Businesses Score Big Tax Benefits With The Cares Act

Businesses Score Big Tax Benefits With The Cares Act: As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, Congress restored the

880-page stimulus bill

We're already digging into the 880-page stimulus bill, that we're sure you've heard rumors about, so we wanted to quickly let you know some more first-blush details.

>>Cashflow Loans - Be VERY careful rushing into these things without guidance, as this section seems to indicate that they don't want someone taking the money out of the business for personal use. Since many small business owners use the S Corp structure and take some payment in salary and some in distribution, exactly HOW this will get handled is unclear.

>>Net Operating Loss Carryovers - If your business is struggling and you will have a loss this year, we can take those losses, amend previous returns and get MASSIVE refunds for your business on tax already paid.

This is a complete change from the existing code, where you could only carry losses forward.

You will want someone in your corner for this, so don't rely on any "hype" you see in the media about this bill. Talk to a professional to get the help you need. 816-220-2001 https://www.afitonline.com/p/proactive-tax-planning

Looking for Tax Preparation

It's important to know where your money's going.

If you need help getting things in order to do your taxes this year, my team has put together some awesome resources to help you along the way:   https://www.afitonline.com/p/pdf-tax-organizer

IRS wants all they can get...

Feel like this at tax time?

Come see us to make sure you're not missing any deductions or credits, so you can keep more of your hard-earned money in your pocket.

Learn more about our income tax preparation services.

Have questions? Give us a call at 816-220-2001

Do we have to come in...?

We have had several new and current clients ask ‘do we have to come into the office to have our taxes prepared?’

The answer is no. You may elect to use our TaxDome Secure Portal to upload all your supporting documentation. We also have an app so you are able to send us all your documentation from your phone. Then schedule a phone call with us to answer any questions and to discuss your unique situation. When we have prepared your tax return, we will upload it to your portal account for your review and schedule a telephone call to discuss and answer all your questions.

Of course, you are always welcome to come to the office.

Learn more about our tax preparation services.

Taxpayers should remember these tips when searching for a tax preparer.

Taxpayers should remember these tips when searching for a tax preparer

The tax filing season is upon us, and many people will be looking for someone to help them file a tax return. These taxpayers should choose their tax return preparer wisely. 

This is because it’s ultimately the taxpayer who is responsible for all the information on their income tax return. It’s important for people to remember that this is true no matter who prepares the return. Here are some tips for folks to remember when selecting a preparer. Taxpayers should:

Check the Preparer’s Qualifications. People can use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications. This tool helps taxpayers find a tax return preparer with specific qualifications. The directory is a searchable and sortable listing of preparers.

Check the Preparer’s History. Taxpayers can ask the local Better Business Bureau about the preparer. They should check for disciplinary actions and the license status for credentialed preparers. There are some additional organizations about specific types of preparers:

•Enrolled Agents: Go to the verify enrolled agent status page on IRS.gov.

•Certified Public Accountants: Check with the State Board of Accountancy.

•Attorneys: Check with the State Bar Association.

Ask about Service Fees. People should avoid preparers who base fees on a percentage of the refund or who boast bigger refunds than their competition.

Ask to e-file. The quickest way for taxpayers to get their refund is to electronically file their federal tax return and choose direct deposit.

Make Sure the Preparer is Available. Taxpayers may want to contact their preparer after this year’s April 15 due date. People should avoid “fly-by-night” preparers.

Provide Records and Receipts. Good preparers will ask to see a taxpayer’s records and receipts. They’ll ask questions to figure things like the total income, tax deductions, and credits.

Never Sign a Blank Return. Taxpayers should not use a tax preparer who asks them to sign a blank tax form.

Review Before Signing. Before signing a tax return, the taxpayer should review it. They should ask questions if something is not clear. Taxpayers should feel comfortable with the accuracy of their return before they sign it. Once they sign the return, taxpayers are accepting responsibility for the information on it.

Review details about any refund. Taxpayers should make sure that their refund goes directly to them – not to the preparer’s bank account. The taxpayer should review the routing and bank account number on the completed return.

Ensure the Preparer Signs and Includes their PTIN. All paid tax preparers must have a Preparer Tax Identification Number. By law, paid preparers must sign returns and include their PTIN.

Report Abusive Tax Preparers to the IRS. Most tax return preparers are honest and provide great service to their clients. However, some preparers are dishonest. People can report abusive tax preparers and suspected tax fraud to the IRS. Use Form 14157, Complaint: Tax Return Preparer.

Starting a Home-Based Business

Starting a Home-Based Business: More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning