Fischer Tax Services and Circle R Accounting LLC

Fischer Tax Services and Circle R Accounting LLC Offering tax preparation, payroll work, consulting and representation, Fischer tax and Circle R Accounting can meet your tax needs

04/01/2021

Message from the IRS

The IRS has announced it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.

The IRS states:
"There is no need for taxpayers to file an amended return unless the calculations make the taxpayer newly eligible for additional federal credits and deductions not already included on the original tax return."

03/17/2021

The federal income tax filing deadline has officially been extended to May 17th. This includes both filing and paying.

03/11/2021

With the new legislation that has just passed the House, there are two groups of individuals who are directly impacted when it comes to the 2020 return.

Anyone who has already filed a return for tax year 2020 and had unemployment income or Premium Tax credit, you should file an amended return. The bill includes a provision for unemployment which exempts the first $10,200 from federal income taxes.

If anyone has already filed taxes and needs to file an amended return, feel free to contact us and we are able to assist you to maximize your refund.

02/18/2021

Just one question for today as it is a bit lengthy.

Q: With the federal standard deduction being so high, does it pay for me to keep receipts to itemize deductions?

A: Yes. The priority of deductions under current tax law is as follows:

1. Charitable donations up to $300

2. Nursing home, long term care, health and prescription insurance.

3. Property taxes

4. Medical expenses not related to insurance in excess of $9000 annually

5. Investment expenses

There are other circumstances that can lead to additional deductions, but these are the primary 5 classifications for federal deductions and potential states' credits

02/15/2021

Today's questions will focus on medical deductions:

Q1: Are my medical bills deductible for income tax purposes?

A1: Yes, however for federal income tax purposes, the standard deduction is over $12000 per person, so to choose to itemize medical bills, generally it needs to be in excess of $10000.

Q2: Is medical insurance deductible?

A2: Yes, with the same federal limit posed in Answer 1. However, for Wisconsin income tax purposes; medical insurance and long term care assistance is added as a deduction on top of the standard deduction

02/13/2021

Today's questions will focus on business and the pandemic.

Q1: if a business took out an EIDL due to the pandemic, is it subject to taxable business income?

A1: No. The CARES act encompasses businesses that received an EIDL and any income from the loan is excluded from the gross business income.

Q2: If a business received a PPP loan, is it reported as taxable income?

A2: No. There is no income tax on PPP loans and any aspect of the business that was paid for by PPP loan funds is deductible on the business tax return.

Q3: When is the first day taxes can be filed?

A3: The IRS officially released a statement today that individuals are able to file their tax returns for tax year 2020 starting today. Any tax legislation passed due to CoViD will take place on the 2021 tax return.

02/12/2021

Hot topic due to recent news, today's questions will focus on Cryptocurrency.

Q1: Do I need to report my cryptocurrency to the government?

A1: Yes, due to all cryptocurrency transactions taking place in a computer, they are easily tracked and reportable.

Q2: Am I taxed on my cryptocurrency earnings?

A2: Yes. However, the tax occurs when the crypto is converted into US currency and is often documented through a 1031 exchange.

02/11/2021

We are officially in the middle of tax season and have been having some common questions being asked by people coming in to have their taxes prepared. I hope to post a couple questions and answers each day to aid in facilitation of filing. Here are today's questions:

Q1: Am I taxed on the stimulus payments in amounts of $1200 and $600?

A1: No. The federal government is not taxing these payments made to individuals during the pandemic. However, if you had not received these payments when they were issued, the stimulus may be credited to your tax account in the form of a potential refund depending on if you owe.

Q2: Am I taxed on unemployment stimulus payments?

A2: Yes. The full amount of unemployment whether stimulus or regular unemployment is subject to federal income tax.

Q3: Is it too late to schedule an appointment with you to have my taxes prepared?

A3: Nope! we will be more than happy to assist you in preparing taxes for the 2020 tax year. Simply reach out to us via phone at 715-854-3695 or email at [email protected] and we can arrange for time to schedule an appointment.

Address

117 N US Highway 141
Crivitz, WI
54114

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 12pm
Thursday 9am - 12pm
Friday 9am - 5pm
Saturday 9am - 5pm

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