What Are Your Options for Paying a Large Tax Bill?

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.

Feb 24, 2020
5 Benefits of Filing Your Tax Return Early

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.

Feb 03, 2020
4 Tips to Get You Organized for the Coming Tax Season

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

Jan 20, 2020
5 New Year's Resolutions to Give You a Better Financial Start in 2020

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.

Jan 06, 2020
Last-Minute Things You Can Do to Reduce Your Tax Liability for 2019

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.

Dec 16, 2019
Important Things to Know before Giving to Charities during the Holidays

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.

Dec 02, 2019
4 Tax-Related Tasks Every Business Should Complete before New Year's

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.

Nov 25, 2019
Will You Have to Pay Taxes If Your Business Shows a Loss This Year?

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.

Nov 04, 2019
How to Reduce or Avoid the Estate Tax for Your Heirs

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.

Oct 21, 2019
Can You Get an IRS Settlement before the Extension Deadline?

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.

Oct 04, 2019
Tax Relief for Disaster Areas: Here's What You Need to Know

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.

Sep 23, 2019
How Alimony and Other Support Payments Will Be Treated on Your 2019 Tax Return

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.

Sep 06, 2019
Business Extension Deadlines Are Approaching: What You Need to Know

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.

Aug 19, 2019
4 Ways We Utilize Technology to Make Filing Taxes Easier for You

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.

Aug 05, 2019
Are You Withholding the Right Amount from Your Paycheck?

This tax season, many taxpayers were shocked by the numbers they saw on their tax returns. A lot of people found themselves owing far more in taxes than they anticipated, and scrambled to pay the unexpected tax bill. This unpleasant surprise was largely due to the tax law changes implemented by the TCJA, which reduced the amount being withheld from many people’s paychecks. If you want to avoid a shockingly high tax bill again next year, it may be a good idea to adjust your withholdings now. Here’s what you need to know.

Jul 22, 2019
4 Ways to Avoid Becoming the Victim of a Tax Scam

Tax scams are far more common than you might think, and hundreds—if not thousands—of taxpayers deal with this nightmare each year. Of course, tax season is when these scammers and thieves are going to be most active, but now is the perfect time to start thinking about your information security, and taking steps to protect yourself from any scams, and reduce your odds of being a tax fraud victim in the coming tax season. Here are 4 things you can do to avoid falling victim to a tax scam or tax fraud.

Jul 08, 2019
Benefits of Having Your Tax Return Reviewed by a Professional

Your return has likely been filed for a couple of months now, and you haven’t seen any reason to give it a second thought. But a second look at a previously filed tax return can actually offer you many benefits that you might not know about. Here are just a few reasons that you should consider having your tax return reviewed by one of our experienced and knowledgeable CPAs—whether you completed your tax return yourself, or had it done by a different tax preparer.

Jun 17, 2019
A Quick Guide to Selecting a Corporate Structure for Your Business

Today’s business world is full of more entrepreneurs than ever before. And if you’re looking to start your own business, it can be easy to let your excitement run away with you, and dive straight in without considering all of the little details that come with setting up your own company. One of the details that many new business owners overlook is selecting the right business structure. Here’s what you need to know about selecting the corporate structure for your company.

Jun 03, 2019
How to Start Preparing Now to File Your 2019 Tax Return

You only recently got done filing your 2018 tax return a month or two ago. Odds are, your 2019 tax return is far from your mind. But it shouldn’t be. In fact, proper planning and preparation can give you a better outcome on your 2019 tax return, potentially reducing your tax liability if handled properly. Here are a few things you can start doing right now to prepare for filing this year’s tax return.

May 20, 2019
4 Business Benefits of Hiring a Third-Party Bookkeeping Service

Many business owners believe that maintaining the books for their own business is the most cost-effective and logical option when it comes to business bookkeeping. After all, if you believe you can handle it reasonably well, why hire someone else to do it? However, though you may have the financial skills and basic knowhow to maintain your company’s books, there are several distinct advantages to hiring a professional, third-party bookkeeping service to take care of your business’s books for you. Here are just 4 of them that you should consider if you’re making the decision regarding how to maintain your company’s books.

May 06, 2019
How to Get Your Tax Return Done Remotely by a Professional

When it comes to filing your taxes, it seems that you generally have two options: meet with a professional to have them done, or file electronically on your own. Each of these options has some obvious pros and cons. But here at Demian & Company CPA, we offer a third option that we feel offers the best of both worlds. Here’s a little bit more about our remote tax filing services, and how you can have your taxes completed by a professional without ever stepping foot in a CPA office.

Apr 19, 2019