Schoelles and Associates
IRS Processing Delays
Haven't received your refund? You're not alone. May 28, 2021 Excerpt courtesy of IRS.gov The IRS is now opening...
SCHOELLES & ASSOCIATES, INC.
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Schoelles and Associates
- Dec 29, 2020
Pam Talks Planning: Last minute tax savings for individuals.
1) Charitable Deduction - $300 without using Schedule A to itemize 2) Schedule A – close to itemizing – bunch every other year a....
Schoelles and Associates
- Dec 29, 2020
Last minute year-end tax tips for businesses.
*Pay final bills and postmark by 12/31/2020 *Newly purchased business equipment must be placed in service by 12/31/2020 to be deductible...
Schoelles and Associates
- Dec 14, 2020
IRS Releases Form 1040 For 2020 (Spoiler Alert: Still Not A Postcard)
Courtesy of Forbes December 11, 2020 Kelly Phillips Erb The Internal Revenue Service (IRS) has released the...
Schoelles and Associates
- Aug 18, 2020
IRS: Unemployment compensation is taxable; have tax withheld now and avoid a tax-time surprise
Don’t have a tax-time surprise – Withhold income tax on unemployment compensation. It’s TAXABLE!!
Schoelles and Associates
- Feb 11, 2020
IRS proposes update to income tax withholding rules
The Internal Revenue Service and the Treasury have proposed regulations updating the income tax withholding rules to reflect...
Schoelles and Associates
- Feb 4, 2020
Final rules determine maximum vehicle values
The IRS updated the fleet-average and vehicle cents-per-mile valuation rules described...
Schoelles and Associates
- Feb 3, 2020
IRS Restores Capital Gains Tax (To Form 1040) And Other Tax Return Changes For 2020
Ready or not, tax return reporting has changed yet again for the 2020 tax season.
Schoelles and Associates
- Jan 30, 2020
2020 IRS Refund Date Chart: When Will You Get Your Income Tax Refund
The IRS officially opened the 2020 income tax season on Monday, January 27, when it started accepting tax returns.
Schoelles and Associates
- May 21, 2019
2019 Inflation-adjusted Vehicle Depreciation Limits and Income Inclusions Issued
The IRS on Tuesday provided the limitations on depreciation deductions for passenger automobiles first placed in service in 2019 and the...
Schoelles and Associates
- May 21, 2019
Can I Write Off Crowdfunding Contributions?
Reflexively, most of us would say “yes.” Most people use the donor’s intent to distinguish between charitable contributions and...
Schoelles and Associates
- May 21, 2019
The Tax Status of Crowdfunding Receipts: Are They Gifts?
A cancer survivor from Nebraska was sure that her GoFundMe receipts were non-reportable gifts. After all, they were (at least mostly) for...
Schoelles and Associates
- May 8, 2019
Taking care of business: record-keeping for small businesses
Courtesy: IRS ~ Here are some questions and answers to help business owners understand the ins and outs of good record-keeping.
Schoelles and Associates
- May 2, 2019
Optimizing residential real estate deductions
Courtesy of Journal of Accountancy
by Janet C. Hagy, CPA
Schoelles and Associates
- Jan 16, 2019
How to Decrease Your Payroll Taxes with a Common Paymaster
If a company has more than one entity, there is a good chance that they are overpaying payroll taxes for some of their employees...
Schoelles and Associates
- Oct 31, 2018
That Long List of Deductions Just Shrank
Do you live in a state with high income taxes? If your saving grace has been a long list of deductions, the game may be over thanks to...