Quickbooks is by far the leader in the industry & the easiest to use. We can guide you through the setup process and work with you to help you understand the program & its capabilities.
While there are choices here, a Limited Liability Company (LLC) provides liability protection & offers more flexibility than other options.
With the increased standard deduction, many people will no longer itemize deductions on their federal tax return. However, state laws differ. It is best to gather your expenses & let us help you determine if you will save money by itemzing.
OTC drugs may include - aspirin, other pain medications, allergy medications, menstrual care products, face coverings with a letter of Medical Necessity
HSA and FSA Eligible
COVID Relief - Certain taxpayers are permitted to withdraw up to $100,000 from a retirement plan or IRA for COVID - related distributions without incurring the 10% premature distributions penalty - must be made in the 2020 calendar year - must be diagnosed with COVID or have a spouse diagnosed or suffered adverse financial consequences due to COVID - Income tax on the distribution can be spread out over 3 years - Funds can be redeposited to the retirement fund within a 3 year period
Temporary Waiver of Required Minimum Distributions RMDs - RMDs are waived for 2020
Charitable contributions not in excess of $300 - Made in 2020 is allowed to taxpayers who don't itemize
EMPLOYER PROVISIONS - Employee Retention Credit * Deferral of Employer Payroll Taxes * Payroll Protection Program
Net Operating Losses arising in 2018, 2019 or 2020 - can be carried back five years
Business Interest - Increased from 30 to 50% of taxable income for 2019 & 2020
Bonus Depreciation for Qualified Improvement Property - technical correction
SBA Loans - low interest working capital loans of up to $2 million by small business affected by COVID. Interest rate - 3.75% Term - max of 30 years - some of the loan may be able to be forgiven
Repeal of max age for IRA contributions.
Penalty free withdrawals from retirement plans in case of birth or adoption of a child under age 18 - not to exceed $5,000 - effective for distributions are 12/31/19
Increase in age for RMDs from 70 1/2 to age 72
Our services are billed strictly by the hour
Basic Data Entry
Bank & Credit Card Reconciliations, Review of Receipts, Payroll & Payroll Tax Reporting, etc.
Final Review, Internal Financials, Estimated Tax Planning, Sales Tax Reporting, 1099 Reporting, Reconciliation of Client Trust Accounts & Advanced Client Costs, etc.
Our services are billed strictly by the hour
Scanning of Documents & Prior Year Returns
Stock Sales & other matters requiring extensive entry
Tax Preparation & Planning by an Enrolled Agent with 27 years experience
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