GBC TAX PROS

Know the difference between standard and itemized deductions? Choosing between taking the standard deduction or itemizing your deductions can be confusing. The standard deduction may be quicker and easier, but itemizing deductions may lower taxes more in some situations. Check out this IRS tip to decide what’s best for you: https://go.usa.gov/xsjFR

Even if the IRS is still processing your 2020 taxes, make sure to file your 2021 return. To validate and e-file your return, enter $0 for last year’s Adjusted Gross Income on your 2021 tax return. See: https://go.usa.gov/xt5kF

How small business owners can deduct their home office from their taxes | Internal Revenue Service Tax Tip 2022-10, January 19, 2022 — The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a separate struct...

https://gbcfinancial.com/formeka-smith

Formeka Smith Based in Cleveland, Ohio I work with clients across the USA on the level that's right for them. Let's do a quick call to discuss the plan to get you taken care of. Doesn't matter if you are around the neighborhood, or across the USA.

What is backup withholding?
Business and other payers generally don’t withhold taxes from payments reported on Forms 1099 and W-2G. There are, however, situations when a payer must withhold 24% of the payment to ensure the IRS receives the tax due on this income. This is known as backup withholding. If a payer does backup withhold, they must deposit the withholding with the IRS. Taxpayers should review Publication 15, Employer’s Tax Guide, for more information on making deposits.

The IRS recently launched an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.

Taxpayers using the new mobile-friendly verification process can access several IRS online services including:

Child Tax Credit Update Portal
Online Account
Get Transcript Online
Get an Identity Protection PIN
Online Payment Agreement
Additional applications will transition to the new process over the next year.

There are steps people, including those who received stimulus payments or advance child tax credit payments, can take now to make sure their tax filing experience goes smoothly in 2022. They can start by visiting the Get Ready page on IRS.gov. Here are some other things they should do to prepare to file their tax return.

Internal Revenue Service | An official website of the United States government Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

Small businesses can depreciate property when they place it in service for use in their trade or business or to produce income. The business stops depreciating property when they have fully recovered their cost or other basis or when they retire it from service, whichever happens first.