SAS Consulting Services, Inc.

Virtual, Local and Nationwide Bookkeeping, Accounting, Tax, Consulting and QuickBooks services.

Operating as usual

01/11/2022

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TAX CREDITS FOR ACCOMMODATING DISABLED WORKERS

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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.

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IRS to accept 2021 tax returns starting Jan. 24 01/10/2022

IRS to accept 2021 tax returns starting Jan. 24

IRS to accept 2021 tax returns starting Jan 24th

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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.

01/10/2022

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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.

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01/10/2022

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WHAT TO KNOW ABOUT KEEPING GOOD TAX RECORDS

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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.

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What’s new for 2022 in federal taxes 01/10/2022

What’s new for 2022 in federal taxes

2022 new changes with federal taxes….

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What’s new for 2022 in federal taxes A law change and some regulations take effect while an array of provisions expire.

What Is My Tax Bracket? 2021-2022 Federal Tax Brackets 01/10/2022

What Is My Tax Bracket? 2021-2022 Federal Tax Brackets

It’s important to know your tax bracket for 2022.

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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

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Standard mileage rates to go up in 2022 12/18/2021

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Tax Season 2022: What You Need to Know 11/20/2021

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What to Know About How and When to Pay the IRS 11/20/2021

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How to Save Money: 22 Simple Tips 11/20/2021

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IRS issues inflation adjustments for 2022 returns 11/10/2021

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SSA provides 2022 tax wage base, benefit COLA 10/31/2021

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PayPal and Venmo Taxes: What You Need to Know About P2P Platforms - TurboTax Tax Tips & Videos 10/31/2021

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