Stimulus Update
If you did not receive your stimulus check, there is a process for getting missed payments. Here is how you do it: If you did not receive the 1st or 2nd stimulus payments, the first thing you need to do is create an account on irs.gov. That will show you your tax records including the stimulus […]
The Most Efficient Tax Strategies: Everything You Need to Know for Your IRS Tax Return 2021
The previous federal tax overhaul, which was signed into US law by Trump in 2017, has led to reduced individual income tax brackets – but also eliminated the ability to itemize deductions for a number of taxpayers. Nonetheless, these provisions will expire in 2025 unless there is further legislation to make such cuts permanent. There […]
Small Businesses Feel Brunt of Coronavirus
If you are the owner of a small business you are already well aware of the devastation that the coronavirus has caused, particularly for those with four or fewer employees. You’re not alone. As this outbreak continues U.S. businesses are struggling to survive. The pandemic has resulted in layoffs, closures, and loss of income for […]
Important Reminders Before Filing 2020 Tax Returns
WASHINGTON — Following an unpredictable year with many changes and challenges, the Internal Revenue Service today shared important reminders for taxpayers who are about to file their 2020 federal tax returns. Related Articles The Most Efficient Tax Strategies: Everything You Need to Know for Your IRS Tax Return 2021 Form 1040-EZ vs 1040A vs Form […]
What Medical Professionals Should Know About Accounting
New developments and adaptations of technology and procedures within the medical profession are what drive our CPA firm to adapt our procedures to this dynamic and exciting industry. Our experienced professionals are specialists in accounting for the medical professional. Marcus, Fairall, Bristol is positioned to assist you in your professional practice with medical-based financial accounting […]
What Questions Should I Ask a Business Accountant?
If you’re a business owner, hiring an accountant for expert advice is a good idea for your finances. So before you book an appointment, here are some questions you may want to ask your business accountant. Related Articles What does an Accountant Do? When to Hire a Forensic Accountant? How Small Business Owners Can Manage […]
What Are Federal Tax Liens? A Complete Overview
What is a federal tax lien? When a federal tax bill goes unpaid, the government imposes – a penalty – or lien- against certain property and property rights. In general, a tax lien serves to guarantee the payment of a debt. For IRS purposes, the taxable property includes but is not limited to income taxes, […]
What is the Difference Between Tax Credits and Tax Deductions
Tax Liability Your tax liability is the total amount of tax on your income minus any non-refundable credits such as child tax credits and dependent care credits to name two. Your tax liability can also include additional taxes like self-employment tax, household employment tax, and tax penalties. Tax credits and tax deductions are arguably the best things we have in our tax system. Both will reduce […]
What Does an Accountant Do?
What is an Accountant? While the title: “Accountant” is sometimes used interchangeably to include “CPA”, “Bookkeeper” and “Financial Planner” there are important differences to keep in mind. If you are in the market for accounting services be sure to understand the benefits, limitations, and qualifications of each. Related Articles When to Hire a Forensic Accountant […]
When to Hire a Forensic Accountant
What is a Forensic Accountant? Forensic accountants are certified public accountants who are specialists in unfolding any questionable or suspicious financial issues for businesses, nonprofits, governmental entities, and individuals using an accurate and investigative method of gathering financial data. They are usually asked to assist in searching for any facts that would justify any fraudulent […]