Stimulus Checks Are Why You Should File Your Taxes Early This Year
Craig S. Hanson, CPA | Full Service Accounting and Tax Firm in Jamestown, ND
by Writer
3y ago
It’s always a good idea to file your tax return as early in the tax season as you can, but it’s especially important this year for one glaring reason: stimulus checks. With all the extra complications in taxes this year due to the COVID-19 pandemic, the IRS gave people some extra time to meet with their tax services in Jamestown, ND and get their tax paperwork together. The agency won’t begin processing tax return paperwork until February 12. Part of the reason for this is the stimulus checks, both past and future. Let’s take a look. File quickly to get the money you’re owed First and foremost ..read more
Visit website
Don’t Miss This Tax Credit Fix!
Craig S. Hanson, CPA | Full Service Accounting and Tax Firm in Jamestown, ND
by Writer
3y ago
The 2021 tax season will have a lot of unique twists, thanks to the COVID-19 pandemic and some of the forms of relief offered throughout the last year. Families that experienced some significant financial turmoil as a result of the pandemic-related recession and lost jobs and income might find they actually owe income tax, even though they made significantly less money than usual. There is a partial solution to this, provided by Congress as part of COVID-19 relief signed into law in December, but it hasn’t been particularly widely publicized. Fortunately, your tax service in Jamestown, ND will ..read more
Visit website
Final COVID-19 Relief Bill of 2020 Provides Tax Support and Expands the PPP: Part 2
Craig S. Hanson, CPA | Full Service Accounting and Tax Firm in Jamestown, ND
by Writer
3y ago
The Consolidated Appropriations Act (CAA) was signed into law on December 27, 2020, and provides ongoing government, individual and small business support during the COVID-19 pandemic. Please visit Part 1 of this series to read more about how the law offers tax relief to business owners, and contact your accountant in Jamestown, ND for more information. Non-COVID-19-related business tax changes Not all of the CAA has to do with the COVID-19 pandemic. Because the CAA is part of a general tax relief effort, there are several business tax changes that have nothing to do with the CARES Act and eme ..read more
Visit website
Final COVID-19 Relief Bill of 2020 Provides Tax Support and Expands the PPP: Part 1
Craig S. Hanson, CPA | Full Service Accounting and Tax Firm in Jamestown, ND
by Writer
3y ago
On December 27, 2020, the Consolidated Appropriations Act (CAA) was signed into law. It’s designed to provide ongoing government, individual and small business support during the COVID-19 pandemic. A large portion of the CAA deals with tax benefits, grants and loans as well as changes to the federal tax law. Tax services in Jamestown, ND can help your business make sense of the new law and determine how it might apply to your situation. PPP loans The Paycheck Protection Program (PPP) has been expanded so eligible businesses can receive second-draw loans (PPP2). They’re available to businesses ..read more
Visit website
Tax Season Is Coming Up Fast—Here’s What You Need to Know Going into It
Craig S. Hanson, CPA | Full Service Accounting and Tax Firm in Jamestown, ND
by Writer
3y ago
Tax season is always upon us before we know it, especially if you’ve been having an otherwise busy year. Instead of waiting until the last possible minute to get your taxes done, it’s a smart idea to get started early and work with the best tax service in Jamestown, ND. This is especially important because a lot of tax rules have changed, thanks to the coronavirus pandemic. Understanding what needs to be done will help you avoid scrambling as time runs out. Here’s everything you need to know about the upcoming tax season. The basics Feeling overwhelmed right off the bat? Here’s the very basic ..read more
Visit website
The Most Common Reasons People Hire a Professional to Handle Their Income Taxes
Craig S. Hanson, CPA | Full Service Accounting and Tax Firm in Jamestown, ND
by Writer
3y ago
Didn’t tax time just end? With 2021 rapidly approaching, we’re all about to get our tax information from our employers once again. If you’re one of the millions of Americans eager to get their tax refund, you’ll probably want to get on the task as soon as possible. Unfortunately, income taxes can be confusing and overwhelming for many people, especially if you work more than one job, have been collecting unemployment or have other unusual or complicated financial situations. That’s why it’s smart to hire a tax professional to handle your income taxes—their expertise ensures they’ll be done rig ..read more
Visit website
What Deductions Can You Claim Without Itemizing?
Craig S. Hanson, CPA | Full Service Accounting and Tax Firm in Jamestown, ND
by Writer
3y ago
After the changes to the tax code that came from 2017’s Tax Cuts and Jobs Act, it no longer makes sense for most Americans to itemize. The changes to the tax law that year doubled the amount of the standard deduction, and now more than three quarters of Americans get back more money through taking that deduction than through itemizing. However, that doesn’t mean you won’t be able to claim any deductions at all if you go with the standard deduction. In working with professional tax preparation services in Jamestown, ND, you will find a variety of other opportunities to reduce your tax liability ..read more
Visit website
How Can I Reduce My Business’s Taxable Income Before the End of the Year?
Craig S. Hanson, CPA | Full Service Accounting and Tax Firm in Jamestown, ND
by Writer
3y ago
There are still some opportunities for you to reduce your business’s taxable income before December 31, so it’s important to carefully analyze your financial situation and determine if you have any of these savings opportunities to take advantage of. Here are just a few steps you can take before the end of the year with the assistance of an accountant in Jamestown, ND to cut down on your potential tax liability: Defer income: You may be able to defer some income to the next year. If you do cash-basis accounting, you can delay sending out invoices or extend due dates from customers until the n ..read more
Visit website
CARES Act Unemployment Benefits and Your Taxes
Craig S. Hanson, CPA | Full Service Accounting and Tax Firm in Jamestown, ND
by Writer
3y ago
If you’ve been receiving unemployment benefits during the COVID-19 pandemic, you might be getting additional benefits under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Pandemic Unemployment Assistance (PUA) has made it possible for people who wouldn’t normally qualify for unemployment (such as independent contractors, self-employed people, some business owners and more) to receive benefits. In addition, the CARES Act provides for an additional $600 weekly “bonus” to those receiving unemployment, as a nod to the economic hardship this has caused. If this is your first time re ..read more
Visit website
How New IRS Rules Benefit Business Owners During COVID-19
Craig S. Hanson, CPA | Full Service Accounting and Tax Firm in Jamestown, ND
by Writer
3y ago
The COVID-19 pandemic has been hard on a lot of people and entities, including businesses both small and large. With strict shelter-in-place rules across the nation, designed to slow the spread of the virus, many businesses have had to shut down or go on hiatus until they can open again. The federal government passed the CARES Act and the Families First Coronavirus Response Act (FFCRA) in March 2020, attempting to help businesses stay open and keep employees paid. They offer a few different options, including the Paycheck Protection Program and the Economic Injury Disaster Loans, as well as ta ..read more
Visit website

Follow Craig S. Hanson, CPA | Full Service Accounting and Tax Firm in Jamestown, ND on FeedSpot

Continue with Google
Continue with Apple
OR