Don't forget that Net investment tax of 3.8% will apply at certain modified adjusted gross incomes. As many of you know the federal income tax laws have so dramatically changed that many of you that have previously itemized deductions on schedule A will no longer benefit from doing that on your federal return.
This is due to the tremendous increase in the standard deduction and most folks simply will not benefit from itemizing on their federal returns any longer. Most of the returns that we saw this year will pay lower income tax bills many are $2K or more in tax savings.
This is due to the tremendous increase in the standard deduction and most folks simply will not benefit from itemizing on their federal returns any longer. Most of the returns that we saw this year will pay lower income tax bills many are $2K or more in tax savings.
Services
Thompson Accounting, PC is a continuation of Thompson & McCarty, P.C. and was organized in March of 1998. We are a continuation of Payroll and Business services which was founded in the late 1980's. Our offices are in Cullman, Alabama. We offer traditional accounting services but have discovered that our clients benefit tremendously from nontraditional service offerings.
The IRS (Audit) Pass [tm] intervention takes you out of the pressure cooker and gives you necessary response time. You need to answer questions with some forethought and council instead of blurting out answers that give the Service new ammunition against you. If the IRS is convinced that you owe them more money, an appropriate answer is to tell them you dispute their claim.
Make sure we have everything necessary to process your tax return quickly and get you the BIGGEST REFUND Allowed by Law! Social Security cards and dates of birth for all dependents as well as taxpayer and spouse. Nonresident Aliens need to bring in their Visa and Passport and any work authorization documentation.
This isn't really new its just a reminder. You can not provide services within your S-Corporation and avoid paying payroll taxes on amounts that are easily identifiable as wages. The proper way to avoid this trap is to take a reasonable amount for the services you provide for your S-Corporation then if you have excess profit you can occasionally pull some money without charging it through payroll.
Stimulus check for 2020 were issued by the IRS during 2020 based on 2019 income tax returns. They are reconciling the stimulus checks on the 2020 tax return which is currently being filed. I am finding that many people with children between 17 and 24 that have earned income actually benefit from allowing their children to claim themselves as dependents.
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