ACCTiviti

03/07/2022

Did you know about the expansions to the Earned Income Tax Credit for 2021?

Here are some highlights from the IRS's recent fact sheet release on the EITC:
- Available to individuals who have earned income of less than $21,430 qualify (spouses filing jointly with less than $27,380)
- No age limit caps
- Maximum amount increase to $1,502 to filers with non-qualifying children
- Can calculate with 2019 income if higher than 2021 income

FS-2022-14, March 2022 — This Fact Sheet provides frequently asked questions (FAQs) for Tax Year 2021 Earned Income Tax Credit. More people without children now qualify for the Earned Income Tax Credit (EITC), the federal government's largest refundable tax credit for low- to moderate-income famil...

03/04/2022

Increasing prices is an inevitability in business (if you want it to keep growing, that is), and businesses across the board are being forced to do it right now - thank you supply chain shortages, reduced labor, raw supply cost increases, rising inflation.

The key many business owners have found to getting customers on board with the increases? Honesty.

Brands are choosing transparency to communicate price changes—and consumers are still buying

03/03/2022

Well, it's officially March. Which camp are you in right now?

1) Sharpening your pencil in preparation for your office bracket competition 🏀
2) Realizing you only have 6 weeks until your taxes are due (or 2 weeks for some businesses) 😳

We're here to help. With the taxes, that is. But good luck with your bracket. 😉

03/02/2022

When faced with a massive tax bill that you can't pay, consider this:

It might not be accurate.

Some tax professionals don't always catch everything. Often, we can find missing deductions, credits, or other filing options that reduce the liability for taxpayers by reviewing past returns. Taking a good look at past tax returns may reveal that you owe a lot less than you thought.

In this case, it's probably better to simply contest the taxes owed. This is where we come in.

03/01/2022

In the days when it seems like people are being split so easily by their differences (and a lot by outside forces), it's helpful to remember that we have more commonalities than we think. As we reach to understand our similarities, may those join us together in difficult times.

02/28/2022

If you're only making financial decisions for your business based on what's in the bank, you're gonna find yourself in a precarious position.

Bank balances don't reflect outstanding checks and pending payments don't always show up right away. Your bank account balance also isn't going to account for any cash you may need to shell out for expenses on the horizon.

The point is, keeping your books in order is key to knowing where your business's financials stand so that you can make informed decisions when it comes to expenses.

02/25/2022

We want you to know that our office is a NO SHAME environment. No one wants to be carrying IRS debt, and we recognize that this is likely one of the toughest situations you've found yourself in. When you call us, you won't get a guilt trip or a look down the nose. We are here to come alongside and help, not cast a judgmental eye.

02/24/2022

It's Black History Month, and we want to honor the African American entrepreneurs and influencers who have made great strides ahead for all of us.

UNICEF USA works with many Diaspora and Multicultural partners, our fellow champions for children in the U.S. and globally. For Black History Month, we pause to honor these partners and look forward to future collaborations.

02/23/2022

Rather than asking "Is this expense deductible?" (the answer to which is often NO), start asking "How can I turn this expense into a deduction?"

Uncovering hidden deductions isn't about spending money on things to get a tax break. There's not a lot of money to be had there. What it really looks like is examining where you're already spending money and then turning it into something that works for you.

Are your money and time spent regularly on something outside the scope of your business that could actually be turned into a legitimate business venture? It might be time to consider turning that "play" into a lucrative work endeavor that not only brings in a profit but also means tax breaks for you.

We'd be glad to look things over for you and give you insight on where to begin.

02/22/2022

America Saves Week is here and today's focus -- Saving for the Unexpected -- is something we should all be thinking about post-pandemic. Because if we learned anything from the past two years, it's that things can change suddenly and with little warning.

If you want some resources on how to achieve financial stability, tips on how to start saving and reach financial goals, and other helpful information for your savings journey, hop on over to the America Saves Week website.

Since 2007 America Saves Week has been an annual celebration as well as a call to action for everyday Americans to commit to saving successfully. Through the support of thousands of participating organizations, together we encourage individuals to do a financial check-in that allows them to get a cl...