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too much tax in 2020

You’ll likely pay too much in taxes in 2020.

By | Taxes

If you wait until January to start the 2020 tax process, it’s almost certain that you’ll pay more to the government than you need to. Most taxpayers provide their CPAs all of their tax information after the first of the new year. At that point, the most we can do is make sure all your income and expense sources are on the correct line of your tax return. If you make the mistake of waiting until January, you’ve lost the proactive ability to reduce your taxes yet this year. Will you be one of those who pay too much in…

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Increased Charitable Contribution Limits Under CARES Act

By | News, Small Business Owners, Taxes

Among the changes made to the tax code in response to the coronavirus pandemic (COVID-19) are two provisions under the CARES Act (Pub. L. No. 116-136) increasing the limitations on charitable deductions made in cash. Here’s what you need to know. For 2020, you will be allowed a deduction for up to $300 of your charitable contributions even if you do not itemize. Contributions made to private non-operating foundations, supporting organizations, and donor-advised funds do not qualify for this provision. In past years, your deduction for charitable contributions made in cash has been limited to 50% or 60% of your…

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Investing in Cryptocurrency? Understand the Tax Implications

Investing in Cryptocurrency? Understand the IRS Tax Implications

By | Taxes, Personal Finance

As of May 8, more than 200 billion dollars in stimulus checks have been sent to roughly 130 million Americans. More than 150 million more checks are expected to still be distributed in the coming weeks. While some Americans are cashing checks to cover rent or pay for expenses, others are looking for strategic ways to invest the money. With the current volatility in the stock market, some people are taking a new look at unique investment opportunities such as cryptocurrency and its most popular currency, bitcoin. The once “fringe” financial enigma is year-by-year becoming more mainstream. There are several…

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IRS Extends Filing Deadline 2020

COVID-19 Update: IRS Extends Filing Deadline

By | News, Taxes

NOTICE: IRS Extends Filing Deadline In addition to the already-announced 90-day grace period on tax payments otherwise due on April 15th, the IRS has now extended the filing deadline by 90 days. The new deadline for filing is July 15th, 2020. This extension applies to all taxpayers who would otherwise be required to extend or file on April 15th. Thankfully, at Pine & Company, we continue to function at near-normal and full capacity thanks to our fully cloud-based operations. If you are a client of Pine & Company CPAs, we ask that you continue to work toward sending your tax-related…

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How to Help Your Small Business Survive the Coronavirus Pandemic

How to Help Your Small Business Survive the Coronavirus Pandemic

By | News, Taxes

Aside from the effects it may have on our health and personal safety, the spread of COVID-19 in the U.S. has generated economic anxiety and uncertainty on a mass scale. Among those most impacted are SMB owners and entrepreneurs who wonder, “Will my small business survive the coronavirus pandemic?” As business consultants and CPAs, we urge you to stop, breathe, and calmly consider a few important developments before making hasty decisions that could negatively impact your small business in the long run. Here are a few things to know and consider before hitting the panic button: Tax Deadline Extensions Yesterday,…

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5 Reasons Your Business May Be Audited by the IRS

5 Reasons Your Small Business May Be Audited by the IRS

By | Taxes

As a small business owner, the thought of getting audited by the IRS is probably enough to make your blood run cold. But did you know that your chances of getting audited are slim? In fiscal year 2019, an IRS report showed that only 0.45% of Americans were audited for their income tax returns. That’s 0.14% less than the year before.  This amount is also significantly less than audits performed just 9 years ago in 2010 (1.1%). While it seems like good news, the truth of the matter is this decrease is actually more driven by budget cuts in the…

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Important Changes Affecting Your 2019 Taxes

Important Changes Affecting Your 2019 Taxes

By | Taxes

The promise of spring weather means one thing: tax season is here yet again. Whether you own a business, are a full-time employee or, all of the above, preparation for your 2019 taxes is hopefully on your to-do list. While multiple streams of income is a great way to increase your earnings, it can complicate things a bit when it comes to tax planning and filing. To add to this, much of what you learned about filing taxes over the past decade or so has changed as tax codes are continually being adjusted, including the tax reform that recently took…

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Small Business Tax Planning Tips for the End of the Year

A Year-End Checklist for Your Small Business

By | Business Finance, Taxes

As 2019 comes to a close, Pine & Co. can help you with cost-saving tax strategies for your small business. Reach out before December 9 to get started. As another year ends, it’s good to take time to assess the things you’ve done over the previous 12 months, while also preparing for the future. When you’re a company owner or comptroller, the fourth quarter takes on additional importance with regards to small business tax planning activities. No matter if this is your first year handling your organization’s filing or you’re a seasoned veteran, early preparation can streamline the process and…

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Little-Known Tax Write-Offs Your Small Business Could be Making

By | Business Finance, Taxes

Tax season may traditionally run from January to April 15, but preparing for tax season is a year-round job for business owners. When we discuss tax liability with clients, write-offs are one thing clients get excited to discuss (because everyone likes to save money!). Below, we explore a few of the lesser-known tax write-offs (or deductions) that correlate to things you may already be doing, but not taking full financial advantage of (such as purchasing software, hiring veterans, or even attending educational programs). Below, view our list to see if you could be missing out on valuable tax deductions this…

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Tax Credits could mean more money in your pocket.

Tax Credits Could Mean More Money in Your Pocket

By | Taxes

One of the most common questions we receive from clients is, “How can I reduce my income tax liability?” It’s no wonder – after all, no one wants to pay more taxes than they have to. Below, we’re discussing how taking full advantage of tax credits can help you retain more of your hard-earned dollars. Plus, discover the types of tax credits that could apply to you. Before we continue, it’s important to note the differences between a tax deduction and a tax credit: Tax deductions reduce your taxable income, so that when you calculate your tax liability, you’re doing…

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Top 10 Deduction Mistakes Small Businesses Make

The Top 10 Deduction Mistakes Small Businesses Make

By | Taxes, Business Finance

When small business owners make tax deduction mistakes, it can be costly. The costs go beyond the likelihood of an audit by the IRS and actually impact the bottom line. Think about this: you could be overpaying your tax responsibility. That would be an expensive bummer because the IRS will more than likely consider it a “gift”. On the other hand, you could miscalculate or over-deduct and face the additional cost of penalties due to the IRS. Nobody wants that. Finally, you could be leaving money on the table by not taking advantage of all the tax savings opportunities you…

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Why Proactive Tax Planning is More Important Than Ever

By | Taxes

Feeling a little confused about the provisions of the 2017 Tax Cuts and Jobs Act? Unsure of how it might affect you or your business in 2019? You’re not the only one. The laundry list of changes nestled within the TCJA has created a great deal of uncertainty about the future for American taxpayers and their tax preparers. While many of these new changes will likely create a positive outcome for individuals and business owners alike, a myriad of these modifications also come with various nuances and exceptions that can make navigating the new laws quite complex. Further, more ambiguity…

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Qualified Business Income Deduction

7 FAQs About the Qualified Business Income Deduction

By | Taxes, Business Finance

There are lots of nuances to the proposed 199A deduction for qualified business income (QBI). This post is in no way exhaustive, but it will hopefully answer enough basic questions to give you a better idea about what to discuss with a tax professional regarding the possibilities of receiving this deduction. (You should do that sooner rather than later, by the way. Time is running out to implement any needed changes for the 2018 tax year. You could potentially be leaving tens, or even hundreds, of thousands of dollars in the government’s pocket rather than yours.) What is qualified business…

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New IRS scam

Notice: New IRS Scam Warning

By | News, Taxes

**NOTE: The IRS will never contact you by phone or email. Never give someone claiming to be the IRS by these means personal information. The IRS will always send an official USPS mail letter to correspond with you. Have you received an email or automated phone call from the IRS? The IRS is warning of a new scam hackers are using to acquire your personal information and money. It begins with hackers infiltrating your employer’s or tax preparer’s databases and stealing your personal and financial information. Some of the current scams include using that information to then file a false…

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