Pannaman Tax Preparation

Pannaman Tax Preparation Income Tax Preparation and Consulting Attention Police Officers, EMS, Fireman, Teachers, I have 20 years experience preparing your tax returns!

Don't trust just anyone with your tax preparation and personal financial information.

You are technically required to fill out and file a Schedule H for a household employee. If you have a household employe...
01/08/2021

You are technically required to fill out and file a Schedule H for a household employee. If you have a household employee, you need to withhold and pay social security and Medicare taxes if you paid cash wages of $2,100 or more in 2020 to any one household employee. You must file Form W-2 for each household employee to whom you paid $2,100 or more of cash wages in 2020 that are subject to social security and Medicare taxes. If you have household employees, you will need an EIN to file Schedule H. If you don't have an EIN, you may apply for one online by going to IRS.gov/EIN.

There are services you can use that will provide the schedule H to you at the end of the year to make things easier and more affordable, I then use the Schedule H for your individual filing and send everything in at the end of the year, the company handles all the with holding taxes and w-2 forms.

https://www.homeworksolutions.com/

https://www.surepayroll.com/resources/blog/schedule-h-form

https://www.nannychex.com/

If you were born January 2, 1959,through January 1, 1960, then your fullretirement age for retirement insurancebenefits ...
01/06/2021

If you were born January 2, 1959,
through January 1, 1960, then your full
retirement age for retirement insurance
benefits is 66 and 10 months. If you
work, and are full retirement age or
older, you may keep all of your benefits,
no matter how much you earn. If you’re
younger than full retirement age, there
is a limit to how much you can earn

Clarification of tax treatment of Paycheck Protection Program loans. The provision clarifies that gross income does not ...
12/29/2020

Clarification of tax treatment of Paycheck Protection Program loans. The provision clarifies that gross income does not include any amount that would otherwise arise from the forgiveness of a Paycheck Protection Program (PPP) loan. This provision also clarifies that deductions are allowed for otherwise deductible expenses paid with the proceeds of a PPP loan that is forgiven, and that the tax basis and other attributes of the borrower’s assets will not be reduced as a result of the loan forgiveness. The provision is effective as of the date of enactment of the CARES Act. The provision provides similar treatment for Second Draw PPP loans, effective for tax years ending after the date of enactment of the provision.

$600 direct payment checks for every adult and child earning up to $75,000. Individuals earning between $75,000 and $99,...
12/29/2020

$600 direct payment checks for every adult and child earning up to $75,000. Individuals earning between $75,000 and $99,000 would get smaller checks, and the benefit cuts out entirely for individuals earning over $99,000

What should I do if I did not receive the NC Tax grant by December 15, 2020?You should verify that you meet all of the e...
12/08/2020

What should I do if I did not receive the NC Tax grant by December 15, 2020?
You should verify that you meet all of the eligibility requirements to receive the grant. If you are eligible for the grant and it is past December 15, 2020, you should contact the Department immediately at 1-877-252-3052. The Department cannot issue grants after December 31, 2020.

https://www.ncdor.gov/extracredit -i--eligibility-and-qualification-for-the-extra-credit-grant-programsection-ii--applying-for-and-completing-the-application-for-the-extra-credit-grantsection-iii--receiving-the-extra-credit-grantsection-iv--miscellaneous

Any attorney, CPA, enrolled agent, enrolled actuary or other person permitted to represent a taxpayer before the IRS, wh...
11/10/2020

Any attorney, CPA, enrolled agent, enrolled actuary or other person permitted to represent a taxpayer before the IRS, who’s not disbarred or suspended from practice before the IRS, may submit a written power of attorney to represent a taxpayer before the IRS.

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2500 Regency Pkwy
Cary, NC
27518

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Monday 9am - 10pm
Tuesday 9am - 10pm
Wednesday 9am - 10pm
Thursday 9am - 10pm
Friday 9am - 10pm
Saturday 9am - 10pm
Sunday 9am - 10pm

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+19192676901

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