Why You Should Meet with a CPA before the End of the Year

The holiday season is here, and that means the New Year is just around the corner. While you probably already have a long list of things to do before the ball drops on New Year’s Eve, there’s one other thing you should add to that last: meeting with a CPA. Why is it so important to meet with a CPA before the New Year rolls around? Keep reading to find out.

Dec 01, 2022
How to Tell If Your Donation to Charity Will Be Tax Deductible

As we approach the holiday season, many people will be considering what charitable organizations they’d like to contribute to, and how much they’re going to give. Some people give to the same charities every year, while others may vary which causes they support. Still others may be considering making a significant donation for the very first time. Whichever situation you may be in, it’s important to consider whether or not your donation to any charity will be tax deductible. How can you tell if your donations are tax exempt? Keep reading to learn a few things to check before you donate.

Nov 15, 2022
Things You Can Do before the End of the Year to Save on Taxes

The right time to start thinking about this year’s tax return is at the start of the year. Aside from that, however, the best time to start thinking about it is right now. Disregarding your taxes—and how every financial decision you make impacts those taxes along the way—typically results in you paying far more in taxes than you should. If tax planning hasn’t been a priority for you so far this year, don’t worry; there are still a few things you can do before the end of the year to save on taxes. Keep reading to learn what they are.

Nov 01, 2022
How Working with a CPA Differs from Working with a Tax Preparer

When it’s time to get your taxes done, it’s important to understand the different types of professionals that are qualified to help you, and the qualifications that they hold. Different types of tax professionals can provide you with a different level of service and expertise on your tax return. CPAs in particular are the most highly qualified individuals for handling tax planning and preparation. Keep reading to learn more about how working with a CPA differs from working with a tax preparer on your return.

Oct 15, 2022
The Tax Extension Deadline Is Approaching: Make Sure You Don't Miss It with These Tips

If you were unprepared to file your tax return in April, you likely requested a tax extension. This pushed your new filing deadline out to October 17th (as October 15th falls on a Saturday this year). However, that deadline is now little more than two weeks away, and if you haven’t yet filed, you won’t have the option of extending your due date again. So, it’s extremely important that you not miss this deadline, and the best way to ensure that doesn’t happen is by starting to prepare now. Keep reading to get some tips on how to get yourself—and your tax return—ready before the deadline.

Oct 01, 2022
Reasons You Shouldn't Try to File a Business Tax Return on Your Own

When you’re a business owner, you have to wear many hats. At times you’re a manager, and at other times you’re a customer service representative. Sometimes you handle the marketing, and sometimes you might find yourself troubleshooting your equipment and playing an IT tech. But the one hat a business owner should never try to wear is that of tax advisor. Even if you’ve always prepared your personal tax return in the past, a business tax return is a different matter altogether, and you should never try to file it on your own. Keep reading to find out why.

Sep 15, 2022
What Happens If You Miss the Tax Extension Deadline for Your Business?

If you filed a business tax extension back in March, you received an additional six months to complete and submit your business tax return. While that might sound like plenty of time, your new tax deadline is now just 2 weeks away, on September 15th. If this deadline snuck up on you, you’re not alone. However, it’s incredibly important that you not allow the deadline to pass you by without filing your tax return. Missing the business tax deadline can have some consequences for your company and cost you thousands in additional fees and penalties. Keep reading to learn more about the types of penalties your company could face.

Sep 01, 2022
What You Should Know about Making Quarterly Tax Payments for Your Business

The majority of income-earners in the United States receive a paycheck on a regular basis that already has taxes taken out for them. However, those who have untaxed income often have to calculate and submit payments to the IRS on a quarterly basis in order to ensure that they’re not charged with underpayment penalties when filing their tax returns. Keep reading to learn what you should know about making quarterly tax payments for your business.

Aug 15, 2022
Can You Still Receive an Employee Retention Credit for 2023?

The Employee Retention Credit (ERC) was implemented in 2020 as part of the CARES Act, and benefited both employers and employees by rewarding businesses with a refundable tax credit for keeping workers on the payroll despite business downturns. Most businesses now have more or less returned to normal operations, and required business closures and restrictions for COVID-19 abatement have been lifted in most areas. This has led many business owners to wonder if they can still claim an ERC on their tax returns in 2022. Keep reading to learn more about the ERC, the time periods it applied to, and how to claim your business’s credit.

Aug 01, 2022
Understanding the "Green Book" and How Potential Tax Law Changes Impact You

Understanding existing tax laws can be difficult enough. However, if you’re hoping to plan and prepare for your taxes in advance, it’s also important to be aware of potential changes to tax laws and how they might impact your tax situation. As tax advisors, we strive to keep proposed changes to tax laws on our radar so that we can appropriately advise clients. These potential changes are outlined in the US Department of the Treasury’s “Green Book,” which includes the current administration’s proposed budget for the coming year. Here’s what you need to know about the Green Book, the proposed tax legislation it includes, and how those changes might impact you.

Jul 15, 2022
What You Should Know about Filing Taxes for a Deceased Loved One

When a family member passes away, their tax returns are probably the furthest thing from your mind. Unfortunately, amid the grieving process, there are many other processes that must get underway and details that must be attended to. We understand that filing your own taxes can be complicated enough; filing for a deceased loved one can be even more difficult, not only in terms of the process itself, but in the emotions that it can bring up as well. Here’s what you should know about filing taxes for a deceased loved one.

Jul 01, 2022
4 Ways We Can Help You After Your Return Is Filed

At Demian & Company CPAs, we’re far more than a tax preparation firm. As a full-service tax professional, the service we offer to our clients goes beyond April 15th, and includes many types of support that can help you to save money on your taxes and relieve some of the burden related to tax returns and tax debt. Keep reading to learn about some of the ways we can help you with your taxes, even after your tax return is filed.

Jun 15, 2022
How Is Out-of-State Income Taxed?

Understanding who you pay your taxes to seems pretty simple: you pay both the federal and your local state government. While this may be true for many people, for those who earn income in multiple states, understanding who you’re supposed to report your income to can get complicated pretty quickly. If you earn income in another state, do you have to pay taxes to that state? Will your state of residence still tax the income? What about products sold online to customers in other states? Keep reading to learn more about how out-of-state income is taxed, and contact us to get expert guidance on handling this complex tax situation.

Jun 01, 2022
5 Ways to Plan for Your 2022 Taxes Now

You might feel like tax season barely wrapped up—and you’d be right. However, now is the best time to start thinking about your 2022 taxes and taking steps to prepare for filing your next return. Planning ahead and preparing well in advance of the year’s end can have numerous benefits for you. But how can you start working towards a better tax situation for your 2022 return? Here are a few things you can do right now.

May 15, 2022
Want to Use the IRS's Online Tools? You Might Need a Selfie

If you use any of the IRS’s online tools—including the Child Tax Credit Update Portal, receiving copies of your tax transcript, and viewing payment agreements with the IRS—the way you access those tools will be changing soon. As of summer 2022, you’ll have to create an account using a third-party identity verification company called ID.me, and that may require submitting a selfie. Here’s what you need to know.

May 01, 2022
Will Your Tax Return Be Delayed This Year?

Last year, more than 30 million taxpayers had their tax returns delayed after filing. Could the same thing happen to you this year? Whether you’ve already filed and are waiting for your return to be processed, or you’re still waiting to file, you might be wondering just how long it’s going to take for your return to be finalized. Due to long-time staff shortages, as well as the added work that came from distributing stimulus checks and advanced child tax credit payments, the IRS is running more behind than usual. Here’s what you need to know about the IRS backlog, and the likelihood of your return being delayed this year.

Apr 15, 2022
Avoid These Mistakes on Your Tax Return to Avoid Refund Delays

If you’re expecting a tax refund, you likely want to see that money as soon as possible. Unfortunately, as tax season is drawing to a close, some delays are probable. However, there are some things you can do to minimize the likelihood of delays—primarily, avoiding common mistakes that will require further review with the IRS. Here are a few mistakes that are likely to occur this year. Double check all calculations and reported amounts in these areas to help you avoid delays with your refund.

Apr 01, 2022
What You Should Know about Tax Law Changes for Your PayPal Income

Many business owners and self-employed individuals expressed concern when a new tax law came into effect at the start of 2022. This new law impacts the way income from PayPal, Venmo, Zelle, and other digital payment platforms is reported to the IRS. This has led to worries about nontaxable income being reported, and other issues that would impact your tax liability. Keep reading to learn what you need to know about these changes.

Mar 15, 2022
2022 Tax Law Changes You Need to Know About

Taxes are one of the few certainties in life, and yet, they can also be quite unpredictable. While you can certainly plan on paying taxes every year, there are usually tax law changes each year as well. Often, these are minor changes that won’t impact the majority of tax payers. But this year, there are some tax changes that you should be aware of. These changes to tax law will likely impact your 2022 tax return, so it’s important to plan for them accordingly.

Mar 01, 2022
Letter 6419: What It Is and Why You Need to Hang onto It

You’re probably quite familiar with the tax documents you receive each year. Depending on your sources of income, you likely know to expect forms like 1099s, W-2s, and others that you receive every year. But this year, you’ll likely be receiving a new, additional document from the IRS for your tax return: Letter 6419. Here’s what you need to know about this form and why it’s important that you hang onto it.

Feb 15, 2022
Most Common Tax Scams for the 2022 Tax Season

Tax season has officially begun, and tax scammers are ramping up their efforts to steal personal identifying information from taxpayers. These individuals use your information to file a fake tax return in your name and claim a refund—and you won’t even know about it until you try to file a return yourself. While tax scams are about as old as taxes themselves, scammers are constantly evolving the ways in which they attempt to steal your data. Here’s what you should know about common tax scams for this year, and what you can do to protect yourself.

Feb 01, 2022