did you know this secret tax credit
Bookmarked 305 weeks ago
the employee retention credit is a refundable tax credit against certain employment taxes equal to 50 of the qualified wages an eligible employer pays to employees after march 12 2020 and before january 1 2021 eligible employers can get immediate access to the credit by reducing employment tax deposits they are otherwise required to make also if the employer039s employment tax deposits are not sufficient to cover the credit the employer may get an advance payment from the irsresource: https:wwwirsgovbonus subscribe on our you tube channel for other tax payroll amp bookkeeping videos: wycotaxfree tax payroll amp bookkeeping checklists: https:wycotaxcomdisclaimer: this material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax legal and accounting advice wycotax llc is an outsource tax payroll and bookkeeping company and not associated with any aforementioned institution

what is covid-19-related tax credits
Bookmarked 301 weeks ago
the coronavirus aid relief and economic security act cares act allows employers to defer the deposit and payment of the employer039s share of social security taxes and self-employed individuals to defer payment of certain self-employment taxes employers who have received a ppp loan may defer deposit and payment of the employer039s share of social security tax that otherwise would be required to be made beginning on march 27 2020 through the date the lender issues a decision to forgive the loan in accordance with paragraph g of section 1106 of the cares act without incurring failure to deposit and failure to pay penaltiesresource: https:wwwirsgovbonus subscribe on our you tube channel for other tax payroll amp bookkeeping videos: wycotaxfree tax payroll amp bookkeeping checklists: https:wycotaxcomdisclaimer: this material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax legal and accounting advice wycotax ll

how does expanded family leave act helps small and midsize businesses
Bookmarked 300 weeks ago
welcome to tax no tuesdaythe families first coronavirus response act the quotffcraquot signed by president trump on march 18 2020 provides small and midsize employers refundable tax credits that reimburse them dollar-for-dollar for the cost of providing paid sick and family leave wages to their employees for leave related to covid-19the ffcra gives businesses with fewer than 500 employees referred to throughout these faqs as quoteligible employersquot funds to provide employees with paid sick and family and medical leave for reasons related to covid-19 either for the employee039s own health needs or to care for family membersresource: https:wwwirsgovbonus subscribe on our you tube channel for other tax payroll amp bookkeeping videos: wycotaxfree tax payroll amp bookkeeping checklists: https:wycotaxcomdisclaimer: this material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax legal and accounting advice wycotax

how is employee retention tax credit calculated
Bookmarked 303 weeks ago
the employee retention credit is a refundable tax credit against certain employment taxes equal to 50 percent of the qualified wages an eligible employer pays to employees after march 12 2020 and before january 1 2021 as a general rule the employee retention credit credit is a refundable credit that is equal to 50 percent of the qualified wages of each employee of an eligible employerresource: https:wwwirsgovbonus subscribe on our you tube channel for other tax payroll amp bookkeeping videos: wycotaxfree tax payroll amp bookkeeping checklists: https:wycotaxcomdisclaimer: this material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax legal and accounting advice wycotax llc is an outsource tax payroll and bookkeeping company and not associated with any aforementioned institution

what is the penalty for not paying estimated taxes
Bookmarked 296 weeks ago
welcome to tax no tuesdayestimated tax payments are generally required if you expect to owe 1000 or more when the return is filed if your income is received unevenly during the year you may be able to avoid or lower the penalty by annualizing your income and making unequal payments resource: https:wwwirsgovbonus subscribe on our you tube channel for other tax payroll amp bookkeeping videos: wycotaxfree tax payroll amp bookkeeping checklists: https:wycotaxcomtax-bookkeeping-checklistshaving your own business should be fun instead of spending a lot of time and money on jobs you can outsource why not entrust the technical aspects of your business to someone professional and competent wycotax make your business easier by working on your taxes payroll and bookkeeping needs call us todaydisclaimer: this material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax legal and accounting advice wycotax ll

4 most common tax penalties
Bookmarked 298 weeks ago
common penalties include:1 failure to file when you don039t file your tax return by the return due date april 15 or extended due date if an extension to file is requested and approved2failure to pay when you don039t pay the taxes reported on your return in full by the due date3 failure to pay proper estimated tax - when you dont pay enough taxes due for the year with your quarterly estimated tax payments4 dishonored check - when your bank doesn039t honor your check or other form of paymentbonus subscribe on our you tube channel for other tax payroll amp bookkeeping videos: wycotaxfree tax payroll amp bookkeeping checklists: https:wycotaxcomtax-bookkeeping-chaving your own business should be fun instead of spending a lot of time and money on jobs you can outsource why not entrust the technical aspects of your business to someone professional and competent wycotax make your business easier by working on your taxes payroll and bookkeeping needs call us t

taxnotuesday episode 62: why your house is not an asset
Bookmarked 308 weeks ago
an asset can be thought of as something that in the future can generate cash flow reduce expenses or improve sales if your house will not perform any of these benefits then if falls as long-term liability a financial liability is an obligation owed to others welcome to tax no tuesdayon the other hand with the rise of digital economy you can potentially turn your house in money making machine if you will apply this last rule of home office deductions the two types of structures are: 1 attached which is inside your house like extra room and garage 2 detached which is a separate structure like a garden shed barn portable storageor a guest house on your property that you can use as office as a tax tip qualifying for a home-business tax deduction is easier with a separate structure than an office inside the residence if you are tired amp overwhelmeddealing with your books and taxes wycotaxis hereto help wycotax will finish what you have started we will

how does the irs help women-owned businesses under the cares act parte 24
Bookmarked 293 weeks ago
welcome to tax no tuesdaythe coronavirus aid relief and economic security act cares act amended section 172b1 to provide for a carryback of any net operating loss nol arising in a taxable year beginning after december 31 2017 and before january 1 2021 to each of the five taxable years preceding the taxable year in which the loss arises carryback periodtune in every tuesday for more helpful tax tricks and tipsbonus like share amp comment on this post and download free tax payroll amp bookkeeping checklists: https:wycotaxcomtax-bookkeeping-checklistshaving your own business should be fun instead of spending a lot of time and money on jobs you can outsource why not entrust the technical aspects of your business to someone professional and competent wycotax make your business easier by working on your taxes payroll and bookkeeping needs call us todaydisclaimer: this material has been prepared for informational purposes only and is not intended to provide and sho

tax no tuesday episode 64: one major problem of paycheck protection program forgiveness
Bookmarked 306 weeks ago
irsnotice 2020-32 issued on april 30 2020deniesdeductions for otherwise deductible expenses of businesses that received qualifying business loans under the paycheck protection program ppp loans to the extent that such loans are later forgiven as permitted under certain circumstances pursuant to the program resource: https:wwwirsgov bonus subscribe on our youtube: wycotax and receive 110 value 1-hour free consultation of our outsource bookkeeping tax and payroll services free covid-19 relief summary pdf download: https:wycotaxcomebooksoutsourcing your tax payroll bookkeeping and covid-19 relief to wycotax will give you more time and financial freedom it helps you to see a clearer picture of your numbers that will guide you to monitor the performance of your business moreover you will find more time to provide value for your clients the more satisfied clients you have the more referrals they will generateoutsource today disclaimer: this

back to school credits and more
Bookmarked 295 weeks ago
welcome to tax no tuesdayqualifying expenses for the child and dependent care credit:1 a babysitter a cook housekeeper or maid2 costs related to before- and after-school care3 costs related to a nurse home care providertune in every tuesday for more helpful tax tricks and tipsbonus like share amp comment on this post and download free tax payroll amp bookkeeping checklists: https:wycotaxcomtax-bookkeeping-checklistshaving your own business should be fun instead of spending a lot of time and money on jobs you can outsource why not entrust the technical aspects of your business to someone professional and competent wycotax make your business easier by working on your taxes payroll and bookkeeping needs call us todaydisclaimer: this material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax legal and accounting advice wycotax llc is an outsource tax payroll and bookkeeping company and not ass

can virtual office space offer tax relief tax deduction update
Bookmarked 312 weeks ago
free 30-minute consultation: text call me now name at 956-425-wyco millions of americans are working from home to curb the spread of the coronavirus covid-19and now wondering whether they can claim atax deduction if you use a virtual office space as part of your solution you can deduct themonthly expenses just as you would a cell phone or office supplies you use as part and parcel of your operations this will make you qualify by watching the 15 basic guidelines of home office deductions 15 guideline: house rules the two house rules are: 1 exclusive -which means if you use an extra room to run your business you can take a deduction for that extra room 2 regular - which means you needto have in-person meetings with your patients clients or customers in your home in the normal course of businessfree covid-19 relief pdf download: https:wwwwycotaxcom wycotax is an all year round all-in-one outsource company for your tax payroll and bo

tax no tuesday episode 59: best way to cut your home mortgage 25
Bookmarked 311 weeks ago
welcome to taxnotuesdayevery tax relief counts amidst of the covid-19 situation we can still find unexpected benefits you can minimize your home mortgage by knowing the rules of home office deductions one important factor is accurate measurement of the space that you are using for work watch until the end ththere are two common ways you can use: 1 number of rooms: this methodlooks at the number of rooms used for business divided by the total number of rooms in your house 2square footage: this method looks at the square footage of the space used for business divided by the total square footage of the house love is in the air becausetax laws allow you to use whichever method results in the larger deduction--so make sure that you calculate your deduction using both methods for example if you have a 4-room house and use one room as an office your business use percentage will be 25 percent alternately if your home office was 100 square feet and your home w

how does the irs help women-owned businesses under the cares act
Bookmarked 292 weeks ago
welcome to tax no tuesdaythe coronavirus aid relief and economic security act cares act amended section 172b1 to provide for a carryback of any net operating loss nol arising in a taxable year beginning after december 31 2017 and before january 1 2021 to each of the five taxable years preceding the taxable year in which the loss arises carryback periodtune in every tuesday for more helpful tax tricks and tipsbonus like share amp comment on this video and download free tax payroll amp bookkeeping checklists: https:wycotaxcomtax-bookkeeping-checklistshaving your own business should be fun instead of spending a lot of time and money on jobs you can outsource why not entrust the technical aspects of your business to someone professional and competent wycotax make your business easier by working on your taxes payroll and bookkeeping needs call us todaydisclaimer: this material has been prepared for informational purposes only and is not intended to provide and sh

how to pay your tax liability
Bookmarked 299 weeks ago
welcome to tax no tuesdaypenalties and interest stop accruing as soon as you pay your balance in fullif you can039t pay your balance in full pay what you can now you can apply for an installment agreement to pay the remaining balance entering into an installment agreement may reduce future failure to pay penaltiesresource: https:wwwirsgovbonus subscribe on our you tube channel for other tax payroll amp bookkeeping videos: wycotaxfree tax payroll amp bookkeeping checklists: https:wycotaxcomebookshaving your own business should be fun instead of spending a lot of time and money on jobs you can outsource why not entrust the technical aspects of your business to someone professional and competent wycotax make your business easier by working on your taxes payroll and bookkeeping needs call us todaydisclaimer: this material has been prepared for informational purposes only and is not intended to provide and should not be relied on for tax legal and accounting advice

how to avoid double dipping for virtual office deductions
Bookmarked 309 weeks ago
free 30-minute consultation: text your name at 956-425-wycowelcome to taxnotuesdayat this point not only the irs will have an eye on your home office expenses but also the lender where you applied for your paycheck protection program avoid double-dipping by knowing the guidelines remember you are eligible for loan forgiveness if you can present accurate records of your expensesthere are two types of home office expenses:1 direct which are expenses directly affect the only the part of your home used for business examples are painting and decorating the office2 indirect are expenses that relate to the entire home such as utilities insurance and rent for example if you use 10 of the total square feet of your residence for your home office you would allocate 10 of the total annual cost of each indirect expense to your home office deductionif you are tired amp overwhelmed dealing with your books and taxes wycotax is here to helpfree covid-19 relief pdf download: htt