Everyone loves getting a tax refund, right? Not us! We’ll explain why; but first let’s cover some basics about filing deadlines and refund timing. Preparing, Filing and Acceptance of Returns There are several steps your tax professional goes through with your return. Here is a very rough,
Read more →Both the IRS and Treasury have announced that the deadline to file AND pay your individual federal and Alabama state income tax for the tax year of 2019 has been extended to July 15, 2020. Many states have extended their deadlines as well; please check with us
Read more →What is the Augusta Rule? The Augusta Rule, known to the IRS as Section 280A, allows homeowners to rent out their home for up to 14 days per year without needing to report the rental income on their individual tax return. Originally created to protect residents of
Read more →You might wonder why there are so many extra tasks at year-end. While the government requires much of the work, there is clean-up work and adjustments that need to be done to make the books accurate. It’s not always cost-effective to perform all of these updates monthly,
Read more →There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax season and target virtually everyone. Stay alert to the ways that criminals pose
Read more →After years of saving for retirement, it’s time to start using those savings—even if you don’t really need to. Once you reach 70 ½ years old, you must begin taking annual distributions from your qualified retirement plan. This is called a required minimum distribution (RMD.) If you
Read more →As your tax professional, we may be asking you additional questions next year that are required by the Tax Cuts and Jobs Act. Tax preparers must collect new information from clients who qualify for any of the following tax credits: Earned Income Tax Credit (EIC) Child Tax
Read more →In July 2019, the IRS released a draft of form 1099-NEC, which is designed to report non-employee compensation. While this may seem like a new form to many, it’s actually a revival of a form used until the early 1980’s, which was eventually replaced by form 1099-MISC.
Read more →If you receive an audit notice from the IRS, do not panic. Just breathe! Read the letter in its entirety to see what they are auditing. In many cases, it’s a great idea to hire a tax representation professional to deal with the audit, especially if it’s
Read more →The Tax Cuts and Jobs Act created a new tax incentive to defer (and possibly even eliminate) capital gains taxes by investing in a Qualified Opportunity Zone (QOZ). What is a Qualified Opportunity Zone? A Qualified Opportunity Zone is an economically distressed community. For an area to
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