Tax Free Weekend Is Coming!
Texas, time to shop for your business! We have some amazing news, August 6 – 8 is a tax-free weekend for Texas! While practicing social distancing is important along with supporting businesses, you can buy qualifying items online, by telephone, mail, or other means tax-free. The sales tax exemption applies only to qualifying items you buy which include clothing, footwear, school supplies, face masks, and more! If you have questions about what is deductible and what is not ded
Watch Out! Imposters Trying To Steal Your Child Tax Credit!
With the recent Child Tax Credit Payments being released, there have been scammers who have tried to steal the tax credit money by impersonating the IRS via phone calls, email, text, or even social media. The IRS does not leave pre-recorded, urgent, or threatening messages and asks for payment via gift cards, wire transfer, or cryptocurrency. Do not click on any links in unsolicited emails or websites that could lead to theft, tax fraud, and identity theft. If you have questi
More Taxpayers Are Getting Refunds For Taxes Previously Withheld!
We have good news! More taxpayers are getting refunds for taxes previously withheld from their employment income earned in 2020. The IRS recently sent another batch of refunds to nearly 4 million people last week. Direct deposits were made on July 14 while paper checks were mailed on July 16. In May, the IRS started sending refunds to taxpayers who received unemployment benefits in 2020 and paid taxes on them prior to the American Rescue Plan Act (ARPA) went into effect. That
Data Organization Tips for Small Business Owners!
It can be tempting to jump in head first when starting a business, but it's important to keep organized records. To help with that, we've laid out a few tips that will prevent future headaches. 1. Use accounting software for your bookkeeping. Investing in accounting software can seem like a waste of money if you're confident in your excel skills, but accounting software is designed to make bookkeeping easy and streamlined. Messy excel workbooks can lead to your accountant mis
Employee Retention Credit Tax Credit Has Been Expanded!
Employee Retention Credit Tax Credit (ERTC) is an incentive program that provides economic relief to employers whose operations were impacted by the pandemic and continued to pay employees. It has been extended and expanded. So now is the chance to be eligible to bank this hefty credit before it’s gone. The credit can create huge economics for your business, for 2021 it is 70% of qualified wages. To become eligible for ERTC your business must have a full or partial shutdown,
The Tax Consequences Of Cryptocurrency!
If you are into cryptocurrency trading, it may be important for you to be informed of how gains will be taxed. While the IRS has issued some guidance as to the tax consequences of transactions involving “virtual currency” or “cryptocurrency” (see Notice 2014-21 and Rev. Rul. 2019-24), it has yet to address the tax treatment of NFTs specifically as a crypto asset and their gain, loss, or income generation. The IRS is likely to label NFTs in the hands of their creators as nonca
How Biden's Tax Proposal Will Affect You!
If you are a business owner, based on President Biden’s 2022 budget proposal, 2 things may affect you immediately. 1) If you have a taxable income of above 500K, your bracket may increase from 37% to 39.6%. 2) If your business entity is a C-Corporation and you have been enjoying a fairly low corporate tax rate of 21%, this rate may soon increase to 28%, which may significantly impact certain companies. #tax #business #smallbusiness #taxes Implementing proactive tax planning i
