SNOW Consulting & Tax, PLLC

08/28/2023

Our firm is seeking a motivated individual to join our team as an Office Assistant. Duties range from greeting clients, to managing client files and appointments, to assisting with special projects. We are a firm that specializes in small business accounting. We are most busy during tax planning and tax preparation season (September through April) which allows for more flexible hours during the off-season (May through August).

This position is the first person our clients see when they walk in and the first voice they hear on the phone. An ideal candidate will have excellent customer service and communication skills, be proficient in QuickBook’s and Microsoft Office, and be willing to take on unique tasks that may pop up from time to time. Bookkeeping and tax experience are a huge plus but we are willing to train the right person.

If you or someone you know is interested in learning more please email Amanda ([email protected]) for a full job description and potential interview.

06/12/2023

We’re Hiring!

Our firm is seeking a motivated individual to join our team as a an Office Assistant. Duties range from greeting clients, to managing client files and appointments, to assisting with special projects. We are a firm that specializes in small business accounting. We are most busy during tax planning and tax preparation season (September through April) which allows for more flexible hours during the off-season (May through August).

This position is the first person our clients see when they walk in and the first voice they hear on the phone. An ideal candidate will have excellent customer service and communication skills, be proficient in QuickBook’s and Microsoft Office, and be willing to take on unique tasks that may pop up from time to time. Bookkeeping and tax experience are a huge plus but we are willing to train the right person.

If you or someone you know is interested in learning more please email Amanda ([email protected]) for a full job description and potential interview.

06/08/2021

DID YOU KNOW?

As part of the American Rescue Plan Act, the Biden administration increased the 2021 Child Tax Credit to $3,600 (children 5 & under) and $3,000 (ages 6 – 17).

The IRS announced Friday, May 14 that they will begin issuing ADVANCED payments monthly of this credit to families starting July 15 through December 15. The payments apply to incomes under $150,000 (MFJ), $112,500 (HOH), and $75,000 (single).

These will be automatic monthly payments of $300 (children 5 & under) and/or $250 (ages 6-17) for each child based on your 2020 tax filing. It is crucial that you keep track of any and all payments issued by the IRS as these must be reported when you prepare your 2021 tax filing. This means that if you receive any of the advanced payments, your child tax credit for the 2021 filing will be reduced by the value of the advance payments. For example:
• Child, age 3 on your 2020 tax return – IRS issues 6 advance payments of $300 (total of $1,800). Your child tax credit will only be $1,800 for that child when you file.
• Child, age 10 on your 2020 tax return – IRS issues 6 advance payment of $250 (total of $1,500). Your child tax credit will only be $1,500 for that child when you file.

The IRS has started mailing letters to eligible families. If you wish to opt out you can do so soon on the IRS website. Follow this page for updated information and access to the opt-out portal.

Information for taxpayers who may receive advance Child Tax Credit payments in 2021.

03/20/2020

The IRS has extended the filing deadline to July 15, 2020 however if you are due a refund, don't delay, file on time.

The deadline extension does NOT apply to state of NH returns so if you file a BT-Summary or Interest & Dividends return you must still file by April 15, 2020. Therefore, if you typically file a state return and cannot or choose not to file by April 15, you must file the appropriate federal forms to extend your filing deadline.

03/18/2020

We are still trying to get all of the details but thought we could provide you with some preliminary details on the tax payment extension.

1. The tax payment extension is only an extension of time to pay not to file. If you want to extend your time to file, you must file Form 4868 - Extension of Time to File form.

2. If you are expecting a refund, file and you will receive the refund.

3. If you owe money, file and you can delay payment until July 14th without penalty or interest.

4. If you have already filed and owe money, we assume the 4/15/20 scheduled debit will still happen as there have been no direct announcements about this.

01/04/2018

Tax Reform & Jobs Act H.R. 1 - Corporate Tax Rate & Pass-Through Entity Tax Rates -

Corporate Tax Rate - The bill reduces and makes permanent the C corporation tax rate to 21% (from 35%) beginning 1/1/2018. The Alternative Minimum Tax (AMT) is also repealed for corporations. What is AMT? Generally, this is a tax rate that require corporations to pay the higher of the normal corporate tax rate or an alternative minimum tax rate (basically limiting the corporate deductions). This AMT repeal will specifically help small businesses keep more of their money so then can reinvest back into their businesses.

Pass-Through Entity Tax Rate - What is a pass-through entity. This is an S Corporation, Partnership, Sole Proprietorship and LLCs. Currently pass-through entities must pay the individual tax rate on business income. This bill will allow small business owners to deduct 20% of qualified income (subject to some limitations and qualifications) from their taxable income. For example, one of the limitations is the small business owner must deduct his/her salary to reduce the business net income prior to the 20% income deduction. There are other limitations & qualifications but this again assists small business owners in reducing their tax obligations so they can reinvest. If small businesses keep more of their money they will be able to expand their business, hirie new employees and purchase equipment for their operations.

If you are a small business owner, I recommend consulting with your tax advisor to find out how this tax reduction can assist you.

01/02/2018

Tax Reform & Jobs Act H.R. 1 Individual Deductions - The bill increases the standard deduction to $24,000 for Married Filing Joint taxpayers ($12,000 for single and $18,000 for Head of Household) and eliminates the personal exemption deduction of $4,050 per taxpayer and dependent.
Taxpayers can chose between the higher of the standard deduction or itemizing their deductions. Please note, if you itemize state and local taxes are limited to $10,000 per year and new mortgages are limited to $750,000 of indebtedness ($1 million of indebtedness for existing mortgages). Charitable contributions deductions are also allowed up to 60% of your Adjusted Gross Income (previously 50% of AGI)

What does this mean?
Old Tax Law = $12,700 + $4,050 each for personal exemptions. A married couple would take total deductions of $20,800. A family of four would take total deductions of $28,900.

New Tax Law = $24,000 for married couple or family of four unless they itemize. The married couple benefits but the family of four deductions are reduced. However, the child tax credit increase of $1,000 ($2,000 per child) compensates the family more than the personal exemption did.

01/01/2018

Tax Reform & Jobs Act H.R. 1 - How will the new tax brackets impact your taxes for 2018?

The figures below are based upon the following:
1. Married Filing Joint (MFJ) taxpayers
2. Taxable income is after tax deductions
3. Tax savings does NOT include tax credits. Tax credits could include more tax savings depending upon your family situation.
4. Tax savings equals the old tax brackets less the new tax brackets

100K of taxable income = $2,398 in tax savings
150K of taxable income = $3,898 in tax savings
200K of taxable income = $6,014 in tax savings
250K of taxable income = $8,616 in tax savings

Beginning February 1, taxpayers should see an increase in their net pay. Self-employed taxpayers may be able to reduce their quarterly tax payments for 2018.

The tax savings listed above represent basic calculations. Please consult your tax advisor on how this tax reform bill will impact you specifically.

12/31/2017

Tax Reform & Jobs Act H.R. 1 - Child Tax Credit is increased from $1,000 per child to $2,000 per child beginning in 2018. Prior to 2018, many middle-class families have not qualified for this tax credit because their Adjusted Gross Income (AGI) have exceeded $110K ($55K for single) and the tax credit begins to phase out at that level. This tax bill increases the phase out limit to an AGI of $400K ($200K for single). This provision will be one of the largest tax reductions for middle-class families.

What is the difference between a tax deduction versus a tax credit? A deduction reduces your taxable income. A tax credit reduces your actual tax liability and is typically a better tax reduction result.