If you discover a mistake on your tax return after you’ve already filed, don’t panic. In most cases, all you have to do is file an amended tax return. Here’s what you need to know: Taxpayers should use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended (corrected) tax return. An amended tax…
Compiled and issued annually every year by the IRS, this year it includes many aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. The criminals behind these bogus schemes view everyone as potentially easy prey and everyone should be on guard, especially vulnerable populations such as the elderly. While tax-related scams…
Here’s How to Pay If You Owe Money to the IRS The federal tax deadline is quickly approaching. If you owe money to the IRS – including estimated and other business taxes – here are six options for quick and easy electronic payments: Taxpayers who owe a 2019 income tax liability, as well as estimated…
July 15 Deadline for Reporting Foreign Income If you live or work outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. Due to the coronavirus pandemic, people who live and work abroad have until Wednesday, July…
Small Business Financing: Securing a Loan At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources. Unfortunately, many…
Paying off Debt the Smart Way With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, this is unrealistic for most people – especially those of pre-retirement age. Instead, it’s better to start by focusing on managing debt.…
Perry & Company PC has merged into Wessel & Company. The Cranberry Township-based CPA Firm, Perry & Company PC has joined the well-established, Johnstown-based Wessel & Company effective July 1, 2020. The combined firm will operate as Wessel & Company. Dominic Perry, the Managing Partner of Perry & Company, founded the firm well over a decade ago after…
PPP Flexibility Act of 2020 On June 3, 2020, Congress passed the PPP Flexibility Act of 2020 (“PPP Flexibility Act”) after receiving bipartisan support in both the House and Senate. The intent of the PPP Flexibility Act is to provide small businesses with more time to spend down PPP funds and make it easier for…
Avoid These Common Errors When Filing a Tax Return When filing a tax return, mistakes such as the common errors listed below can result in a processing delay – and increase the amount of time it takes to receive a tax refund. Using a reputable tax preparer such as a certified public accountant, enrolled agent…
Preparing an Effective Business Plan A business plan is a valuable tool whether you’re seeking additional financing for an existing business, starting a new company, or analyzing a new market. Think of it as your blueprint for success. Not only will it clarify your business vision and goals, but it will also force you to…