Posts Tagged ‘irs’
Is an S-Corp election right for me?
We get this question a lot. For some businesses, the S-Corp election makes sense; for others, it doesn’t, and for still others, it’s a maybe. So how do we make sense of it? Let’s skip ahead and dive right into why or why not an S-Corporation is for you. Pros of an S-Corp Cons of an S-Corp How much will an S-Corp save? This is a tricky question. The Tax Jobs and Cuts Act of…
Read MoreAn Inaccessible IRS
With the reduced federal funding budget and threadbare Covid-related IRS staffing levels some taxpayers are experiencing the frustrating result of an inaccessible IRS. Compounding the problem of unopened mail piling up at IRS offices around the country, the postal service’s slow delivery times are causing many taxpayers grief. Even when phone lines are attended to at a reasonably helpful volume and returns have a timely postmark, tax payments and responses take several months to be…
Read MoreCARES Act Cliff’s Notes
The CARES Act of 2020 had a few gems for the average US taxpayer, including: No required minimum distribution for retirees in 2020 The opportunity to add up to $300 in charitable donation deductions for qualified 501c(3) cash contributions to the standard deduction on your 2020 tax return Economic stimulus payments, depending on your 2020 adjusted gross income. For more information, read the full bill. Unfortunately, a lack of technical language in the bill left…
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