money from your 401(k) or IRA for reasons related to Covid, you're required to include at least a portion of taxes due on your 2020 return.
National eviction ban has been struck down. What renters need to know The CDC's eviction ban is no longer in effect. But struggling renters still have options.
These tax credits could boost refunds for low-income families this year The child tax credit has meant monthly payments for millions of families. But in 2021, there are other expanded credits available that could boost refunds.
Certification deadline extended for work opportunity tax credit Certain employers have until Nov. 8 to submit a required worker certification request to a designated local agency for purposes of the work opportunity credit.
Why Children Should Set Up Roth IRAs When you’re in your sixties, you’ll be able to pull money out of a Roth IRA without paying any tax. In contrast, you would be taxed on traditional IRA distributions at ordinary income tax rates. Currently, the highest rate is 37%—who knows what it will...
IRS Gives New Guidance on Employee Retention Credit Those changes include, among other things, (1) making the credit available to eligible employers that pay qualified wages after June 30, 2021, and before January 1, 2022, (2) expanding the definition of eligible employer to include “recovery startup ...
Four Back-to-School College Tax Breaks for 2021 Are your children heading back to college campuses this fall? It may cost you more than it did for remote learning, but at least the tax law provides several tax breaks for higher education, including saving plans for college.
|Monday||9am - 6pm|
|Tuesday||9am - 6pm|
|Wednesday||9am - 6pm|
|Thursday||9am - 6pm|
|Friday||9am - 6pm|
We make brewery operations simple, repeatable and visible
Windfield Timmons, LLC is a grant development, project implementation and grant reporting consulting firm.
The Garden Center Group is an alliance of more than 150 independent garden centers, service provider
StrategyDriven provides the planning and ex*****on tools needed to create greater organizational alignment and accountability for the achievement of superior results.
The trusted advisers for your insurance needs. We are here to assist you in finding the health insurance package that best suits you and your budget, whether you are an employer group of 2 employees or group of 1,000.
Aspire Energy Consulting is a residential and commercial energy rating and auditing firm in Atlanta Georgia. We also are a wholesale supplier of Energy Efficient products such as LED lighting, Solar/PV systems and Eco-Friendly foam insulation systems
Home of the HR Observations blog.
Transforming you into God's purpose for you through Discovery, Empowerment and Planning for Success. "I can't take you where I will not go!"
Management Consulting Services - Allow me to help diagnose your pain points, make sound recommendations, coach your staff and put your team on the road to more efficient service delivery.
Hi, I’m Leonda Adeko. I help entrepreneurs breakdown the barriers to business ownership by sharing easily accessible and practical knowledge showing women
At AIR, our technicians are well experienced in all of the EPA's standard testing methods, as well as many NIOSH, OSHA, NCASI, and state methods. Over the last decade, we have completed thousands of testing projects with multiple testing methods utilized.
Providing families with access to Provider Law Firms for less than $25/month. Get an intro to LS: kentwormley.wearelegalshield.com