Tax season is upon us. As our firm works on completing and filing tax returns, we encourage you to plan ahead for ways to make the post-tax season period even better for you and your family—starting with the tips we've included in this issue!
AVOIDING AN IRS TAX AUDIT
Just 0.45 percent of taxpayers were audited in fiscal year 2019. Still, with taxes becoming more complicated every year, there is an even greater possibility of confusion turning into a tax mistake and an IRS audit. Avoiding "red flags" like the ones listed below could help. Take a look!
TAX BREAKS FOR FAMILIES WITH CHILDREN
If you have children, one or more of these tax credits and deductions could help your family reduce the amount of tax owed. Take a look!
THERE'S STILL TIME TO CONTRIBUTE TO YOUR IRA
If you haven't contributed funds to an IRA for tax year 2020, or if you've put in less than the maximum, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15, 2021, due date.Take a look!
SMALL BUSINESS TAX ROUNDUP
Tax changes due to recent legislation such as the Tax Cuts and Jobs Act and the CARES Act affect both individual taxpayers and small businesses. In 2020, the IRS issued guidance and final rules and regulations that clarified tax provisions affecting businesses.
Manually managing your paper bills is a dangerous practice. So what is the solution? You need a system that will keep you from paying bills late, which can lead to finance charges and bad relationships with vendors. Take a look!
Our CPA firm is here to help! If you have questions or would like information on our outsourced accounting and bookkeeping services, contact our team at 828.327.6868 or visit our website to request a consultation.
Our firm is proud to donate $100 to St. Jude Children's Research Hospital for every new client that signs up for our OASYS (Outsourced Accounting Systems) program. St. Jude's mission is to advance cures and means of prevention for pediatric catastrophic diseases through research and treatment.
