(203) 291-9093 | cecil@nazarethcpas.com
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IMPORTANT REMINDERS
2. Estimated Tax Payments for Q1/2021 Still Due on April 15, 2021
Applies to business owners and others who while quarterly.
3. Finish your 2021 tax planning now. Save time. Upload your 2020 tax documents to our client portal today.
4. The First $10,200 of Unemployment Insurance Is Not Taxable Up to Certain Income Thresholds.
5. Increase your charitable contributions. Give as generously as you can. You can deduct $300 even if you do not itemize. Bottom line: We are more fortunate than most people. This year, I decided to triple my annual contributions.
“Much more is expected from those who have been given a lot.” -- John F. Kennedy
6. Payroll Protection Plan 2 Loans
Introduced January 11, 2021
Deadline to apply is March 31, 2021
Requirements:
a. Only available for PPP-1 recipients.
b. Must show a 2020 quarterly revenue drop of 25% vs. any comparable quarter in 2019.
c. Must justify "economic necessity" for a second PPP loan.
7. Help the government pay down federal debt. Earn a generous income tax deduction.
Did you know you can earn charitable deductions for making voluntarily contributions to www.pay.gov or by deducting contributions on Schedule A if you itemize?
8. IRS can help foreign tax authorities gather information. At the behest of Indian tax officials, IRS sent a 3rd party summons to Citibank seeking records on accounts owned by an Indian citizen--an individual the Indian government suspect hasn't complied with foreign account reporting rules under Indian law. Don't let this happen to you.
We're here to help
(203) 291-9093 | cecil@nazarethcpas.com
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IRS Audits on the Rise
- Stepped up audits for those who report high Schedule C losses.
- Taxpayers who don't report foreign income or FBAR compliance. Ref. recent Brockman case.
- Anyone dealing in crypto-currency.
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Real estate losses are passive losses and are not deductible subject to some thresholds.
- Commingling of business and personal expenses.
- Non-filers.
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Now Is a Great Time to Refinance
- Mortgage rates are at historic lows, but will likely rise as the economy improves.
- Lower your monthly payments; increase cash flow.
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Security - Phone scams. NEVER respond to phone calls or emails from the IRS. The IRS will only send you written communication by postal mail. Never email documents containing your Social Security numbers.
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Why You Want an Independent Review of Your Company's Financial Statements
Banks, lenders, acquirers and auditors look more favorably at your financials if they’re independently reviewed or audited and you’ll likely receive better rates and terms.
Contact us for assistance with your personal and business financial statements.
We offer three levels of service:
1) Compilation. Simple compilation of financial statements.
2) Review. More analytical procedures performed.
3) International Tax Planning. (India-US specialty).
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