psacpa.com RSS Feed https://psacpa.com/ Take a look at our recent blog posts and client newsletter articles. en-us Tue, 01 Jun 2021 09:00:00 -0500 Tue, 01 Jun 2021 09:00:00 -0500 What is an Economic Impact Notice? https://www.psacpa.com/blog.php?id=9 After a taxpayer has been issued an Economic Impact Payment, the IRS is required to mail an Economic Impact Notice to the recipient at their last known address. This notice provides information about the amount of the Economic Impact Payment, how it was made, and how to report any payment that wasn't received. Did you receive one? Learn more! Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=9 What are Estimated Tax Payments? https://www.psacpa.com/blog.php?id=5 Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough. Here's what you should know about estimated tax payments. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=5 Tips to Help You Figure Out if Your Gift is Taxable https://www.psacpa.com/blog.php?id=3 Gift tax laws can be complicated. What is the limit that can be given before a tax obligation? Get your answers here! Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=3 Tips for Students with a Summer Job https://www.psacpa.com/blog.php?id=10 Even if you're not 18, income earned is considered taxable income. Here's what to know if you recently started a summer job. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=10 Tax Considerations When Selling Your Small Business https://www.psacpa.com/blog.php?id=1 Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. Here are some aspects to consider. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=1 Payment for Refundable Child Tax Credit Starts July 15 https://www.psacpa.com/blog.php?id=7 The first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households - nearly 90 percent of children in the United States - are slated to begin receiving monthly payments without any further action required. Find out more! Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=7 How to Protect Your Data in QuickBooks https://www.psacpa.com/blog.php?id=11 There are numerous steps you can take to protect yourself from threats, both internal and external. QuickBooks offers some safeguards, and strong company policies can also help safeguard against data theft or destruction. Let's take a look at what you can do. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=11 How to Check the Status of Your Tax Refund https://www.psacpa.com/blog.php?id=6 How to Check the Status of Your Tax Refund. Get help and learn more! Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=6 HSA Limits Increase for 2022 https://www.psacpa.com/blog.php?id=8 Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent and are adjusted annually for inflation. What are the relevant laws for 2022? Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=8 Expat Compliance With US Tax Filing Obligations https://www.psacpa.com/blog.php?id=4 Taxpayers who relinquish citizenship without complying with their U.S. tax obligations are subject to the significant tax consequences of the U.S. expatriation tax regime. If you're an expat who has relinquished - or intends to relinquish - your U.S. citizenship but still has U.S. tax filing obligations (including owing back taxes), you'll be relieved to know there are IRS procedures in place that allow you to come into compliance and receive relief for any back taxes owed. Let's find out more. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=4 Changing Jobs? Don't Forget About Your 401(k) https://www.psacpa.com/blog.php?id=2 One of the most important questions you face when changing job is what to do with the money in your 401(k) because making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Here are your options. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/blog.php?id=2 What are Estimated Tax Payments? https://www.psacpa.com/newsletter.php#5 Estimated tax is the tax paid on income not subject to withholding, such as income from self-employment, interest and dividends, rent, prizes and awards, and gains from the sale of assets. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#5 Tips to Help You Figure Out if Your Gift is Taxable https://www.psacpa.com/newsletter.php#3 If you've given money or property to someone as a gift, you may owe federal gift tax. There are, however, exceptions. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#3 Tax Considerations When Selling Your Small Business https://www.psacpa.com/newsletter.php#1 If you've decided to sell your business, you may be looking forward to lazy days ahead with plenty of cash on hand. The reality, however, is that without a tax planning strategy in place, you could be liable for capital gains and other taxes - leaving you with far less cash than you anticipated. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#1 Expat Compliance With US Tax Filing Obligations https://www.psacpa.com/newsletter.php#4 If you're an expat who has relinquished - or intends to relinquish - your US citizenship but still has US tax filing obligations (including owing back taxes), you'll be relieved to know there are IRS procedures in place that allow you to come into compliance and receive relief for any back taxes owed. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#4 Changing Jobs? Don't Forget About Your 401(k) https://www.psacpa.com/newsletter.php#2 One of the most important questions you face when changing jobs is what to do with the money in your 401(k) account. Making the wrong move could cost you thousands of dollars or more in taxes and lower returns. Tue, 01 Jun 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#2 Tax Withholding for Seasonal and Part-Time Employees https://www.psacpa.com/newsletter.php#2 Part-time and seasonal employees are subject to the same tax withholding rules that apply to other employees. Sat, 01 May 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#2 Tax Return Tips for Last-Minute Filers https://www.psacpa.com/newsletter.php#1 If you've been procrastinating about filing your tax return this year, here are some tips that might help. Sat, 01 May 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#1 Saving for Education: Understanding 529 Plans https://www.psacpa.com/newsletter.php#3 Section 529 plans are an excellent way to save for your child's education and can be used for pre-college and vocational education expenses as well as college. Sat, 01 May 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#3 Deducting Business-Related Car Expenses https://www.psacpa.com/newsletter.php#5 If you're self-employed and use your car for business, you can deduct certain business-related car expenses. Sat, 01 May 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#5 Avoiding Tax Surprises When Retiring Overseas https://www.psacpa.com/newsletter.php#4 Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it's important to look at the tax implications because not all retirement destinations are created equal. Sat, 01 May 2021 09:00:00 -0500 https://www.psacpa.com/newsletter.php#4