Valley Accounting Services

30/07/2022

If you have not heard of the ERC (Employee Retention Credit), check it out. Provisions were made to change the criteria for eligibility. Before if you received the PPP you were not eligible for the ERC and vice versa. Now you can retroactively claim the ERC for the first two quarters in 2021.

What does this mean? This means you can amend the first two quarters of 2021 Form 941 to claim the ERC and get a refund. It would mean amending the business return and individual returns and could also cause you to pay some money back on the Individual side. Why? The ERC reduces the tax liability made to the IRS for payroll and also reduces the amount of payroll tax expense - thus increasing net income.

Is it worth it? I would say for most it would be worth it. There may be a few situations where the costs of amending returns would outweigh the benefits of the amount being received.

As with anything there is criteria that has to be met but it is worth checking into. Shoot me a message and lets talk.

24/07/2022

2022 Business Mileage Update from the IRS -

IR-2022-124, June 9, 2022 — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain oth...

24/07/2022

Realtors have a unique business where they can save an fair amount on taxes every year. I am always looking for new clients but my main objective is to offer services that are affordable. Reach out and let’s talk.

05/07/2022

Can’t stress enough the importance of having an account with the IRS. Having the access to the very thing you need is important and can make things easier if you are buying a house, or applying for a loan, etc.

Secure .gov websites use HTTPS A lock ( ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.

07/12/2021

The IRS has come out with a new system for Individuals to register to gain access to transcripts, etc. Easy to instantly verify your Identity. Check it out:

https://sa.www4.irs.gov/secureaccess/ui/?TYPE=33554433&REALMOID=06-00008e4d-63f6-1187-a229-7c2b0ad00000&GUID=&SMAUTHREASON=0&METHOD=GET&SMAGENTNAME=-SM-u0ktItgVFneUJDzkQ7tjvLYXyclDooCJJ7%2bjXGjg3YC5id2x9riHE98hoVgd1BBv&TARGET=-SM-http%3a%2f%2fsa%2ewww4%2eirs%2egov%2ficce--core%2fload%2fgettrans%2fpages%2favailableTranscripts%2exhtml

Secure .gov websites use HTTPS A lock ( ) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.

28/11/2021

Good afternoon,

Some tax changes coming to all you parents out there who have qualifying child and dependent care expenses. Previously the credit was limited to 35% and was non-refundable. The change has been made for 2021, up to 50% and is now refundable credit.

Hope everyone had a great Thanksgiving.

16/11/2021

Take a look Educators

Good Afternoon,

The IRS has announced that COVID protection items are eligible for the educator deduction for the 2021 tax year. Unfortunately the deductible amount stays at $250 per educator or $500 if married jointly and both taxpayers are educators.

16/11/2021

Good Afternoon,

The IRS has announced that COVID protection items are eligible for the educator deduction for the 2021 tax year. Unfortunately the deductible amount stays at $250 per educator or $500 if married jointly and both taxpayers are educators.

12/10/2021

Calling All Realtors:

This is a great time to do tax planning. I have developed a strategy that COULD significantly decrease your tax liability and be a game changer for you. If you are interested to talk, reach out to me.