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Avoiding surprises as a business owner is crucial to ensure you have a successful business. The same goes for managing your personal finances. By subscribing to our blog and newsletter you get the latest updates on the world of finance and taxes. Additionally, by visiting our main topic categories below you can educate yourself on the various topics regarding tax education, personal finance, and business ownership. 

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Taxable vs. Nontaxable Income

Posted by Missy Dennis on Feb 25, 2021 8:08:00 AM

Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick answer is that all income is taxable unless the law specifically excludes it. But as you might have guessed, there's more to it than that.

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Topics: Taxable Income, Business Ownership, Taxes, Tax Return

What's New for 2020 Tax Returns

Posted by Missy Dennis on Feb 16, 2021 8:01:00 AM

As always, taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns. Let's take a look:

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Topics: Taxes, Tax Return

Tax Filing Season Starts February 12

Posted by Missy Dennis on Feb 9, 2021 8:01:00 AM

Although tax season usually starts in late January, this year, the tax filing season is delayed until February 12, 2021. The delayed start date for individual tax return filers allowed the IRS time to do additional programming and testing of IRS systems following the December 27, 2020, tax law changes that provided a second round of Economic Impact Payments and other benefits to many taxpayers. This programming work is critical to ensuring IRS systems run smoothly to minimize refund delays and ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.

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Topics: Business Ownership, Personal Finance, Taxes, Tax Return, Tax Preparation

Identity Protection PIN Available To All Taxpayers

Posted by Missy Dennis on Feb 4, 2021 7:52:00 AM

Starting in January 2021, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims.

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Topics: Taxes, Tax Return, Tax Preparation

Important Tax Changes for Individuals and Businesses

Posted by Missy Dennis on Jan 20, 2021 8:04:00 AM

Every year, it's a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead.

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Topics: Taxable Income, Business Ownership, Personal Finance, Taxes, Tax Deduction, Small Business, Tax Return, Tax Preparation

Working Remotely Could Affect Your Taxes

Posted by Missy Dennis on Dec 29, 2020 7:59:00 AM

When COVID-19 struck last March, employers quickly switched to a work-from-home model for their employees, many of whom began working in a state other than the one in which their office was located. While some workers have returned to their offices, many have not. If you're working remotely from a location in a different state (or country) from that of your office, then you may be wondering if you will have to pay income tax in multiple jurisdictions or whether you will need to file income tax returns in both states.

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Topics: Taxable Income, Personal Finance, Taxes, Tax Return, Tax Planning

Business Tax Provisions: The Year in Review

Posted by Missy Dennis on Dec 15, 2020 8:10:00 AM

Here's what business owners need to know about tax changes for 2020.

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Topics: Business Ownership, Taxes, Tax Credit, Small Business, Tax Return, Tax Preparation, Business Expenses

Individual Taxpayers: Recap for 2020

Posted by Missy Dennis on Dec 9, 2020 8:15:00 AM

As we close out the year and get ready for tax season, here's what individuals and families need to know about tax provisions for 2020.

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Topics: Taxable Income, Personal Finance, Taxes, Tax Deduction, Tax Return, Tax Planning

Investing in Opportunity Zones: The Facts

Posted by Missy Dennis on Nov 24, 2020 8:11:00 AM

The Tax Cuts and Jobs Act included numerous changes for businesses and individuals. One of these was the creation of the Opportunity Zones tax incentive, the purpose of which is to spur economic development and job creation in distressed communities by providing tax benefits to investors.

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Topics: Business Ownership, Taxes, Tax Return, Tax Planning

Individual Taxpayers: Year-End Tax Planning Strategies

Posted by Missy Dennis on Nov 10, 2020 8:08:00 AM

With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020.

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Topics: Taxable Income, Taxes, Managing Your Tax Liability, Tax Return, Tax Planning