February 17, 2017
For sports fans, this time of year is an exciting one. First the Super Bowl, and then the buildup toward the NCAA March Madness tournament. While tax season isn’t quite as exciting as these events, you’ll still want to make the effort to get ahead of the game—and the April 18 deadline—to score the benefits of early filing.
Avoiding identity theft.
Filing your tax return early helps you sidestep criminals who want to steal your sensitive information. With identity theft related to tax returns on the rise, this is an important early filing benefit. Once your return is filed with the IRS, your social security number is locked, preventing it from being used again by someone other than yourself.
Dialing down stress.
One obvious benefit of early completion is crossing it off your to-do list and avoiding the prolonged anxiety that comes with the approaching tax deadline. Beat the “March Madness” and “April Angst” of last-minute tax filing for your business and individual taxes by having us file them for you now.
Expediting any potential refunds.
If a tax refund is in your future, the earlier you file your taxes, the sooner you will see your refund check. Keep in mind, the IRS reports some delays are expected this year for filers claiming the Earned Income Tax Credit or the Additional Child Tax Credit.
Maximizing all deductions.
Filing early allows us to have the time required to prepare your return and research all the tax deductions you may be entitled to. Starting the return process earlier gives you more time to gather your supporting paperwork and get any additional documentation you may need to claim a deduction.
Having time to pay outstanding tax bills.
If you owe taxes, filing early gives you time to save for payment if needed. It also removes the last-minute element of surprise—you’ll know exactly where you stand with the IRS.
Ready to tackle your taxes and take advantage of these early-filing benefits? Start uploading your tax documents to your portal today, or contact our office for assistance.
When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide a direct incentive for small businesses to keep their workers on the payroll.” However, according to federal officials, the recently issued second round of funding has distributed only a small percentage of the $15 billion set aside for small businesses and low- to moderate-income “first-draw” borrowers.
While “under a blanket on a cold winter day” isn’t the worst place to work, it’s a good idea to regularly assess your remote working environment—especially if you don’t have a full home office setup—to decide if anything needs an adjustment or upgrade. Here are four important points to consider:
If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees.