Miller CPA

10/24/2022

Check out our new Blog Post: EV Tax Credit

Summary: The Inflation Reduction Act of 2022 (IRA) is the biggest federal investment to fight climate change in American history. The law provides financial incentives to consumers who invest in solar panels, electric autos, or high-efficiency appliances. The incentives for both new and second-hand....

10/12/2022

Check out our new Blog Post: IRS Budget Increase

Key points: The IRS got $80 billion to beef up and target rich tax evaders The big climate and health care bill passed by the House Friday includes billions in new funding for the IRS over the next decade. As part of the massive climate and health care bill passed by the House on Friday, […]

09/20/2022

Check out our new Blog Post: Massachusetts State Tax Refund

More than three million Massachusetts taxpayers will be getting some money back from the state starting in November.

09/20/2022

Check out our new Blog Post: Federal COVID Tax Relief

To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. Many of these payments will be completed by the end of September. Penalty relief...

09/14/2022

Check out our new Blog Post: The Inflation Reduction Act & #038; How It Effects Alternative Minimum Tax

Despite being larger than the IRA, the proposed Build Back Better legislation from 2021 calls for the restoration of the corporate alternative minimum tax (AMT).

06/23/2022

Check out our new Blog Post: The IRS is Backlogged, and It Keeps Growing

As of May 31st, there were 21.3 million unprocessed paper returns. That is a 1.3 million jump from a year ago. Paper filed returns have exceeded 6 months, with many waiting 10 months or more. On a more positive note, the IRS has implemented a new scanning technology to boost efficiency. They have a....

06/03/2022

Reminder: Q2 estimated payments are due June 15th!

05/13/2022

04/25/2022

Did you miss the tax filing deadline?
This will result in some penalties and fees. The failure to file costs 5% of unpaid taxes per month and late payments incur 0.5%, both capped at 25%.
If you are due a refund, there is no penalty. The quicker you file the quicker you get your refund.
To keep these penalties at the minimum please file as soon as possible!

If you missed the April 18 tax deadline, you may cut back on penalties by filing your return promptly. Here's everything late filers need to know.

04/15/2022

Check out our new Blog Post: Avoid Being Audited By the IRS

Make sure to report all income and avoid high write-offs. Low-income families tend to be audited more often.

03/01/2022

Check out our new Blog Post: Why You Need a Bookkeeper for Your Startup

Though you may be tempted to do it all, there are many reasons hiring a bookkeeper at the start can be far more beneficial. Having someone to keep bills paid on time, doing your taxes, and maintaining cash flow allows you to focus on growing the business.

02/04/2022

Check out our new Blog Post: Your Income Tax Refund Could Be Much Lower Than Expected

The Advanced Child Care payments that some have received throughout the course of the year will result in a much smaller refund. This is because instead of getting a lump sum in your tax return you were given a small portion each month. Check out this article for more information.