Schanel & Associates, PA, CPAs

12/10/2024

According to the National Association of Tax Professionals Tax Professional Fee Survey, prices for new clients increased by an average of 25%, while fees for existing clients rose by 22.7% between 2021 and 2023.
Several factors are driving these increases, reflecting significant changes in the tax world. Here’s a straightforward explanation of what’s happening.
Learn More: https://schanelcpa.com/what-is-behind-the-industrywide-increase-in-tax-preparation-fees

12/06/2024

Efficient bookkeeping not only saves you time but also keeps your costs down. To help you make the most of your monthly write-up and bookkeeping services through QuickBooks Online (QBO), here are some practical tips. Learn more: https://schanelcpa.com/tips-for-making-monthly-write-up-and-bookkeeping-more-efficient

12/05/2024

As the year-end approaches, business owners often hear a common refrain: “Buy something to reduce your taxes!” On the surface, it may sound logical. After all, purchasing new equipment or vehicles can generate deductions that lower your taxable income. But when you dig deeper, you’ll find this advice often does more harm than good.
Learn more: https://schanelcpa.com/why-buy-something-is-the-dumbest-tax-advice-ever

07/25/2024

New Blog Post: Tax advice is more than just taking write offs and maximizing deductions. Real tax planning is about being forward looking and capturing opportunities to reduce the rate at which income is taxed over a lifetime.
Read More - https://schanelcpa.com/five-tax-concepts-central-to-comprehensive-financial-planning/

11/15/2021

U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. While the bulk of the law is directed toward massive investment in infrastructure projects across the country, a handful of noteworthy tax provisions are tucked inside it. Here’s what you need to know. https://bit.ly/2YOX8P3

The Infrastructure Investment and Jobs Act (IIJA) includes a massive investment in infrastructure projects, with a handful of tax provisions tucked inside. Here’s what you need to know.

08/13/2021

Dealing with the IRS is never much fun, but you can make it a bit easier by setting up an IRS Account at irs.gov. The process takes about 10-15 minutes to set up and provides a range of information at your fingertips. Here’s how: https://bit.ly/37ItICQ

Dealing with the IRS is never much fun, but you can make it a bit easier by setting up an IRS Account at irs.gov. Here's how:

07/22/2021

Any tax owed on an individual tax return is generally due by April 15th even if an extension is filed. Failure to make that payment results in penalties & interest. So how much does it cost if you pay your taxes late? Here are a couple of examples.
https://bit.ly/3xYvxar

Any tax owed on an individual tax return is generally due by April 15th even if an extension is filed. Failure to make that payment results in penalties and interest. So how much does it cost to pay your taxes late?

07/20/2021

After more than a year of stimulus payments, it’s tempting to lump the new advance Child Tax Credit payments into the same category. Unlike the economic impact payments, some taxpayers may have to pay back some or all of what they received. Read on to find out if this might affect you. https://bit.ly/3Bp8bNm

Some taxpayers may have to pay back some or all of what they received for the Advance Child Tax Credit. Read more to see if it affects you.

03/30/2021

2020 has been a less-than-normal filing season. But our industry stepped up, becoming experts on relief programs, retirement reform, , a late extender’s bill, and supporting our clients through a global pandemic. We are strong and resilient and will continue to manage whatever comes our way. Hopefully a calmer 2021.
https://bit.ly/3cCR8Nv

Tax professionals are facing another tougher than usual tax season. Amie K***z of RubinBrown highlights the challenges for both the tax professionals guiding their clients through an unusually rough year and the IRS employees tasked with producing new forms and guidance while digging through a huge....

03/18/2021

The passage of the American Rescue Plan Act of 2021 on March 13th made what was already an unusual and challenging tax season all the more chaotic. Additionally, the IRS just announced a change in the tax deadline. Here’s what you need to know:
https://bit.ly/3luW35R

The American Rescue Plan Act of 2021 on March 13th made what was already an unusual and challenging tax season more chaotic. Here's what you should know:

03/10/2021

The Families First Coronavirus Relief Act was passed to require employers with fewer than 500 employees and certain public companies, to offer paid sick leave, expanded family, and medical leave to employees impacted by the pandemic. The employer can then claim a refundable tax credit as reimbursement. Here’s how it works. https://bit.ly/3esbMkr

The Families First Coronavirus Relief Act was passed to help support employers and employees impacted by the pandemic, including paid sick leave and expanded family and medical leave. We discuss who it applies to.

02/19/2021

The IRS kicked off tax season on February 12, 2021. This date allowed them to update programming following the December 27 tax law changes that include a second round of Economic Impact Payments. Here’s what you should know:
https://bit.ly/2NEXnWU

IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.