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Lake Wylie Tax Service | Bookkeeping | Payroll Service

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Finally, The COVID Relief Package Is Law

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on December 28, 2020 by Lake Wylie Tax Services StaffDecember 28, 2020

COVID Relief Package Is LawAfter several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters, as 2020 was coming to an end, horses were traded, and deals were made so that Congress could put together the much-needed legislation. The result is a nearly 5,600-page omnibus bill, the Consolidated Appropriations Act, 2021, Included in that legislation are the “COVID-Related Tax Relief Act of 2020” (COVIDTRA) and the “Taxpayer Certainty and Disaster Tax Relief Act of 2020”. The bill was signed by the President on December 27.

This article provides an overview of the many tax provisions included in the legislation, including the 2nd round of economic impact payments, another round of targeted PPP loans for businesses, favorable tax treatment of expenses paid with forgiven loan proceeds, temporary expanded deduction for business meals, and modifications to charitable contributions—along with an excess of 30 new, altered, and extended tax provisions.

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Posted in Tax Central | Tagged COVID Relief Package, Covid-19

IRA Withdrawal Planning Can Save on Taxes

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on December 21, 2020 by Lake Wylie Tax Services StaffDecember 21, 2020

IRA Withdrawal Planning Can Save on TaxesAdvance planning can, in many cases, minimize or even avoid taxes on IRA distributions and other qualified plan distributions. When contemplating future retirement and when to begin tapping taxable IRA and other qualified retirement accounts, taxpayers need to consider a number of important issues.

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Posted in Retirement Planning | Tagged IRA, Tax Planning

Tax Issues to Be Aware of as Year-end Approaches

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on December 15, 2020 by Lake Wylie Tax Services StaffDecember 15, 2020

Tax Issues to be appear of as year-end approachesIt seems hard to believe, but the holiday season is upon us, and that means that the 2020 tax preparation season will soon follow. With the end of the tax year just weeks away, it may be appropriate (especially this year, in light of the financial havoc created by COVID-19) to review some year-end tax issues that might reduce your tax bite for 2020 or provide long-term tax benefits.

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Posted in Lake Wylie Tax Preparation, Tax Central | Tagged Tax Planning

Year-End Gift Giving with Tax Benefits

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on December 7, 2020 by Lake Wylie Tax Services StaffDecember 7, 2020

Year-End Gift Giving with Tax ImplicationsThe holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts even provide a variety of tax benefits.

But be wary; during the holiday season, you may receive phone calls, emails, snail mail, or appeals on social networking sites for donations for various causes. However, some of these appeals may come from fraudsters and not legitimate charities. Unfortunately, this happens every holiday season.

So, before writing a check or giving your credit card number to a charity that you aren’t familiar with, check them out so you can be assured that your donation will end up in the right hands. Follow these tips to make sure that your charitable contributions will actually go to the cause you are supporting:

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Posted in Tax Central, Tax Deductions | Tagged Tax Planning

Preparing for 2021: Tax Planning Strategies for Small Business Owners

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 30, 2020 by Lake Wylie Tax Services StaffNovember 30, 2020

Preparing for 2021-Tax PlanningIf you are a small business owner, every penny of your income counts. This means that you not only want to optimize your revenue, but also minimize your expenses and your tax liability. Unfortunately, far too many entrepreneurs are not well-versed on the tricks and tools available to them and end up paying far more than they need to.
Though all of these strategies can be helpful, they may not all be appropriate for your situation. Keep them in mind as you go into the end of the year and be prepared to ask questions to determine which apply to you when you speak with our office. Contact us to discuss tax planning for your business today. Here are a few of our favorites.

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Posted in For Business | Tagged Tax Planning, Tips for Small Business

2020 Tax Deduction Finder & Problem Solver

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 23, 2020 by Lake Wylie Tax Services StaffNovember 23, 2020

Preparing your records for filing 2020 Taxes

To get ready for your tax appointment, we use tax organizers to help us identify missing tax deductions and get you more organized before your appointment. We update the tax organizer annually to make sure you are compliant with the latest tax law changes.

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Posted in Clover Tax Preparation, Gastonia Tax Preparation, Lake Wylie Tax Preparation, Steele Creek Tax Preparation, York SC Tax Preparation | Tagged Tax Central

New Business? Tax Issues to Consider

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 18, 2020 by Lake Wylie Tax Services StaffNovember 18, 2020

Tax Implications of Starting a New BusinessIn spite of COVID-19 restrictions many entrepreneurs are considering possible new or additional business opportunities. So, if you are planning a new business start-up and are incurring some expenses, you probably anticipate deducting those expenses in the first year of the business’s operation. Unfortunately, it is a little more complicated than that. Expenses a business incurs in the beginning can include equipment purchases, vehicle purchases and use, leasehold improvements, organizational costs and start-up expenses, and each receives a different tax treatment.

Even before you begin incurring expenses for equipment, leases and the like, you must decide what type of business entity you are going to establish. The type of business entity you choose will determine which tax form has to be filed. The most common types of business entities are the sole proprietorship, partnership, corporation, and S corporation, some of which may also be structured as a limited liability company. The choice of entity will affect the tax outcome of your business for years to come.

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Posted in For Business, Small Business | Tagged Growing Your Business, Tax Planning

Beware of New Text Scam Related to Stimulus Payments

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 10, 2020 by Lake Wylie Tax Services StaffNovember 10, 2020

New Text Scam Related to Stimulus PaymentsThe IRS has warned taxpayers of a clever scheme by internet scammers to dupe tax-payers into revealing their bank account information under the guise of receiving the $1,200 Economic Impact Payment (EIP) that Congress authorized last Spring.

Criminals are relentlessly using COVID-19 and Economic Impact Payments as cover to try to trick taxpayers out of their money or identities. This new scam is a twist on those the IRS has been seeing much of this year, and the IRS urges people to remain alert to these types of scams.

The current scam is a text message that reads: “You have received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is required to accept this payment into your account. Continue here to accept this payment …” The text includes a link to a fake phishing web address.

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Posted in Tax Central | Tagged Tax Planning

IRS Releases Inflation Adjustments for 2021

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 3, 2020 by Lake Wylie Tax Services StaffNovember 3, 2020

Tax Adjustments for Inflation 2021To cope with inflation, the tax code requires the IRS to adjust the tax rates, standard deductions, and a variety of other tax related numbers each year. Due to the relatively low rate of inflation from 2020 to 2021 (at least according to the calculation method prescribed by law for this purpose), several categories had no or only a slight change. The following is a summary of the most commonly encountered items for 2021.

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Posted in Tax Central | Tagged Tax Planning, Tax Rates for Filing 2020 Taxes

Don’t Miss Out on Year-End Tax-Planning Opportunities

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on October 26, 2020 by Lake Wylie Tax Services StaffOctober 26, 2020

Tax Planning Opportunities for 2020To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. In response to the economic slowdown and losses of income, Congress passed several extensive laws to benefit individuals and businesses that suffered financial hardship because of COVID-19. However, 2020 has given rise to more than the usual tax-planning opportunities. Thus, you may find it appropriate to schedule a tax-planning appointment well before the close of the year to take advantage of the tax benefits and strategies available for 2020. Although everyone’s situation is unique, the following are examples of tax opportunities and strategies that may apply to your circumstances.

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Posted in For Business, Tax Central | Tagged Covid-19, Tax Planning

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