Thanks for everyone who’s visited this blog and worked with us in 2021. Here are a few updates we wish to share with everyone as it pertains to our business, your business and taxes in general for 2022.
Normally we don’t have an “our business” spot in our yearly update, but we have exciting news we wish to share. We’ve moved to a new location, though we’re still in the area. Our new address is 403 East Taft Road, North Syracuse. If you’re familiar with the area, we’re across the street from the main post office. Lots of parking in the rear, totally dedicated to use; we’re happy about that. We’re still working on the logo on our main page, but our new address has been updated at the bottom of the page.
Continue reading Yearly Tax Update; 2022
It’s tax season again, and hopefully everyone’s ready with the information their accountants or tax preparation people need to represent them properly. There aren’t a lot of changes via lawmakers this year, but there are a couple of new things we feel need to be mentioned.
First, obviously the entire country had to deal with the pandemic. Some people lost their jobs, while others had to work from home. Some restaurants closed (some permanently) while others figured out ways of doing either delivery, pick up or both. Some businesses qualified for and received PPP relief loans. And of course many people qualified for those stimulus checks. Let’s talk about some of these things.
Continue reading Taxes For 2020; Not A Lot Of Change
One of the main themes on this blog is helping to advise people on how to be more fiscally responsible. We talk about budgeting often because we don’t believe anyone can get ahead and feel secure with their financial situation long term without knowing how much money they’re bringing in, how much is going to bills, how much is being put away and how much is left to begin thinking about other things you might want to buy.
Sometimes people wait too long to get financial counseling, and then they discover they’re making less than what their bills are costing them, or barely breaking even. This leaves people with 5 basic choices for getting out of trouble:
Continue reading Should You Get A Part Time Job?
Once again a timely yet not evergreen article as we close out 2019 and the decades of the 2010’s. There aren’t a lot of changes for 2020 but we still have a few things we’d like to get out to the masses.
Let’s start with personal taxes. Standard deduction has increased to $24,400 for joint fining, $12,200 for single, while the personal exemption has been eliminated. Most filers won’t be able to itemize any longer unless you have a qualified business. Child tax credit has doubled to $2000 per child under age 17. There’s also a temporary credit of $500 per dependent in 2019 called the Family Tax Credit.
Continue reading Tax Law Changes 2019
I know a lot of people who say that if the IRS owes them money that they don’t file their taxes. Some of these folks are owed literally hundreds, even thousands of dollars. I can’t comprehend why they wouldn’t want their money, but from an accounting perspective it’s still a bad idea not to file yearly and on time.
One fact is that if you’re sure you don’t owe taxes, you’re exempt from filing by the yearly deadline. The magic word there is “sure”. If you file later in the year or the next year and they calculate that you indeed owed something, you’ll not only earn a penalty but it’ll be calculated monthly for every month you were delinquent. The rate won’t be the same each month either; the balance will compound like a credit card.
Continue reading Not Filing Taxes When You’re Owed Money Is A Bad Idea