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Scott Farnes

Scott Farnes
Scott has over 25 years of accounting experience encompassing audit, accounting, and tax services. Scott’s industry experience includes small businesses, assisted housing, governmental clients, clients in the public housing industry, tax credits, construction contractors, and the nonprofit sector. He provides these clients with a variety of services including evaluating their business structure, keeping them current on required standards, performing financial statement audits, and tax return preparation.
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Recent Posts

Pass on Wealth to Heirs Using These Strategies

Posted by Scott Farnes on Jun 9, 2020 8:17:00 AM

Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low interest rates and a volatile stock market are creating additional opportunities. Let's take a look at some of the strategies available:

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Topics: Personal Finance, Retirement, Managing Your Tax Liability, Financial Success

Additional Tax Deadlines Extended

Posted by Scott Farnes on May 5, 2020 8:09:00 AM

As a reminder, taxpayers now have until July 15, 2020, to file and pay federal income taxes originally due on April 15 and no late-filing penalty, late-payment penalty or interest will be due. Due to the coronavirus pandemic, this relief has been expanded to include additional returns, tax payments and other actions:

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Topics: Taxes, Tax Extension, Tax Return, Tax Preparation

Tax Breaks Help Small and Medium-sized Employers

Posted by Scott Farnes on Apr 16, 2020 7:58:00 AM

Small and medium-sized employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed into law on March 18, 2020.

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Topics: Business Ownership, Tax Credit, Small Business, Business Expenses

2019 Tax Deadline for Tax Returns & Estimated Taxes Now July 15

Posted by Scott Farnes on Apr 7, 2020 8:02:00 AM

Due to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed.

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Topics: Taxes, Tax Return, Tax Preparation

Are Social Security Benefits Taxable?

Posted by Scott Farnes on Mar 24, 2020 8:02:00 AM

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.

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Topics: Taxable Income, Taxes, Retirement, Social Security

What to Do If You Are Missing Important Tax Forms

Posted by Scott Farnes on Mar 11, 2020 8:38:00 AM

If you are ready to file your taxes but are missing important tax forms here's what you should do:

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Topics: Taxes, Record Keeping, Tax Return, Tax Preparation

Tax Breaks for Taxpayers Who Itemize

Posted by Scott Farnes on Feb 5, 2020 8:13:00 AM

Many taxpayers opt for the standard deduction because it is easier, but sometimes itemizing your deductions is the better choice - often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here's what to keep in mind:

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Topics: Personal Finance, Taxes, Tax Deduction, Tax Return

What's New for the 2020 Tax Filing Season

Posted by Scott Farnes on Jan 15, 2020 8:13:00 AM

While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of.

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Topics: Taxes, Tax Return

Deducting Business-Related Car Expenses

Posted by Scott Farnes on Jan 1, 2020 8:17:00 AM

If you're self-employed and use your car for business, you can deduct certain business-related car expenses.

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Topics: Business Ownership, Taxes, Tax Deduction, Small Business, Business Expenses

Tax Benefits of Health Savings Accounts

Posted by Scott Farnes on Dec 26, 2019 7:48:00 AM
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Topics: Personal Finance, Taxes