MINSILI CPA LLC

#DepreciationExpense : #what is it ? #How do you #calculate it? #When do you #account for #it? #Book an #appointment for #more #information ! #Tax #taxrefund #taxreturn #TaxProfessional #Efilinf #start #February12th

#efiling starts February #12th ! #Bookanappoinment ! #Taxreturn #TaxProfessional #Best #decision you could make this year for #yourself and your #business !

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Yohan Bita Minsili

#workingfromhome ? #Job or #smallbusiness related? Would you know how to #calculate the #homeoffice tax deductions? Do you qualify for the #homeoffice #tax #deductions? Here are the two basic requirements : 1. The taxpayer needs to use a portion of the home exclusively for conducting business on a regular basis. 2. The home must be the taxpayer’s principal place of business. Read additional details below, and please feel to contact me with questions. ... https://www.irs.gov/taxtopics/tc509

#Six #steps to #create a #business. Feel free to contact me with questions.

#Congratulations to any newly #married #couple out there!! #2020 is a unique year to accomplish this #LifeChanging event! Here is a checklist of #tax and #taxplanning items for newly married couples to review. https://go.usa.gov/xGKeM

Unemployment Compensation: Be a great friend, share this with friends and family: by law, unemployment compensation are taxable and must be reported on a federal income tax return for the tax year it was received. Taxable benefits include any of the special unemployment compensation authorized under the Coronavirus Aid, Relief, and Economic Security Act. Make sure they are not surprised come tax return filing time. ... https://go.usa.gov/xGTnp

A certified professional employer organization. Typically, CPEOs are solely liable for paying the customer's employment taxes, filing returns, and making deposits and payments for the taxes reported related to wages and other compensation. Reporting agent. This is a payroll service provider that informs the IRS of its relationship with a client using Form 8655, Reporting Agent Authorization, which is signed by the client. Reporting agents must deposit a client's taxes using the Electronic Federal Tax Payment System and can exchange information with the IRS on behalf of a client, such as to resolve an issue. They are also required to provide clients a written statement reminding the employer that it, not the reporting agent, is ultimately responsible for the timely filing of returns and payment of taxes. . https://go.usa.gov/xGYz6

Employees who will receive the new payroll tax holiday, do clearly understand this is not a payroll tax forgiveness, it is a deferral. You will receive bigger paychecks until the end of year, but then expect to receive smaller paychecks starting 2021. Your employers are expected to collect all the payroll taxes deferred by April 30, 2021.

Periodic Checkup: Taxpayer Paycheck Checkup helps avoid tax surprises Using the IRS Tax Withholding Estimator to do a Paycheck Checkup can help your clients have the right amount of tax withheld and avoid surprises when filing next year. Because income taxes are pay-as-you-go, taxpayers are required by law to pay most of their tax as income is received. The Tax Withholding Estimator is a tool on IRS.gov designed to help taxpayers determine how to have the right amount of tax ...withheld from their paychecks. It offers workers, retirees, self-employed individuals and other taxpayers a clear, step-by-step method to help determine if there is a need to adjust their withholding and submit a new Form W-4 to their employer. The latest update of the Tax Withholding Estimator provides detailed explanations to withholding recommendations on the Results Page. Here is the link to the tool: https://www.irs.gov/individuals/tax-withholding-estimator

Notice: Paycheck Protection Program has reopened The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to President signing the program's extension legislation. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020. Read more at: https://www.sba.gov//coronavi/paycheck-protection-program

Beware!! Fraud and Scams Alert! Grants SBA does not initiate contact on either 7a or Disaster loans or grants. If you are proactively contacted by someone claiming to be from the SBA, suspect fraud.... Loans If you are contacted by someone promising to get approval of an SBA loan, but requires any payment up front or offers a high interest bridge loan in the interim, suspect fraud. SBA limits the fees a broker can charge a borrower to 3% for loans $50,000 or less and 2% for loans $50,000 to $1,000,000 with an additional % on amounts over $1,000,000. Any attempt to charge more than these fees is inappropriate. If you have a question about getting a SBA disaster loan, call 800-659-2955 or send an email to [email protected]. If you have questions about other SBA lending products, call SBA’s Answer Desk at 800-827-5722 or send an email to [email protected]. Phishing If you are in the process of applying for an SBA loan and receive email correspondence asking for PII, ensure that the referenced application number is consistent with the actual application number. Look out for phishing attacks/scams utilizing the SBA logo. These may be attempts to obtain your personally identifiable information (PII),to obtain personal banking access, or to install ransomware/malware on your computer. Read more at: https://www.sba.gov//report--sba-programs-scams-fraud-aler

Freelancer? Independent contractor? You’re eligible for this $1,000 grant from the government One of the small-business loan relief programs included in the historic stimulus package Congress passed in March contains a provision that many gig workers and freelancers might have overlooked. They’re eligible for a $1,000 grant that doesn’t need to be repaid.... Here’s how it works: Amid the coronavirus pandemic, small-business owners who have lost revenue can apply with the Small Business Administration for an Economic Injury Disaster Loan of up to $150,000. If you don’t have employees and are a sole proprietor, freelancer or independent contractor, you still can apply for a $1,000 grant for yourself. You don’t even have to prove that you’ve been personally impacted by the crisis to qualify. Now, there’s another provision of the EIDL program, called the advance, under which small-business owners can collect a $1,000 grant per employee for up to 10 employees, or $10,000. And those funds don’t need to be repaid. Contact me and let's chat. You may qualify to receive $1,000. Read more about this at: https://www.cnbc.com//gig-workers-are-eligible-for-this-10

Should you file your tax returns if you cannot pay the tax amount due? Taxpayers should file their tax return by the deadline even if they cannot pay the full amount due. Otherwise, they may end up owing even more because penalties and interest can cause a taxpayer’s debt to grow. If a taxpayer owes taxes, but can’t pay by the July 15, 2020 deadline, they should: File their tax return or request an extension of time to file.... Taxpayers who can’t file their return on time, should request an extension to file. Without this extension, they may face a failure-to-file penalty. To get an extension to file, taxpayers must do one of the following: - File Form 4868 through their tax professional, tax software or using Free File on IRS.gov. - Submit an electronic payment with Direct Pay, Electronic Federal Tax Payment System or by debit, credit card or digital wallet and select Form 4868 or extension as the payment type. Pay what they can by the deadline. Taxpayers must pay their bill on time. If they don’t, they will could face a failure-to-pay penalty. Taxpayers should remember that an extension of time to file is not an extension of time to pay. An automatic extension of time to file will process when taxpayers pay all or part of their taxes electronically by the Wednesday, July 15 due date. Set up a payment plan. Taxpayers who know they owe taxes but can’t pay by the deadline have options. For example, they can apply for a payment plan on IRS.gov or in writing using Form 9465, Installment Agreement Request. Read more at: https://go.usa.gov/xwSPv

Tax tip on...Tips! Generally, income received from any source, including tips, is taxable. Here’s some information to help taxpayers report tip income. All tips that taxpayers receive are income and subject to federal income tax. Taxpayers must include all tips they receive in their gross income. This includes:... Tips directly from customers. Tips added using credit cards. Tips from a tip-splitting arrangement with other employees. The value of non-cash tips, such as tickets, passes or other items of value is also income and subject to tax. Three things can help taxpayers to correctly report their tip income. Keep a daily tip record. Report tips to their employer. Report all tips on their income tax return. Read more at: https://go.usa.gov/xwSPQ

Basic tips when selecting a tax professional: o Choose a trusted preparer. Taxpayers entrust vital personal data with the person preparing their tax return, including Social Security numbers and information on income and investments. o Review the tax return carefully before signing. Taxpayers are legally responsible for what’s on their tax return, regardless of whether someone else prepared it. If something does not look right, don’t hesitate to ask questions. o Make sure th...e preparer signs the return and includes their Preparer Tax Identification Number (PTIN). o Never sign a blank tax return. Consider it a red flag when a taxpayer is asked to sign a blank tax return. o Ask about service fees. Avoid preparers who base fees on a percentage of their client’s refund or boast bigger refunds than their competition. Read more at : https://www.irs.gov/tax-profess/choosing-a-tax-professional