How Do You Know If Your Donations to a Charity Will Be Tax Deductible?
For those who want to ensure their donations are tax-deductible, it’s essential to understand the IRS guidelines. Not all donations will qualify, so keep reading to learn how you can confirm that your holiday contributions can be deducted on your taxes.
Why Tax Planning Should Be a Part of Your Retirement Planning
Tax considerations can significantly impact your retirement income and long-term financial security. Incorporating tax strategies into your retirement planning helps ensure that you not only accumulate sufficient funds but also maximize the amount available when you need it most. Keep reading to learn why tax planning should be a central component of your retirement planning and how effective tax strategies can help secure your financial future.
The Business Extension Deadline Is Coming: Here Are Some Tips for Filing on Time
As the business tax extension deadline approaches, many business owners find themselves scrambling to gather the necessary documentation, complete forms, and ensure everything is in order before they file. Keep reading for a few to help you file your business taxes on time.
How to Bunch Your Deductions to Reduce Your Tax Liability
Bunching your tax deductions can lead to significant tax savings over the years. Keep reading to learn what it means to “bunch” your deductions, how it works, and how you can implement it to your advantage.
What You Should Know about Quarterly Estimated Tax Payments
Here is an in-depth look at what quarterly estimated tax payments are, who needs to make them, how to calculate them, and the consequences of failing to comply.
How to Properly Deduct Your Business Travel Expenses This Summer
Learn how to track, document, and claim your business travel expenses, ensuring you maximize your deductions while staying compliant with IRS regulations.
Types of Home Renovations You May Be Able to Deduct on Your Taxes
As a homeowner, you may be eligible to deduct certain home renovation expenses on your taxes. In this comprehensive guide, we'll explore the various types of home renovations that may be deductible on your taxes.
Understanding Your Options as the Tax Deadline Approaches
As the tax deadline looms, individuals and businesses face critical decisions regarding their tax filings. In this comprehensive guide, we'll delve into the various options, and provide an in-depth analysis of each option's advantages and disadvantages.
Understanding Tax Deductions for Medical Expenses: What Taxpayers Must Know
Among the myriad of deductions available, medical expenses can be a significant area where taxpayers may find relief. However, navigating the complex landscape of tax laws pertaining to medical expense deductions requires a thorough understanding of qualifications, limitations, and other pertinent details that most taxpayers may not be aware of. Keep reading to learn what you should know about medical expense deductions.
What New Business Owners Should Know about Filing Your First Tax Return
Filing your first tax return as a business owner can be daunting, but Peacock & French CPAs can help. This blog will provide you with some important insights to guide you towards filing your first business tax return successfully.
An Overview of Tax Law Changes in 2024
Staying abreast of tax law changes is crucial for individuals and businesses alike. Here’s an in-depth overview of the forthcoming tax law changes for 2024.
Tips for Claiming a Tax Deduction on Your Charitable Donations during the Holidays
When you give during the holidays, you can help those in need and also enjoy the benefit of tax deductions. However, navigating the complex landscape of tax deductions can be tricky, and it's essential to make sure you're following the rules and maximizing your tax benefits. Keep reading to get valuable tips on how to claim a tax deduction on your charitable donations during the holidays.
How Tax Planning Now Can Help You in the Upcoming Tax Season
As the end of the year approaches, it's a crucial time to start planning for the upcoming tax season. Proper tax planning can save you money, reduce your stress, and ensure you're in compliance with tax laws. Keep reading to learn the importance of tax planning and how it can benefit you in the upcoming tax season.
Tips for Improving the Security of Your Tax Documents
Your tax documents contain a treasure trove of personal and financial data that identity thieves and cybercriminals are eager to exploit. THere are a few valuable tips for improving the security of your tax documents and protecting yourself from potential threats.
Why Retirees Should Hire a CPA for Tax Preparation
A CPA's knowledge, experience, and strategic insights can ensure that you make the most of your retirement while efficiently managing your tax obligations. Here's how a CPA can help you during your retirement years.
How an Accountant Can Help You Make Important Business Decisions
In today's fast-paced business world, making informed decisions is crucial to the success and growth of any company. This is where a skilled accountant plays a pivotal role. A proficient accountant can be a valuable asset, providing vital guidance to help you make informed and strategic decisions that can steer your business towards greater heights.
IRS Warns of Rise in Employee Retention Scams for Businesses: What You Should Know
Recently, the IRS issued an important alert aimed at businesses and tax-exempt organizations, warning them about the potential risks associated with misleading employee retention scams. This blog post aims to highlight the key points from the IRS press release and provide simple steps to avoid improperly filing claims.
Selling Your Small Business? Here's How It Can Impact Your Taxes
Selling a small business is a significant decision that often involves complex financial considerations. While the process can be exciting, it's important to be mindful of the tax implications that come with it. Keep reading to get some professional guidance on navigating the tax implications of selling your small business.
How Is Your Retirement Income Taxed?
Did you know that your retirement income may be taxed? Keep reading to learn more about how retirement income is taxed, and which factors may impact the amount you pay in taxes during your retirement.
Two Weeks to the Tax Deadline: What to Do If You're Not Ready
The deadline to file your 2022 tax return is two weeks away. Keep reading to learn what to do if you won’t be prepared to file before the tax deadline.
What You Need to Know about the IRS's Proposed Tip-Reporting Program
The IRS released a notice early last month that introduced SITCA, a new tip-reporting program for businesses within the service industry. Keep reading to learn more about this proposed change and what it might mean for business owners.
How Much Can You Deduct for Business Mileage in 2023?
If you do any significant amount of driving for business purposes, you can deduct the miles you’ve driven or the expenses associated with that travel as a business expense on your tax return. Keep reading to find out more about the standard mileage deduction amounts for 2023.
Do You Have a Schedule K-1? Here's How to Report It
If you’ve never had a Schedule K-1 before, you might be wondering exactly what it’s for and how you’re supposed to report the numbers included on it on your tax return. Keep reading to learn more about K-1s and how to handle them properly.
Top Reasons to Meet with a Tax Planner before New Year's
While you might be tempted to put off thinking about your taxes until the New Year, meeting with a tax planner before then can be extremely beneficial. Keep reading to learn why you should meet with a tax planner before the year is over.
Will Your Holiday Donations Be Tax Deductible? Here's How to Tell
How do you know if your donation will be tax deductible? Keep reading to learn a few things you should be aware of that will help you to know whether or not your holiday donations will be tax deductible.
Extension Deadline Reminder: How to Get Your Return Filed before October 17th
If you requested an extension on your tax return in April, your taxes are now do in about two weeks, on October 17th. If you still haven’t prepared your tax return, here are a few tips to help you get it filed before the deadline passes.
Why Business Owners Shouldn't Attempt to File Their Own Taxes
For business owners, cutting costs is always a concern. However, foregoing professional help on your business tax return isn’t one of the expenses that you should cut. Keep reading to learn why business owners shouldn’t attempt to file their own taxes.
Should Your Business Be Making Quarterly Tax Payments?
Business owners 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. How do you know if your business should be making quarterly tax payments, and how do you calculate and make those payments?
Filing Taxes for a Deceased Loved One? Here's What You Should Know
The death of a loved one leaves the surviving family members with an incredible burden of grief to work through. Unfortunately, it can also leave them with a burden of responsibility in sorting out the deceased’s final estate and dealing with additional paperwork in settling their affairs. In addition to handling issues related to the person’s will and their estate, someone must also deal with filing the final tax return for them. While filing that final tax return can feel like a small issue, it’s not something that can be overlooked. Keep reading to learn what you need to know about filing the final tax return for a deceased family member.
How Changes to Digital Payments May Impact Your Taxes This Year
In January, a new tax law went into effect for digital payment platforms like PayPal, Venmo, and Zelle. Why should this matter to you? If you’re a small business owner who accepts payments via these platforms, your transactions are much more likely to be reported to the IRS than they were previously. It’s important to be aware of these changes to ensure that you’re using proper accounting methods and reporting these sources of income correctly to avoid complications on this year’s tax return. Here’s what you need to know.
Important Things to Know about Applying for an Extension
If the tax deadline passed you by and you never got your return filed, then the best thing to do is take action now and file an extension. Here are a few important things you should know about requesting a tax extension.
1 Week to the Tax Deadline: Here’s How to Avoid Late Fees
The tax deadline is now exactly 2 weeks away. If the deadline took you by surprise this year, you’re not alone. If you’re scrambling to get your taxes filed before the deadline, here are a few tips that might help you avoid unpleasant late fees.
Should You Expect Your Tax Refund to Be Delayed Again This Year?
Staff shortages, issuing advanced child tax credit payments and stimulus checks, and delayed tax deadlines have taken a toll on the IRS’s ability to process returns in a timely manner. With those delays in mind, should you expect your tax refund to be delayed this year too? Keep reading to find out.
Popular Tax Scams for 2022—And How to Protect Yourself
Tax scammers are constantly evolving in the way that they work. Find out what you need to know about the most common tax scams for 2022 and how to protect yourself by reading the article below.
3 Deductions and Credits to Double Check before Filing Your Return
The New Year marks the official start of the 2022 tax season, so it’s time to start thinking about your 2021 tax return. As those tax forms start rolling in, you might be tempted to jump on filing your return right away. Don’t get us wrong, filing early is a good call, but it’s important not to get ahead of yourself; here are three important things to double check before you file.
What Happens When Your Tax Return Is Stolen?
If you think filing your taxes is difficult, dealing with the fallout of tax theft is much, much worse. If you’ve been told someone filed a false return in your name, here’s what will likely happen as you try to clean up the ensuing mess.
5 Ways to Start Preparing for Tax Season Right Now
Getting a head start on your tax prep can make filing your return in the spring faster, easier, and a lot less stressful. Here are 5 things you can do right now to start preparing for the 2022 tax season.
Major Tax Deductions and Credits You Could Be Missing
Tax deductions and credits are the best way for taxpayers to reduce their tax liability each year. But many individuals miss out on these big tax breaks. Learn about the most commonly missed tax deductions and credits, and see if you could be keeping more of your money.
How Bunching Tax Deductions Can Save You Money
The Tax Cuts and Jobs Act introduced by President Trump in 2017 changed many things in tax law. One major change that had a widespread impact was nearly doubling the standard deduction for tax filers. Learn how to reduce your tax liability and take full advantage of this increase by bunching your tax deductions.
Tax Implications of Different Types of Retirement Accounts
There are several types of retirement accounts out there, and each of them has their own tax implications and benefits. Proper tax planning is key to getting the most out of your retirement accounts. Learn more about the tax implications of the three main types of retirement accounts in this article.
Will Your Social Security Income Be Taxed?
Contrary to what many people believe, Social Security income may actually be subject to federal taxes. But just how much of your SSI is taxable, and at what rate? Keep reading to find out more.
Business Meals Can Now Be 100% Deductible
If you have meal expenses as a part of doing business, we have good news: Those lunch meetings may now be 100% deductible on your company's tax returns for the next couple of years.
IP PINs: What they Are, How They Protect You, and How to Get One
Every tax season, hundreds of taxpayers become prey to tax scams. One of the most common scams out there is for a thief to file a false return using your name and Social Security number. How can you avoid becoming a victim of this scam? IP PINs may be the answer.
Important Things to Understand Regarding Estate and Gift Taxes
When planning for your estate, many people are concerned about how much their beneficiaries will lose to taxes when they pass away. This article will give you a look at the current estate tax limits and gift tax laws.
Important Tax Law Changes for Your 2020 Tax Return
Don’t rush through your usual tax filing process without first becoming familiar with some important tax law changes that apply to your 2020 return. Keep reading to learn more about which changes might affect you.
How Do I Report My COVID Stimulus Income on My Taxes?
How will your stimulus check or PPP loan impact your tax return? Keep reading to find out.
Do You Have to Take an RMD from Your IRA in 2020?
The COVID-19 pandemic and the subsequent Coronavirus Aid, Relief, and Economic Security (CARES) Act have impacted the taxes, income, and retirement plans of American citizens in countless ways. Many individuals have seen a dramatic drop in the value of their investments, including their IRAs and other retirement accounts. In response to this, the CARES Act included a provision that allows retirees to skip their required minimum distribution (RMD) for 2020. Keep reading to learn more about this waiver and how it applies to you.
Can You Extend Your Return Beyond the COVID Relief Extension?
When the COVID-19 pandemic struck the United States at the beginning of the tax season, the federal government quickly pushed the tax deadline to July 15th. But if you're not ready to file yet, can you get another extension on your return?
Loveland BBQ 2018
Every year (for the last 10 years) Frank has provided the meat and does the actual smoking/BBQ for the Loveland Center’s annual fundraiser. Not only was this the 10th year, they broke records for the amount raised.
Section 199A Deduction - Executive Summary of Proposed Deduction
Every person’s tax situation is unique. If you would like to understand how the new tax laws impact you, give us a call and set up on appointment to meet with one of our CPA’s. We are happy to discuss your unique situation and help you get the most benefit from the new rules.