Ascend Accounting & Business Solutions, CPAs providing accounting, tax & consulting services to smal
Happy ! Thank you for your support!
need and thank you for your support throughout the year!
Today's kicks off the season for 2021!
You can give in the form of...
* cash (cash, check credit/debit card --- ensure the credit/debit card processes on or before 12/31/2021 to count). For 2021, the law now allows you to take up to a $600 deduction against income (if you're not itemizing on Schedule A) for cash contributions to qualified charitable organizations (generally 501c3)
* make a qualified charitable distribution directly from your IRA (excluding SEP & SIMPLE IRA) AND if you are 70 1/2 or older --- bonus here is a distribution from your IRA may also count toward your required minimum distribution for 2021
* noncash such as household items, etc. --- donations valued $250 or more (per item or group of items) must have a receipt AND description of items received; if the value is $500 or more (per item or group of items), you must attach Form 8283 for each donation more than $500 (ex: Org A gets $550 & org B gets $600, need two Forms 8283); if the value is $5000 or more (per item or group) you must have an appraisal.
Not sure if the charitable organization you have in mind is qualified, try using the Tax Exempt Organization Search on IRS.gov at https://www.irs.gov/charities-non-profits/tax-exempt-organization-search .
While you're there, grab your latest paystub(s) for you (and spouse) and walk through the 5 question Tax Withholding Calculator at https://apps.irs.gov/app/tax-withholding-estimator to see how you are tracking for filing on 4/15/2022. There's at least 2 more paychecks and an estimated tax payment due on 1/15/2022 available to correct what may not be favorable.
Happy & !
Currently, there seems to be some confusion about the tax deadline. It is our position that it is in your best interest to file your return or the extension by 4/15. Do not hold out till 7/15. Please let us know if you we can be of service. Practice safety and well being at all times not just in crisis.
“In response to , Treasury and allow most tax payments to be delayed until July 15. You need to file a return or request a filing extension by April 15. No other filing is necessary for payment extensions. See free options at: https://t.co/hEEWmgHA9V”
The federal tax filing deadline and tax payments under $1 million has been extended for 90 days. Before you take "advantage" of the 90 day filing reprieve let's be sure that your state has also offered a filing extension. Currently, DC & MD have 4/15 deadline while VA tax deadline is 5/1.
Life changes require a new W-4? Tired of increasing tax liabilities? Try out the improved IRS calculator!
As the school year begins, if you're an eligible educator (K-12 teacher, instructor, counselor, principal or aide for at least 900 hours a school year), you can deduct up to $250 of unreimbursed qualified trade/business expenses such as professional development, books, supplies, etc. Keep your receipts!
VA sales tax holiday this weekend, 8/2-8/4.
MD sales tax holiday, 8/11-8/17.
Did you owe more in taxes in 2018 than expected? Maybe you received a significantly less refund. Get in front of unexpected tax situations today with the withholding calculator at https://www.irs.gov/individuals/irs-withholding-calculator. Let's discuss your results and strategize to minimize potential tax liabilities before it's too late!
Check your tax withholding with the IRS Withholding Calculator, a tool that helps ensure you have the right amount of tax withheld from your paycheck.
Tax scams happen year round! The 2 new ones involve SSN issue & a fake tax agency like Bureau of Tax enforcement. Visit for more info & sign up for alerts. Protect yourself & your personal information! https://t.co/uGaisWMGQv
The IRS urges taxpayers not to fall victim to tax scams. If it sounds too good to be true, it probably is.
There's always room for improvement! Here's some to help you better manage your budget & reach your goals.
Members of Forbes Finance Council offer tips for learning about and getting control over your personal finances.
Honoring CPAs of color, especially Mary T. Washington, that paved the way. Thank you all!
In 1939, when virtually no firms would hire African-Americans or females, let alone an African-American female, she began her own firm in a basement on the South Side of Chicago where she opened doors for future generations of African-American ...
! Nothing says "out with the old & in with the new" like the new Form 1040! The TCJA changed many aspects for filing your 2018 . Be ready! Be informed! https://t.co/C6QIlmMX8v
Information about Form 1040, U.S. Individual Income Tax Return, including recent updates, related forms and instructions on how to file. Form 1040 is used by citizens or residents of the United States to file an annual income tax return.
Wishing you and yours the best of the holiday season and a prosperous new year!
Happy Veterans Day! Thank you for your service!
Marketplace open enrollment starts this week; 11/1/18 - 12/15/18. Visit healthcare.gov to review 2019 plan options.
Official site of Affordable Care Act. Enroll now for 2019 coverage. See health coverage choices, ways to save today, how law affects you.
Find information on the most recent tax relief provisions for taxpayers affected by disaster situations.
Do you want to know if you have unclaimed money/property, wages, life insurance, taxes, etc? Check the states you have lived in at https://www.unclaimed.org/. Let us know if anything turns up in your favor!
Common forms of unclaimed property include savings and checking accounts, stocks, dividends, uncashed payroll checks, life insurance policies & premium refunds, utility security deposits, mineral royalties, and contents of safe deposit boxes...
Do you want to know if you have unclaimed money/property, wages, taxes, life insurance, etc? Check the states you have lived in at https://www.unclaimed.org/. Happy Claiming! Let us know if anything turns up in your favor!
Find unclaimed funds held by the government that might be owed to you.
Small businesses need to plan for new tax law changes effective 1/1/18
IRS to highlight tax reform changes affecting small businesses; Small business owners, self-employed should plan now for new changes
“Last day to file your taxes & register to vote in Virginia is 10/15/18! Check your registration status here: https://t.co/vYVzzlZnHV”
“1st day of last quarter of the year, you may still have some time to correct your withholding for 2018! Do a and check that you have the right tax withheld. https://t.co/5xCAB2Wb1E”
Looking forward to this event!
Did you know taxpayers have rights when interacting with the IRS? Know your taxpayer rights! https://www.irs.gov/taxpayer-bill-of-rights
Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. Explore your rights and our obligations to protect them. The Right to Be InformedThe Right to Quality ServiceThe Right to Pay No More than the Correct Amount of TaxThe Right to Challenge the IR...
Third quarter estimated tax payment due Sept. 17
“The Tax Cut & Jobs Act enacted in December made some significant changes to the tax law that may have an impact on high-income/complex tax returns. Call today, don't wait til 4/15/19 to prepare!”
“Your initial contact with the IRS will never be via a phone call! They will not ask you to pay taxes on a gift card or apple iTunes card. Please beware of these scams!”
What is this 20% deduction on pass-thru income?
“Contact today to understand how you can get a 20% deduction on qualified business income from pass-thru entities!”
The IRS recently released a draft of its new Form 1040 that every American taxpayer will use to file their 2018 tax returns early next year. And as expected, the new form is significantly different than the one it replaces. With that in mind, here are the five most important takeaways from the newly...
News Alert: IRS to extend tax deadline by one day after agency’s Tax Day technology collapse
Not sure when, what tax info to shred? Here's some good guidance from Kiplinger.
Many records are no longer needed three years after filing your tax return, but you may have to keep documents involving the purchase of a house or investments for years longer.
"The maximum contribution level your employer is willing to match should be the bare minimum you choose to put into your 401(k)." Not only are you boosting your retirement nest egg, you are effectively reducing your taxable income when contributing pre-tax dollars.
If you aren't doing this one thing, you could cost yourself hundreds of thousands of dollars.
Happy Tax Season! Today kicks off the filing season of your 2017 taxes which are due on 4/18/2018! Reminder: If you claim the earned income tax credit (EITC) or the additional child tax credit (ACTC) on your tax return, the IRS must hold your refund until at least February 15 — even the portion not associated with EITC or ACTC. After you file your return, the best way to track your refund is Where's My Refund at https://www.irs.gov/refunds.
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