Advanced Bookkeeping and Tax Solutions

05/11/2021

The IRS is sitting on about $1.3 billion in uncollected tax refunds from 2017, and Americans who don't act within the next week will lose it for good.

02/03/2021

Tax Preparation FYI: The economic impact payments you received are not taxable for Federal income tax purposes, but they have to be added to your return to reduce your recovery rebate credit for 2020’s return.

When taking your documents to your tax preparer, you’ll need the amount and date you received these payments.

01/14/2021

I keep hearing the question, "How does the economic stimulus I received impact my tax refund?" This article gives some information on that.

https://www.accountingtoday.com/opinion/what-tax-pros-need-to-know-about-stimulus-payments-heading-into-filing-season

01/01/2021

01/01/2021

I'll come to you so you can stay safe in these unusual times. Virtual appointments available.

12/31/2020

Check out the new website. www.advancedbookkeepingandtax.com

Get started with a free consultation! Virtual appointments available.

10/27/2020

IRS adjusts tax item amounts for 2021 due to inflation...

The Internal Revenue Service issued its annual inflation adjustments Monday for tax year 2021, revising more than 60 tax provisions, including tax rate schedules, standard deduction amounts and more.

10/15/2020

After a pleasant and productive project planning session, many contractors are left wondering what happened to the expected enormous profit and saw little profit or, even worse, a loss at the end of the project.

Here are some of the reasons, which are oftentimes not obvious at first glance, but definitely impact a contractor's bottom line.

1. Inaccurate cost estimates
2. Changing the scope of work
3. Overhead

Let Advanced Bookkeeping and Tax Solutions LLC help you develop a cost accounting process that will make your productivity more profitable.

10/14/2020

Does your business need a Federal income tax deduction? Consider donating some excess inventory to a qualified non-profit.

Businesses can generate tax benefits from unwanted stock.

10/13/2020

This is what I'm here for. Let me help you with your business cash flow.

Providing your clients with tangible actions they can take to improve cash flow may be one of the most important and impactful pieces of advice you can give.

10/12/2020

"While the IRS and states postponed many tax filing and payment deadlines that fell between April 1 and July 15 (see Notice 2020-23 and the AICPA’s state guidance chart), they have not postponed deadlines falling after that period, except in the case of taxpayers affected by certain natural disasters. And the extension period for individual and calendar-year corporate tax returns was not increased, so the due date remains Oct. 15."

Tax practitioners have expressed concerns that they will not be able to meet upcoming Oct. 15 tax filing deadline for a variety of reasons related to the global pandemic.

10/12/2020

Nonfilers have until Nov. 21 to apply for economic impact payment.

The IRS announced that it was extending the deadline from Oct. 15 to Nov. 21 at midnight for certain individuals to enter their information on the Non-Filers: Enter Payment Info Here tool on the IRS website to receive the $1,200 stimulus payment due to individual taxpayers.