News and Announcements

The side effects of COVID-19 go far beyond the physical health of those exposed. The economic impact is widespread and far-reaching, and the government has been constantly struggling to find ways to relieve some of the economic downturn brought on by this pandemic. The most recent of these efforts is the Coronavirus Aid, Relief, and Economic Security, or CARES Act. It’s the largest economic stimulus legislation since the New Deal that was passed in the 1930s, and includes $2 trillion of federal funding. Here are some of the major highlights of this act that may be impacting you.

At the end of 2019, the federal government signed the Setting Every Community Up for Retirement Enhancement, or SECURE, Act into law. At the beginning of this year, the SECURE Act officially went into effect, and it changes many things about the way Americans plan and prepare for retirement. If you’re not yet familiar with the SECURE Act, it’s important to understand how the changes it implements will impact your retirement plans—particularly if you’re close to retirement age. If you have any questions regarding your retirement planning, please feel free to reach out to us. In the meantime, this article should give you an overview of the biggest changes the SECURE Act has introduced.

From selling handmade goods online to freelance consulting or running your own registered business, there are many ways in which a person can be self-employed. In fact, having a “side hustle,” as it’s often called, is quite common these days, which makes it that much more important for taxpayers to understand how their self-employed income is taxed. This article will give you a brief introduction to self-employment taxes, what they are, why you pay them, and how you pay them. If you need assistance filing your tax return, contact our accounting firm today.

Many people who have never utilized a professional tax preparer or CPA seem to think that you absolutely must find a local tax professional to work with them. And while there are many benefits to having your tax preparer be someone you can meet with face to face, Demian & Company provides the same personalized, expert tax and accounting services to businesses and individuals to customers across the country as we do to those who live in our own backyard. Keep reading to learn more about our service areas and how we can provide this level of service no matter where you are.

If you haven’t yet heard, the IRS is now performing in-person visits with certain individuals. This new tactic, announced by the IRS in an information release, has many people wondering if they should expect a revenue officer to come knocking at their door. The good news is that this new tactic is focused primarily on high-income individuals with unfiled returns prior to 2018, so the scope is rather narrow. If you fall into this window, however, here’s what you need to know.

On March 17, the IRS announced that it would be deferring tax debt payments for all Americans by 90 days due to the COVID-19 pandemic. This announcement comes in the wake of new government guidelines recommending the shutdown of many businesses, the closure of schools, and extreme social isolation for all citizens. The hope is that this deferral will not only offer some much-needed financial relief to impacted Americans, but that it will also assist in flattening the curve and slowing the spread of the virus. Here’s what you need to know about this deferral, its limitations, and its impact.

Starting a new business is a thrilling venture, especially if it’s your first business. You may be so excited about the prospect that you’re ready to dive in and start marketing your company. But there are so many other things that go into establishing a business than the products or services you provide and marketing them to potential customers. There are a lot of things that go on behind the scenes of a business, and those little details will take up a big portion of your time as a business owner. One of those behind-the-scenes details you’ll need to focus on is your company’s taxes. If you’re new to business ownership, here are some tax-related tips that you should keep in mind.

It happens to taxpayers every year: They file their taxes with a certain expectation about how much they will owe or how much they will get back in a refund. Instead, they get hit with an unexpectedly large tax bill. If this has happened to you this year, you may be wondering what your options are if you can’t afford to pay off your taxes before the tax deadline. Keep reading to learn about five different options that may be available to you.

If you tend to wait until the last minute to file your tax return despite having all the necessary documents well ahead of time, you may want to rethink your approach. Filing your taxes early has several benefits that you’re missing out on. So, ditch that habit of procrastination and get your taxes in early this year if you want to reap the benefits outlined below. And if you need a hand getting your taxes in ahead of schedule, reach out to us to work with an experienced CPA who can get your taxes filed quickly and professionally.

The holidays are over, and that means a new season is quickly approaching—tax season. As we approach the middle of January, most taxpayers are beginning to receive their first few necessary tax forms. Instead of stacking those forms on your desk or stashing them in an envelope for later, why not take a more organized approach this year? This blog will give you a few tips on getting organized for the coming tax season, so when it’s time to meet with your CPA, you’ll have every form, receipt, and bit of financial data ready

While fitness goals remain the most popular type of New Year’s resolution every year, financial resolutions are always a close second. If you’re hoping to improve your financial situation in 2020, you may want to consider setting some New Year’s resolutions to help you along the way. Here are 5 financially focused resolutions to get you started.

While your mind may be filled with thoughts of the holiday season right now, December is also the ideal time to start thinking about your taxes for this year. Why should you start thinking about them now instead of waiting until after New Year’s? Well, there are a few things you can still do to reduce your 2019 tax liability, which can help you to save significantly when you file—but you have to do them before the ball drops on December 31st! Here are a few last-minute things you should start working on if you hope to reduce your tax liability.

The holiday season is the most common time of year for individuals to give to charities. In fact, according to statistics from nonprofitssource.com, roughly 30% of all charitable giving during the year is done in the month of December. If you’re one of the many individuals who chooses to donate to charities this holiday season, here are a few things that you should know.

Whether you’re a new business owner or you’re just trying to get ahead of the curve this time around, now is a great time to start preparing to file your tax return. Why should you start before the tax year even ends? Well, there are a few things you can do before New Year’s that may improve your business’s tax situation. Here are a few things every business owner should do before the year ends.

Regardless of where your income comes from, you know that you have to pay taxes on it. If you’re an owner or partner in a business, you are expected to pay taxes on your portion of the business’s profits (whether it’s the entirety of a sole proprietorship’s profits, or a percentage of a partnership’s profits). But what happens when that business operates at a loss? Can you report that loss on your taxes? And if so, how does that impact your tax return? Keep reading to learn more about claiming a business loss on your taxes.

When President Trump unveiled his major tax reform bill, it included the goal of eliminating the estate tax completely by 2024. Until then, the estate tax actually only impacts a handful of Americans—fewer than 1% of the population—because only individuals with an estate valued at $5.5 million or higher will have their estates taxed when they die. If your estate is worth less than this, you don’t have to worry about your heirs losing any portion of their inheritance to the estate tax. However, if your estate is valuable enough to make it taxable, here are some tips to either reduce or entirely avoid the estate tax.

If you got an extension on your tax return, your new deadline of October 15th is approaching quickly. Though you should have made a payment when filing for an extension (the extension only extends your tax filing date, not your payment due date), you may have since realized you owe even more than you planned for. In these cases, you may be tempted to simply not file in order to avoid that tax bill. Don’t do this! Instead, here are some options that may allow you to get a settlement from the IRS before the extension deadline.

When you’re caught in a natural disaster, it can have long-lasting impacts on virtually every aspect of your life—and that includes your taxes. But since most natural disaster victims are focused on filing insurance claims, preserving or restoring damaged property, and otherwise coping with the impacts of the disaster, they don’t usually have much time to spare to think about their taxes. Thankfully, the IRS recognizes this, and so they offer a few different relief options to help victims of natural disasters. Here’s what you need to know about claiming this type of relief.

Alimony and other forms of support payments have been taxed in the exact same way for decades. But as of January 1, 2019, the old rules are being turned on their head. These changes are one of the last ones introduced by the Tax Cuts and Jobs Act to be implemented. (Most of the other changes to tax law were put into effect in 2018.) So, whether you’re already divorced, contemplating divorce, or are divorced and considering renegotiating your divorce agreement, there are a few things you ought to know. Here’s a quick look at how your alimony and support payments will be treated when you file your 2019 tax returns.

If you filed an extension for your business return back in March, your new deadline is now less than a month away. It’s important that you are prepared for this deadline, as you cannot receive any further extension on filing your business’s tax return. Here’s what you need to know about the extension deadline, and how you can prepare for it.

We get it—filing taxes is no picnic. However, our primary goal is to help make the tax-filing process simpler, easier, and less stressful for you, and perhaps get you a better outcome on your tax return while we’re at it. Obviously, working with our experienced and knowledgeable CPAs will naturally make this process less of a burden for you. But we also utilize every piece of technology we have at our disposal to simplify the process for you even further. Here are just 4 pieces of technology we use in our offices to make filing your taxes easier than ever.