Schoelles and AssociatesMay 28, 2021IRS Processing DelaysHaven't received your refund? You're not alone. May 28, 2021 Excerpt courtesy of IRS.gov The IRS is now opening...
Schoelles and AssociatesDec 29, 2020Pam 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 AssociatesDec 29, 2020Last 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 AssociatesDec 14, 2020IRS 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 AssociatesAug 18, 2020IRS: Unemployment compensation is taxable; have tax withheld now and avoid a tax-time surpriseDon’t have a tax-time surprise – Withhold income tax on unemployment compensation. It’s TAXABLE!!
Schoelles and AssociatesFeb 11, 2020IRS 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 AssociatesFeb 4, 2020Final rules determine maximum vehicle valuesThe IRS updated the fleet-average and vehicle cents-per-mile valuation rules described...
Schoelles and AssociatesFeb 3, 2020IRS Restores Capital Gains Tax (To Form 1040) And Other Tax Return Changes For 2020Ready or not, tax return reporting has changed yet again for the 2020 tax season.
Schoelles and AssociatesJan 30, 20202020 IRS Refund Date Chart: When Will You Get Your Income Tax RefundThe IRS officially opened the 2020 income tax season on Monday, January 27, when it started accepting tax returns.
Schoelles and AssociatesMay 21, 20192019 Inflation-adjusted Vehicle Depreciation Limits and Income Inclusions IssuedThe IRS on Tuesday provided the limitations on depreciation deductions for passenger automobiles first placed in service in 2019 and the...
Schoelles and AssociatesMay 21, 2019Can 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 AssociatesMay 21, 2019The 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 AssociatesMay 8, 2019Taking care of business: record-keeping for small businessesCourtesy: IRS ~ Here are some questions and answers to help business owners understand the ins and outs of good record-keeping.
Schoelles and AssociatesMay 2, 2019Optimizing residential real estate deductionsCourtesy of Journal of Accountancy by Janet C. Hagy, CPA
Schoelles and AssociatesJan 16, 2019How to Decrease Your Payroll Taxes with a Common PaymasterIf 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 AssociatesOct 31, 2018That Long List of Deductions Just ShrankDo 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...